Stock market recap: Indian equity markets ended Tuesday’s session on a positive note, with the Nifty 50 rising 100.95 points, or 0.43%, to close at 23,483.55. The index saw intraday volatility, slipping to a low of 23,229.15, before late-session buying helped it recover much of the earlier losses.

Market breadth stayed firmly positive, with 2,034 stocks advancing against 1,285 declining, indicating broad-based participation across mid- and small-cap segments.

Sectorally, Nifty IT led the gains, surging 4.23%, followed by Consumer Durables, which rose 1.30%, and FMCG, up 0.76%. In contrast, Nifty Pharma and Financial Services ended in the red, falling 0.86% and 0.63%, respectively.

Investors continued to track global macroeconomic cues and domestic policy signals as the benchmark index inched closer to its previous record highs. The day’s move reflected a cautiously optimistic undertone in the domestic market.

Two stock recommendations by MarketSmith India for 3 June:

Buy: TruAlt Bioenergy Ltd (current price: ₹507)

• Why it is recommended: Strong presence in ethanol production, beneficiary of India’s ethanol blending program, government policy support for biofuels, growing demand for renewable fuels, expansion in ethanol capacity, diversified feedstock sourcing, beneficiary of energy transition trends, long-term demand visibility, opportunity from higher blending targets, focus on sustainable energy solutions, strong industry tailwinds, potential for scale-driven efficiencies, reduced dependence on fossil fuels theme, growth opportunities in bio-based products, and strategic importance in green energy sector.
• Key metrics: P/E: NA, 52-week high: ₹549.00, volume: ₹28.61
• Technical analysis: Cup-with-handle base breakout
• Risk factors: Dependence on government policies, feedstock availability risks, raw material price volatility, regulatory changes in biofuel sector, margin pressure from input costs, execution risk in capacity expansion, dependence on oil marketing companies, working capital intensive operations, commodity price fluctuations, weather-related impact on feedstock supply, environmental compliance risks, debt-funded expansion risk, competition from other ethanol producers, delays in policy implementation, and valuation risk after listing/IPO.
• Buy: ₹501–509
• Target price: ₹580 in two to three months
• Stop loss: ₹478

Buy: Shilpa Medicare Ltd (current price: ₹517)

• Why is it recommended: Strong presence in oncology products, growing specialty pharma portfolio, focus on complex generics, expanding biologics capabilities, strong R&D focus, export opportunities in regulated markets, diversified pharmaceutical business, beneficiary of rising healthcare demand, increasing CDMO opportunities, growth in niche therapeutic segments, strong product pipeline potential, capacity expansion supporting growth, improving margin potential from specialty products, long-term growth visibility in oncology, and opportunity from global outsourcing trend.
• Key metrics: P/E:45.21, 52-week high: ₹529.80, volume: ₹147.76 crore
• Technical analysis: Cup base breakout
• Risk factors: Regulatory observations and compliance risks, delays in product approvals, intense competition in generics market, pricing pressure in key markets, R&D execution risk, dependence on regulated markets, currency fluctuation impact, product concentration risk, margin pressure from input costs, patent and litigation risks, delay in commercialization of new products, high capital expenditure requirements, customer concentration risk, supply chain disruptions, and earnings volatility from approval timelines.
• Buy at: ₹512–520
• Target price: ₹600 in two to three months
• Stop loss: ₹480

Nifty 50 performance on 2 June

Indian equities ended higher on 2 June, with the Nifty 50 closing at 23,483.55, up 100.95 points (0.43%), after recovering from early volatility and sustaining gains through the second half of the session. Market breadth remained firmly positive, with 2,034 advances, 1,285 declines and 107 unchanged, indicating broad-based participation despite mixed sectoral trends.

The rally was led by Information Technology, where the Nifty IT index surged 4.23% on strong buying in large-cap technology stocks amid improving global tech sentiment. Other outperforming sectors included Consumer Durables (+1.30%), FMCG (+0.76%), Auto (+0.72%), Realty (+0.67%) and PSU Banks (+0.55%). On the other hand, Pharma (-0.86%), Financial Services (-0.63%), Healthcare (-0.52%) and Private Banks (-0.22%) weighed on the broader market.

From a technical standpoint, the Nifty 50 formed a bearish-leaning candle despite the recovery and extended its recent sequence of lower highs and lower lows. The index continues to trade below its declining 20- and 50-day moving averages, underscoring persistent downside pressure and a lack of sustained trend reversal.

Momentum indicators also reflected weakening bias. The Relative Strength Index (RSI) eased to around 40, slipping below its signal line and indicating subdued buying interest. The MACD remained in negative territory, with the signal line still above the MACD and the histogram printing negative bars, suggesting continued bearish momentum. A recent flattening in the MACD further points to limited upside traction despite intermittent pullbacks.

The index, however, staged a strong intraday recovery after finding support near the 23,200 mark, highlighting buying interest at lower levels. The defense of this zone keeps the near-term structure intact and leaves room for further upside if it continues to hold.

A decisive break below 23,200 could weaken sentiment and trigger additional selling pressure toward 23,100, with a deeper correction toward 22,700 if bearish momentum accelerates. On the upside, the 50-DMA at 23,700 remains a key resistance level; a sustained close above it would improve sentiment and open the path toward 24,000 in the medium term.

Nifty Bank's performance

Nifty Bank ended a volatile session with a marginal gain of 71.55 points (0.13%), closing at 53,714.65. The index witnessed sharp intraday swings between 53,121.85 and 53,933.55, as a cautious uptick was supported by easing crude oil prices and expectations ahead of the upcoming RBI monetary policy review.

Among gainers, Federal Bank led with a 1.94% rise, followed by IndusInd Bank (+1.54%) and Canara Bank (+1.13%). HDFC Bank provided key support, advancing 0.87%. On the other hand, Axis Bank (-1.76%) and ICICI Bank (-0.73%) capped upside momentum as selective profit-booking weighed on the index. PSU lenders such as State Bank of India (+0.62%) and Bank of Baroda (+0.62%) also ended in the green, reflecting broad but uneven participation.

Despite the marginal gain, the broader structure continues to reflect a sequence of lower highs and lower lows, indicating sustained selling pressure. The index remains below its key short- and medium-term moving averages, underscoring weak buying conviction and continued softness in sentiment.

Momentum indicators point to a cautious outlook. The Relative Strength Index (RSI) has eased to around 43–44, staying below its signal line and signalling weakening momentum. The MACD remains in negative territory, with the MACD line below the signal line, even as histogram readings have shown a mild improvement in recent sessions. The latest decline, however, has interrupted that nascent recovery, suggesting bearish forces remain in control.

The index is now approaching a critical support zone at 53,000–52,800, which will be closely watched for signs of either stabilization or continuation of the downtrend. A sustained break below this range could intensify selling pressure and open the way toward 51,500.

On the upside, the 55,300–55,500 zone remains a key resistance band. A decisive move above it would signal improving sentiment, strengthen the near-term technical structure, and potentially mark the return of buying interest.

MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. It offers tools and resources to help investors make informed decisions based on the CAN SLIM methodology, founded by legendary investor William J. O'Neil. You can access a 10-day free trial by registering on its website.

Trade name: William O’Neil India Pvt. Ltd.

Sebi Registration No.: INH000015543

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.

Stock market recap: Indian equity markets ended Tuesday’s session on a positive note, with the Nifty 50 rising 100.95 points, or 0.43%, to close at 23,483.55. The index saw intraday volatility, slipping to a low of 23,229.15, before late-session buying helped it recover much of the earlier losses.

Market breadth stayed firmly positive, with 2,034 stocks advancing against 1,285 declining, indicating broad-based participation across mid- and small-cap segments.

Sectorally, Nifty IT led the gains, surging 4.23%, followed by Consumer Durables, which rose 1.30%, and FMCG, up 0.76%. In contrast, Nifty Pharma and Financial Services ended in the red, falling 0.86% and 0.63%, respectively.

Investors continued to track global macroeconomic cues and domestic policy signals as the benchmark index inched closer to its previous record highs. The day’s move reflected a cautiously optimistic undertone in the domestic market.

Two stock recommendations by MarketSmith India for 3 June:

Buy: TruAlt Bioenergy Ltd (current price: ₹507)

• Why it is recommended: Strong presence in ethanol production, beneficiary of India’s ethanol blending program, government policy support for biofuels, growing demand for renewable fuels, expansion in ethanol capacity, diversified feedstock sourcing, beneficiary of energy transition trends, long-term demand visibility, opportunity from higher blending targets, focus on sustainable energy solutions, strong industry tailwinds, potential for scale-driven efficiencies, reduced dependence on fossil fuels theme, growth opportunities in bio-based products, and strategic importance in green energy sector.
• Key metrics: P/E: NA, 52-week high: ₹549.00, volume: ₹28.61
• Technical analysis: Cup-with-handle base breakout
• Risk factors: Dependence on government policies, feedstock availability risks, raw material price volatility, regulatory changes in biofuel sector, margin pressure from input costs, execution risk in capacity expansion, dependence on oil marketing companies, working capital intensive operations, commodity price fluctuations, weather-related impact on feedstock supply, environmental compliance risks, debt-funded expansion risk, competition from other ethanol producers, delays in policy implementation, and valuation risk after listing/IPO.
• Buy: ₹501–509
• Target price: ₹580 in two to three months
• Stop loss: ₹478

Buy: Shilpa Medicare Ltd (current price: ₹517)

• Why is it recommended: Strong presence in oncology products, growing specialty pharma portfolio, focus on complex generics, expanding biologics capabilities, strong R&D focus, export opportunities in regulated markets, diversified pharmaceutical business, beneficiary of rising healthcare demand, increasing CDMO opportunities, growth in niche therapeutic segments, strong product pipeline potential, capacity expansion supporting growth, improving margin potential from specialty products, long-term growth visibility in oncology, and opportunity from global outsourcing trend.
• Key metrics: P/E:45.21, 52-week high: ₹529.80, volume: ₹147.76 crore
• Technical analysis: Cup base breakout
• Risk factors: Regulatory observations and compliance risks, delays in product approvals, intense competition in generics market, pricing pressure in key markets, R&D execution risk, dependence on regulated markets, currency fluctuation impact, product concentration risk, margin pressure from input costs, patent and litigation risks, delay in commercialization of new products, high capital expenditure requirements, customer concentration risk, supply chain disruptions, and earnings volatility from approval timelines.
• Buy at: ₹512–520
• Target price: ₹600 in two to three months
• Stop loss: ₹480

Nifty 50 performance on 2 June

Indian equities ended higher on 2 June, with the Nifty 50 closing at 23,483.55, up 100.95 points (0.43%), after recovering from early volatility and sustaining gains through the second half of the session. Market breadth remained firmly positive, with 2,034 advances, 1,285 declines and 107 unchanged, indicating broad-based participation despite mixed sectoral trends.

The rally was led by Information Technology, where the Nifty IT index surged 4.23% on strong buying in large-cap technology stocks amid improving global tech sentiment. Other outperforming sectors included Consumer Durables (+1.30%), FMCG (+0.76%), Auto (+0.72%), Realty (+0.67%) and PSU Banks (+0.55%). On the other hand, Pharma (-0.86%), Financial Services (-0.63%), Healthcare (-0.52%) and Private Banks (-0.22%) weighed on the broader market.

From a technical standpoint, the Nifty 50 formed a bearish-leaning candle despite the recovery and extended its recent sequence of lower highs and lower lows. The index continues to trade below its declining 20- and 50-day moving averages, underscoring persistent downside pressure and a lack of sustained trend reversal.

Momentum indicators also reflected weakening bias. The Relative Strength Index (RSI) eased to around 40, slipping below its signal line and indicating subdued buying interest. The MACD remained in negative territory, with the signal line still above the MACD and the histogram printing negative bars, suggesting continued bearish momentum. A recent flattening in the MACD further points to limited upside traction despite intermittent pullbacks.

The index, however, staged a strong intraday recovery after finding support near the 23,200 mark, highlighting buying interest at lower levels. The defense of this zone keeps the near-term structure intact and leaves room for further upside if it continues to hold.

A decisive break below 23,200 could weaken sentiment and trigger additional selling pressure toward 23,100, with a deeper correction toward 22,700 if bearish momentum accelerates. On the upside, the 50-DMA at 23,700 remains a key resistance level; a sustained close above it would improve sentiment and open the path toward 24,000 in the medium term.

Nifty Bank's performance

Nifty Bank ended a volatile session with a marginal gain of 71.55 points (0.13%), closing at 53,714.65. The index witnessed sharp intraday swings between 53,121.85 and 53,933.55, as a cautious uptick was supported by easing crude oil prices and expectations ahead of the upcoming RBI monetary policy review.

Among gainers, Federal Bank led with a 1.94% rise, followed by IndusInd Bank (+1.54%) and Canara Bank (+1.13%). HDFC Bank provided key support, advancing 0.87%. On the other hand, Axis Bank (-1.76%) and ICICI Bank (-0.73%) capped upside momentum as selective profit-booking weighed on the index. PSU lenders such as State Bank of India (+0.62%) and Bank of Baroda (+0.62%) also ended in the green, reflecting broad but uneven participation.

Despite the marginal gain, the broader structure continues to reflect a sequence of lower highs and lower lows, indicating sustained selling pressure. The index remains below its key short- and medium-term moving averages, underscoring weak buying conviction and continued softness in sentiment.

Momentum indicators point to a cautious outlook. The Relative Strength Index (RSI) has eased to around 43–44, staying below its signal line and signalling weakening momentum. The MACD remains in negative territory, with the MACD line below the signal line, even as histogram readings have shown a mild improvement in recent sessions. The latest decline, however, has interrupted that nascent recovery, suggesting bearish forces remain in control.

The index is now approaching a critical support zone at 53,000–52,800, which will be closely watched for signs of either stabilization or continuation of the downtrend. A sustained break below this range could intensify selling pressure and open the way toward 51,500.

On the upside, the 55,300–55,500 zone remains a key resistance band. A decisive move above it would signal improving sentiment, strengthen the near-term technical structure, and potentially mark the return of buying interest.

MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. It offers tools and resources to help investors make informed decisions based on the CAN SLIM methodology, founded by legendary investor William J. O'Neil. You can access a 10-day free trial by registering on its website.

Trade name: William O’Neil India Pvt. Ltd.

Sebi Registration No.: INH000015543

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.