Top three stocks recommended by Ankush Bajaj for 30 June
Adani Enterprises Ltd (ADANIENT): Current price: ₹2,646.00
Why it’s recommended: Adani Enterprises is showing a bullish setup backed by positive momentum. On the daily chart, the RSI is at 64, reflecting strength with scope for further upside. The stock is currently trading within a previous gap, and if it starts to fill, there is a high probability of it moving quickly toward the ₹2,800 level. Gap-filling patterns tend to act as strong technical catalysts when supported by momentum.
Key metrics: Breakout zone: Gap area initiated near ₹2,620-2,640, Support (stop loss): ₹2,558
Pattern: Gap-fill setup with bullish continuation structure
RSI: 64 on the daily chart—supports sustained bullish momentum
Technical analysis: Price is trading within a gap zone on the daily chart, and momentum indicators are strengthening. If the gap begins to fill, upward movement could accelerate toward ₹2,800+, with the stock staying firmly above its short-term moving averages.
Risk factors: A close below ₹2,558 would invalidate the gap-fill thesis and suggest a pause in the uptrend. Minor pullbacks may occur if broader market conditions soften.
Buy at: ₹2,646.00
Target price: ₹2,810
Stop loss: ₹2,558
IndusInd Bank Ltd (INDUSINDBK): Current price: ₹857.00
Why it’s recommended: IndusInd Bank is showing a bullish setup backed by both technical momentum and supportive developments. On the daily chart, the RSI is at 61, indicating healthy upside potential without being overbought. On the lower timeframe, the stock has broken out of a rectangle consolidation pattern, signalling a continuation of the uptrend. Additionally, sentiment is boosted by the news that Rajiv Anand is a strong contender for the CEO position, which could act as a fundamental catalyst for sustained buying interest.
Key metrics: Breakout zone: ₹850– ₹854 (validated on intraday chart), Support (stop loss): ₹846
Pattern: Rectangle breakout on the lower timeframe
RSI: 61 on the daily chart—supports sustained bullish momentum
Technical analysis: Price has broken out from a rectangle formation on the intraday chart, confirming a shift from consolidation to an upward trend. The stock is trading above key short-term moving averages, and the RSI reading at 61 suggests that bullish momentum has room to continue. This setup is further reinforced by a supportive price structure and strong positioning.
Risk factors: A close below ₹846 would invalidate the breakout setup and may lead to sideways or corrective movement. Minor consolidation could occur if broader market momentum slows.
Buy at: ₹857.00
Target price: ₹892
Stop loss: ₹846
State Bank of India (SBIN): Current price: ₹805.00
Why it’s recommended: State Bank of India is displaying a bullish technical setup with improving momentum. On the daily chart, the RSI is at 55, indicating balanced momentum with ample room for upside. The stock has recently completed a reverse head and shoulders pattern around the ₹800 level, a classic bullish reversal structure. The successful breakout from this pattern suggests potential for continued upward movement, with the initial measured target set at ₹850+.
Key metrics: Breakout zone: ₹800 (validated on daily chart), Support (stop loss): ₹780
Pattern: Reverse head and shoulders breakout on the daily timeframe
RSI: 55 on the daily chart—supports emerging bullish momentum
Technical analysis: Price action has confirmed a breakout from a reverse head and shoulders formation near ₹800, indicating a transition from consolidation to a bullish trend. The RSI remains supportive, and the stock is trading above key short-term moving averages, further validating the breakout. If follow-through buying continues, the stock has potential to move toward and even beyond the ₹850 level.
Risk factors: A close below ₹780 would invalidate the bullish pattern and may lead to a retest of lower levels. Price may also face minor consolidation if broader market cues weaken.
Buy at: ₹805.00
Target price: ₹850
Stop loss: ₹780
Market wrap
The Nifty 50 climbed 88.8 points, or 0.35%, to close at 25,637.80, marking another decisive bullish close. The BSE Sensex rose 303.03 points, or 0.36%, ending at 84,058.90. The Bank Nifty, while largely range-bound during the day, also closed on a firmer note at a record high, with a modest gain of approximately 0.2%.
In the sectoral space, gains were visible across most indices, with capital goods, healthcare, oil & gas, power, telecom, and banking leading the rally. These sectors rose between 0.5% and 1%, reflecting confidence returning to the market and strength in both domestic and global-facing themes. The only major laggard of the day was the realty index, which declined around 1%, likely due to profit booking after recent outperformance.
Among the top gainers, Jio Financial Services surged by 3.9% following strong institutional interest, Asian Paints advanced by 3.2% on improved volume activity, and Apollo Hospitals gained 2.9%, contributing to the bullish breadth of the market. On the flip side, Dr. Reddy’s Laboratories fell 1.55%, Tech Mahindra declined by nearly 1%, and Wipro slipped 1.2%, as traders booked profits in select IT and pharma counters after recent rallies.
Nifty technical analysis daily and hourly
The Nifty continued its upward journey with a positive close of 89 points at 25,637.80, reinforcing the ongoing bullish momentum observed over the past sessions. On the weekly chart, the index has ended near its highs, indicating that the rally is likely to extend into the coming week. The daily chart further confirms this strength, as follow-through buying from the previous session sustained the positive momentum. The Bollinger Bands on the daily chart are expanding, and prices are tracking the upper band, which typically signals the potential for further gains.
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Technically, the Nifty remains well above its short-term moving averages. On the daily time frame, it is comfortably trading above the 20-day simple moving average (around 24,977) and the 40-day exponential moving average (around 24755). On the hourly chart, the Nifty is positioned above both the 20-hour and 40-hour moving averages, placed at approximately 25,438 and 25,304, respectively, underscoring near-term strength.
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Momentum indicators also support the bullish setup. The hourly MACD is at 145, showing strong short-term upward momentum, while the RSI on the hourly chart stands at an elevated 75, suggesting that the market is in overbought territory but still trending strongly. On the daily chart, the RSI is at 67, which remains in bullish territory, and the MACD is even stronger at 205, reinforcing the positive bias.
Option data further strengthens the bullish outlook. The total Call Open Interest (OI) stands at 10.97 crore contracts, while the total Put OI is higher at 13.01 crore, resulting in a net OI difference of 2.04 crore in favour of puts. This indicates that market participants are building more protective positions or directional bets on the upside. The Put-Call Ratio (PCR) stands at a healthy 1.2, reflecting bullish undertones.
The strike with the highest Call OI is 26,000, while the highest change in Call OI is seen at 27,300, indicating that traders expect resistance around these levels but are positioning for a potential breakout. On the Put side, the highest OI is concentrated at the 25,500 strike, with the highest change in OI seen at 25,600, showing that this zone is likely to act as strong support. The total change in Call OI is 4.09 crore, and Put OI change is slightly higher at 4.67 crore, resulting in a net change difference of 57.21 lakh in favour of puts — again supporting the bullish trend.
Additionally, market sentiment remains favourable, with India VIX down by 1.40% at 12.38, reflecting lower implied volatility and increased investor confidence. Market breadth is also positive, with 1,668 advances versus 1,235 declines on the NSE.
In summary, technical indicators, momentum oscillators, and derivative data collectively suggest that the Nifty’s rally is likely to continue. Key resistance lies around 25,900–26,000, while support is expected around 25,500-25,550, with deeper support at 25,200. Intraday dips toward these support zones can be viewed as buying opportunities in line with the prevailing trend.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
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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.