- NIFTY50 aims to close above 24,200 as it continues to face selling pressure at higher levels.
- The 24,200 level is a strong resistance zone, while 24,000 serves as a crucial psychological support level.
- A sustained close above 24,200 could revive bullish momentum in the index.
- Sumeet Bagadia of Choice Broking recommends five breakout stocks to buy today, including Max Healthcare Institute, TVS Motor Company, Astra Microwave Products, Welspun Corp, and Poonawalla Fincorp.
- Max Healthcare Institute: Buy at ₹1,123, Target ₹1,220, Stop Loss ₹1,070.
- TVS Motor Company: Buy at ₹3,570, Target ₹3,880, Stop Loss ₹3,400.
- Astra Microwave Products: Buy at ₹1,722, Target ₹1,865, Stop Loss ₹1,650.
- Welspun Corp: Buy at ₹1,455, Target ₹1,590, Stop Loss ₹1,385.
- Poonawalla Fincorp: Buy at ₹440, Target ₹480, Stop Loss ₹420.
- The 24,000 level is likely to act as immediate support for the Nifty 50, with 23,800 as a crucial support.
- A decisive move above 24,300 could lead to a rally towards 24,500-24,600.
- The market is expected to remain in a consolidation phase as long as the Nifty 50 trades below the 24,300-24,200 zone.
- On June 25, the Nifty 50 rose 34 points to close at 24,056, while the Bank Nifty gained 27 points to close at 58,177.
The NIFTY50 is targeting a close above 24,200 as it navigates a crucial resistance zone.13
Sumeet Bagadia from Choice Broking has identified five breakout stocks for June 29: Max Healthcare Institute, TVS Motor Company, Astra Microwave Products, Welspun Corp, and Poonawalla Fincorp.45678910
Bagadia notes that the index has maintained its position above the 24,000 psychological mark, suggesting strong buying support.2
He recommends buying Max Healthcare at ₹1,123 with a target of ₹1,220 and a stop loss at ₹1,070.
For TVS Motor, the buy price is ₹3,570, targeting ₹3,880 with a stop loss at ₹3,400.
Astra Microwave is suggested at ₹1,722, targeting ₹1,865 with a stop loss of ₹1,650.
Welspun Corp is recommended at ₹1,455, with a target of ₹1,590 and a stop loss at ₹1,385.
Lastly, Poonawalla Fincorp is advised at ₹440, targeting ₹480 with a stop loss at ₹420.
The 24,000 level is expected to act as immediate support, while a decisive move above 24,300 could lead to a rally towards 24,500-24,600.12
The market is currently in a consolidation phase, with the NIFTY50 trading below the 24,300-24,200 zone, indicating potential range-bound trading ahead.13
“The NIFTY50 is targeting a close above the 24,200 level, which is seen as a strong resistance zone. Sumeet Bagadia of Choice Broking has recommended five stocks to buy, indicating potential bullish momentum.”
