Raja Venkatraman recommends three stocks for 23 June

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Stock market recap: Domestic equity markets ended with modest gains on Monday, 22 June, as reports of progress in US–Iran peace talks and a decline in crude oil prices lifted investor risk appetite.

The Sensex closed 291 points, or 0.38%, higher at 77,094, while the Nifty 50 settled at 24,102.90, up 90 points, or 0.37%. Broader markets also edged up, with the Nifty Midcap 100 and Nifty Smallcap 100 gaining 0.34% and 0.60%, respectively.

The overall market capitalization of BSE-listed firms rose to ₹480.5 trillion from ₹477.5 trillion in the previous session, making investors richer by ₹3 trillion in a single session.

DELHIVERY (current market price ₹483.80)

Indian equities ended higher on 22 June, with the Sensex rising over 250 points to reclaim the 77,000 mark and the Nifty settling above 24,150, supported by easing crude prices and progress in US–Iran peace talks. Broader markets also advanced, with midcaps and smallcaps gaining nearly half a percent, reflecting healthy market breadth.

Among stocks, Cipla surged 4% after Citi placed it on a Positive Catalyst Watch, citing strong prospects in respiratory therapies and US generics. Reliance and IT majors such as Infosys and Tech Mahindra added further support, while metals lagged, with Hindalco and JSW Steel under pressure. Brent crude slipped below $80 per barrel, offering relief to oil-importing economies, while a recovering rupee further lifted sentiment.

Analysts noted immediate support for the Nifty around 23,800–23,900, with potential upside towards 24,600 in the coming weeks. Overall, global cues, sectoral strength and easing energy prices kept market bias positive despite lingering monsoon concerns.

Bank Nifty has been relatively stronger than the Nifty, with sustained buying at lower levels gradually building up, though follow-through strength remains uneven. The index continues to show signs of divergence, with sector rotation in play but limited uniform participation across components.

Private sector banks have remained under pressure following Q4 results and have not contributed meaningfully to the Bank Nifty’s upward momentum. While some stocks are attempting to support the index near upper resistance zones, broader participation is weakening, with indicators showing signs of fatigue. The recent upmove has struggled to sustain higher levels, with bearish pressure emerging on rallies.

At present, the lack of fresh triggers has led to a range-bound setup, limiting the pace of recovery. On Nifty, the inability to hold higher levels after an encouraging start reflects fading participation, with gains being sold into intraday strength.

A sustained move below 24,000 could invite renewed bearish pressure. At current levels, rallies are increasingly being used for shorting, suggesting a cautious undertone. For Bank Nifty, the 55,000 level remains a crucial support, while 58,500 is an important resistance to watch. Until 58,500 is decisively breached, stock-specific action is likely to dominate, with divergent trends across constituents.

PSU banks and private banks continue to show uneven performance, and weakness in private lenders is spilling over into sectors such as autos, realty and financial services. While select pockets continue to attract buying interest, broader momentum remains subdued.

The inability of Bank Nifty to clear the 60,100 mark further underscores the limited strength in the current setup. Until this changes, the index is likely to remain the key driver of broader market direction.

The broader market structure has shifted into a more uncertain phase, with Nifty facing stiff resistance near 24,500. This level also aligns with a key options-based cap, limiting upside unless a decisive breakout occurs. Open interest data continues to indicate strong resistance at higher strikes, reinforcing the range-bound nature of the market.

Traders should closely track Thursday’s opening 30-minute range, as a sustained move above it could act as a trigger for fresh long positions.

Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.

Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.

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.

Raja Venkatraman is the co-founder of NeoTrader, where he heads the training division. He conducts both offline and live market workshops, seminars, and webinars. He has been working under the guidance of Dr C K Narayan, his mentor and founder of Growth Avenues, for more than 20 years. He is an active trader in multiple asset classes, and actively shares his views on YouTube, blogs at NeoTrader, and on reputed news channels and websites. His Sebi-registered research analyst registration no. is INH000016223.

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