Nifty eyes a potential up move following a supportive hammer candle formation, though a dash to 25,000 looks uncertain. While short-term oscillators lean lower, Geojit Investment’s chief market strategist Anand James highlights key immediate targets at 24,300–24,600, advising caution with a strict downside support watch at 23,800.

Edited excerpts from a chat:

After two consecutive and steady weekly gains, what are the targets that you would have for the week ahead for Nifty? Can we expect 25,000 by the end of this month?
Oscillators are all seen turning lower, but that is not surprising given the downsided gapped opening that followed a 50day spree of higher close. There are no clear signals towards a dash to 25,000, but we remain optimistic about an up move, given a hammer candle formation on Friday. We will go in next week with hopes of 24300-600, but also with eyes on 23800 on the side of caution.The crash in IT stocks on Friday has now left the Nifty IT index to 3-year lows while heavyweight stocks are at 5-year lows. What are the charts indicating for Monday’s session?
The Nifty IT index remains technically weak despite Friday’s intraday recovery, and the charts suggest caution for Monday’s session.

On the monthly chart, the index is now hovering close to a crucial horizontal support zone near 26,500-27,000, which has historically acted as a demand base. However, the sustained decline and fresh 3-year lows indicate that selling pressure remains dominant.
Momentum indicators reinforce this weakness. The weekly RSI is hovering near the oversold region, reflecting stretched downside conditions but not yet a decisive reversal signal. Meanwhile, the MACD histogram, although still in negative territory, is showing signs of losing downside momentum, hinting at a possible near-term pause or mild pullback.Friday’s price action marked by a gap-down opening followed by partial recovery in most index heavyweights, except Infosys, suggests short-covering rather than fresh buying interest. This keeps the broader trend fragile, keeping in mind the sharp correction on Friday, triggered by Accenture’s lower FY26 growth guidance, continues to weigh on sentiment and this could cap any immediate upside.

Outlook for Monday remains range-bound with a weak bias, as the index continues to hover near a critical support zone; a decisive break below this level could trigger further downside, while any bounce is likely to face resistance at recent breakdown levels.

The defence index, on the other hand, hit a fresh 52-week high on Friday amid sustained buying on positive news flow. How strong is the momentum?
The momentum in the defence index appears strong and improving, backed by both price structure and momentum indicators.

From a price-action perspective, the index has been trading within a narrowing wedge and has now pushed towards the upper boundary, suggesting volatility compression followed by directional expansion. This is reinforced by a multi-week range breakout on the upside, indicating fresh participation and a continuation of the broader uptrend.

On the momentum front, the weekly MACD has given a bullish signal crossover, which is significant given the higher timeframe. This typically reflects early-stage trend acceleration rather than exhaustion, especially after a consolidation phase. The MACD histogram also appears to be stabilizing after a mild contraction, hinting at renewed upward momentum.

Additionally, the index sustaining above key breakout zones around the recent range highs strengthens the case for trend persistence. The steady higher highs formation visible on the chart further confirms underlying demand.

Stocks such as Paras Defence, MTAR Technologies, Data Patterns, and Apollo have been gaining since the beginning of this month. In contrast, major players like BEL, BDL, Mazagon Dock, Cochin Shipyard, and GRSE have seen an uptick only since the beginning of this week and now appear to be attempting a reversal, which could gain traction in the coming weeks leading the index towards 9880-10000 region.

Transformers & Rectifiers (India) shares jumped 10% on Friday. More steam left?
Transformers & Rectifiers is poised for a large and sustained upmove, having completed an inverted Head and Shoulder pattern breakout. However, an evening star candlestick pattern formed in 2 hour charts on Friday points to a consolidation or slippage initially, which can be used for fresh entry into the anticipated upmove.

The New India Assurance Company stock ended the week 32% up. How would you trade now?
Despite the steep rise in the last two days, momentum appears to be in the stock’s favour as confirmed by volume participation as well as oscillators. We prefer to stay with the uptrend for now, with stop loss placed below 187.

Give us your top stock ideas for the week?
RADICO (LTPL 3769)
View: Buy
Target: 4000 – 4200
SL: 3480
Radico Khaitan is exhibiting a strong bullish continuation setup across higher timeframes. On the weekly chart, the stock has resumed its uptrend after a brief consolidation, forming a sequence of higher highs and higher lows, indicating sustained buying interest. The recent breakout above the 3,400–3,500 zone suggests a range expansion, supported by improving volume activity.

Momentum indicators remain constructive. The weekly RSI is trending above 70, reflecting strong momentum, while the MACD has witnessed a bullish crossover with rising histograms, signaling acceleration in upward momentum. On the monthly chart, the structure remains firmly positive, with the stock holding above key support levels and continuing its long-term uptrend.

Despite the strength, short-term overheating cannot be ruled out given the sharp rally; hence, minor pullbacks or consolidation near current levels may occur. However, any such dips are likely to be buying opportunities as long as the structure remains intact.
Traders can consider a positive bias with an upside target of 4,000-4,200, while maintaining a strict stop-loss at 3,480 on a closing basis.

REDINGTON (LTPL 280)
View: Buy
Target: 315
SL: 264
Redington is exhibiting early signs of a recovery after a prolonged consolidation phase, supported by improving price action and momentum indicators. The stock has rebounded sharply from the 200–210 demand zone, forming a strong bullish candle on the weekly chart, which indicates renewed buying interest.

Price is now attempting to reclaim the 275–285 resistance band, a key supply zone that has capped upside in recent months. A sustained move above this region could confirm a short-term reversal, paving the way for further upside. The overall structure suggests a potential transition from a downtrend to a range breakout attempt. It has comfortably closed above the weekly Supertrend level of 273 indicating bullishness.

On the momentum front, the RSI has turned upward from lower levels, indicating strengthening momentum, while the MACD has delivered a bullish crossover with expanding histogram bars, reinforcing the positive bias.

A positive bias can be maintained with an upside target of 315, while keeping a strict stop-loss at 264.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The Indian equity market’s recent rally ran out of steam on Friday, with benchmark indices ending sharply lower and breaking a five-session winning streak. Selling pressure in IT stocks, weak global cues, and other concerns weighed on sentiment.

The Sensex dropped 607 points to settle at 76,802.90, while the Nifty50 fell 155 points to close at 24,013.10. The decline came after both indices had surged as much as 5% over the previous five trading sessions. Here are five key factors that could shape market sentiment in the days ahead.

1. ) US-Iran peace deal on thin ice?
Although the United States and Iran had agreed to a 60-day ceasefire to facilitate negotiations, tensions remained high after Iran’s Islamic Revolutionary Guard Corps (IRGC) announced on Saturday that the Strait of Hormuz had been closed. The U.S. military, however, said commercial shipping traffic through the strategic waterway remained uninterrupted.The developments threaten to complicate efforts to secure an interim peace agreement brokered by Pakistan and signed on Wednesday by U.S. President Donald Trump and Iranian President Masoud Pezeshkian, aimed at ending nearly four months of conflict.

Negotiators from both countries were scheduled to begin talks in Switzerland on Sunday, even as U.S. officials rejected Tehran’s claims that the Strait of Hormuz had been shut.

2. ) Will oil rise again?
Brent crude prices advanced on Friday after scheduled talks between the United States and Iran in Switzerland were abruptly cancelled, highlighting ongoing uncertainty around efforts to convert a temporary agreement into a lasting peace arrangement.
Brent crude futures gained 0.9% to close at $80.57 a barrel. West Texas Intermediate futures were trading 1.23% higher at $77.54 earlier in the day. Oil prices had briefly moved lower after Israel and Iran-backed Hezbollah agreed to a ceasefire.Switzerland’s foreign ministry said the US-Iran talks planned at Bürgenstock on Friday would no longer take place.

3. ) IT selloff to continue?
IT stocks bore the brunt of Friday’s selloff, with Infosys, TCS, Tech Mahindra and HCL Tech tumbling as much as 7%.

The weakness followed an 11% slide in Accenture’s shares on Wall Street after the consulting giant revised its FY26 revenue growth forecast to 3-4% from its earlier guidance of 3-5%. The company also projected fourth-quarter revenue of $17.75 billion-$18.4 billion, below analysts’ expectations of $18.47 billion, according to LSEG data.

The index continues to trade below its key short- and long-term moving averages, while the RSI has slipped below 40, indicating bearish momentum. Additionally, DI- has crossed above DI+ on the ADX indicator, reflecting growing seller dominance. The 27,050–27,000 zone remains a crucial support zone. Any sustainable move below this zone can lead Index extending its weakness further on the downside. The resistance is placed in the 28,250–28,300 zone.

4. ) Will rupee strengthen more?
The rupee ended almost unchanged against the US dollar on Friday after a volatile session. Gains from the unwinding of long dollar positions were offset by weakness in regional currencies and outflows linked to index rebalancing. The currency closed at 94.32 per dollar, little changed from the previous session.

Even so, the rupee registered its strongest weekly performance in 11 weeks, aided by debt inflows. It also recorded its fourth weekly gain in the last five weeks. The currency touched an intraday high of 94.21 as traders cut long dollar positions, but later gave up those gains as the dollar strengthened globally and index-related outflows weighed on sentiment.

“The recent RBI measures together with favourable oil prices following the easing of Middle East tensions helped the rupee remain in positive territory despite significant dollar strength today,” Dhaval Shah, Founder and Managing Director of De-Risk Forex Consultancy, told Reuters.

According to Shah, recent price action suggests that sentiment towards the rupee has improved. “The bias for the rupee has changed and we continue to maintain our forecast of 93.50,” he said.

The rupee has been trending higher since the Reserve Bank of India unveiled measures aimed at attracting dollar inflows two weeks ago.

5. ) FII turn net buyers

Foreign institutional investors turned net buyers during the week, bringing in cumulative inflows of around Rs 3,400 crore despite fluctuations in daily flows. The shift signals an improvement in overseas investor sentiment after a prolonged period of selling and provides support to domestic equities at a time when global risk appetite has improved and geopolitical tensions have eased, says Ponmudi R, CEO of Enrich Money.

Domestic institutional investors continued to provide strong support to the market, purchasing shares worth around Rs 7,100 crore during the week. Their steady buying helped cushion periods of volatility and underpinned the recent market recovery. Combined with the return of positive foreign flows, sustained institutional participation is likely to remain supportive for sentiment in the near term.

Technical set up

According to Sudeep Shah of SBI Securities, the broader trend in the Nifty remains positive as the index continues to trade above its 20-day and 50-day exponential moving averages. The daily RSI is at 58 and remains above its nine-day moving average, indicating that underlying momentum is still favourable despite recent consolidation.

On the downside, the 23,850-23,800 zone is expected to act as immediate support since it coincides with both the 50-day EMA and the 50% Fibonacci retracement level of the recent rally. A decisive break below 23,800 could increase selling pressure and push the index towards the next support level at 23,500.

On the upside, the 24,150-24,200 zone, which aligns with the 100-day EMA, is likely to act as an immediate resistance area. A sustained move above 24,200 could improve bullish sentiment and pave the way for a rally towards the 24,500 mark in the near term.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

As many as 35 companies, including Life Insurance Corporation of India (LIC), Hindustan Unilever (HUL), Asian Paints, IndusInd Bank and others, have fixed their record dates for corporate actions like bonus issues and dividends in the upcoming holiday-shortened week between June 22 (Monday) and June 26 (Friday).

Investors must hold shares of these companies in their demat accounts on the record date to be eligible for the respective corporate actions. The list remains tentative, as more companies may announce record dates for dividends, bonus issues and stock splits during the week.

June 22 (Monday)
Three companies have fixed June 22 (Monday) as the record date for their respective dividends. These include DMR Engineering (Rs 0.14 per share), Panasonic Carbon India Company (Rs 12 per share) and Sangam India (Rs 2 per share).Also read: Warren Buffett on why bubbles end badly – even when everyone knows they will

June 23 (Tuesday)
As many as 11 stocks will turn ex-record date for their respective dividends on Tuesday, including some heavyweights. Asian Paints accounts for the highest dividend payout, as it plans to pay a final dividend of Rs 23 per share to its shareholders. Hindustan Unilever (HUL) meanwhile will pay a final dividend of Rs 22 per share, while Tata Power Company will pay a final dividend of Rs 2.5 per share.
Anand Rathi Share & Stock Brokers and Dalmia Bharat will pay a final dividend of Rs 5 per share each, while The Indian Hotels Company and Thyrocare Technologies will pay dividends worth Rs 3.25 per share and Rs 7 per share, respectively.
Other companies that have fixed Tuesday as the record date for their respective dividends include DAR Credit & Capital (Rs 0.5 per share), Fredun Pharmaceuticals (Rs 0.7 per share), GNA Axles (Rs 3 per share) and Master Components (Rs 0.75 per share).
June 24 (Wednesday)
ZF Commercial Vehicle Control Systems India has fixed Wednesday as the record date for its 5:1 bonus issue. Shankar Buildpro and Wheels India, meanwhile, will turn ex-record date for final dividends worth Rs 5 per share and Rs 9.14 per share, respectively.

Wednesday is also the record date to determine shareholder eligibility for Bajaj Auto’s Rs 5,633 crore share buyback.

Also read: Bajaj Auto’s Rs 5,633 crore share buyback: Should you participate or avoid?

June 25 (Thursday)

Several heavyweight stocks will turn ex-record date for their respective dividends. Life Insurance Corporation of India (LIC) will pay a final dividend of Rs 10 per share, while IndusInd Bank will pay a final dividend of Rs 1.5 per share.

Supreme Industries accounts for the highest dividend payout among the stocks turning ex-record date on Thursday. The company will pay a final dividend of Rs 25 per share. Allied Blenders and Distillers, Care Ratings and Dr Lal Pathlabs, meanwhile, will pay dividends worth Rs 5.4 per share, Rs 14 per share and Rs 4 per share, respectively.

Other stocks turning ex-record date on Thursday include Alkyl Amines Chemicals (Rs 10 per share), Anthem Biosciences (Rs 2 per share), Ganesh Green Bharat (Rs 0.5 per share), GIC Housing Finance (Rs 4.5 per share), Mawana Sugars (Rs 4 per share), Nippon Life India AMC (Rs 12.5 per share), SJS Enterprises (Rs 3.5 per share), Sona BLW Precision Forgings (Rs 1.8 per share), Syngene International (Rs 1.25 per share), Uflex (Rs 3 per share), Vaibhav Global (Rs 1.5 per share) and Visaka Industries (Rs 1.2 per share).

Also read: NSE IPO – BSE hosts double the listed companies but numbers tell a different story

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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