On June 13, the domestic equity market in India experienced significant gains, driven by buying across sectors. Investor risk appetite improved after the government released the latest macroeconomic data, which showed a further easing of inflation and an increase in economic growth. The benchmark index, Sensex, opened higher at 62,779.14, with an intraday rise of 453 points to reach 63,177.47. By the end of the trading session, the Sensex recorded a healthy gain of 418 points or 0.67%, closing at 63,143.16. The Nifty50, another key index, closed at 18,716.15, up 115 points or 0.62%.
The positive market performance led to a substantial increase in the overall market capitalization of BSE-listed firms. It surged to ₹290 lakh crore from ₹287.9 lakh crore in the previous session, making investors wealthier by ₹2.1 lakh crore in just a single session.
Vaishali Parekh, the Vice President of Technical Research at Prabhudas Lilladher, shared her insights for the trading session on June 14. She noted that the Nifty50 had witnessed a range-bound movement with some volatility for the second consecutive session, eventually closing near the 18,600 level. Parekh predicted that the index could potentially reach its initial upside target of 18,900, as major frontline stocks showed improvement in their bias, indicating potential gains in the coming days.
In contrast, the BankNifty index underperformed compared to the Nifty index. However, it managed to close above the 44,000 level and would need to surpass the 44,500 level for further upward movement. Parekh identified the support level for the day at 18,600 and the resistance level at 18,850 for the Nifty. She also stated that the BankNifty would likely have a daily trading range of 43,800-44,500.
Based on her analysis, Parekh recommended buying the following stocks:
- Jindal Steel: Buy at ₹533 with a stop loss at ₹525 and a target price of ₹550.
- Crompton Greaves: Buy at ₹286 with a stop loss at ₹281 and a target price of ₹298.
- GAIL: Buy at ₹107 with a stop loss at ₹105 and a target price of ₹112.
The trading session on June 13 showcased positive market sentiment as investors responded favorably to the government’s macroeconomic data. The gains in both the Sensex and Nifty50, coupled with the rise in market capitalization, indicated an overall optimistic outlook. Investors would closely monitor the suggested stocks and market conditions for potential trading opportunities in the coming days.
