Copyright © HT Digital Streams Limit all rights reserved. The best shares to buy today: Marketsmith India recommends two shares for June 16. Summary Recommendation of Stock Today: Discover Marketsmith India’s expert top choices for Monday, June 16. Get insights on the best performing stocks and make informed investment decisions. For the week ended June 13, Nifty50 dropped about 1.14%and put down on 24,718.60. The index remained largely bound during the first part of the week. However, it came under a significant sales pressure in the last half, powered by increased geopolitical tension and a sharp rise in the price of crude oil. The steep gaps on Friday not only wiped out profits in the early week, but also dragged the index under the psychologist 25,000 mark. Broader market indices also ended lower, reflecting the broad-based weakness. Two stock recommendations by Marketsmith India: Buy: FDC Ltd. (Current Price: £ 475.85) Why FDC is recommended: Strong domestic brand presence, and focused R&D with controlled manufacturing key metrics: P/E: 28,12, 52-week High: £ 658.85, Volume: £ 15.80 Crore Technical Analysis of analyzing the analysis of the analysis of the analysis of the analysis of the analysis of the analysis of the analysis of the analysis of the analysis. Analysis of the country: Market and market care has analyzed the analysis of analyzing the country: Market and market care have the analysis regulatory environment and price pressure, ESG and operating risks purchased at: £ 475.85 Target Price: £ 550 in three months Stop Loss: £ 450 Also Keep in the near term: Krishna Institute of Medical Sciences Ltd (Current Price: £ 680) why Krishna is Institute of Medical. Trademark, capacity expansion through acquisitions and green field projects Key metric: P/E: 65.08, 52-week High: £ 708, Volume: £ 54.00 Crore Technical Analysis: Possible Trend Statement Risk Factors: Rising Operational Costs and Margin Printing, Geographical Concentration Buy at: £ 680 Target Price: £ 800 In three months Stop: £ 629 How the NIF Nifty50 opened with a sharp gap, but found support almost 24,500–24.400, which led to a partial recovery of the intraday and the establishment of 24,718.60, a lower 0.68%. With a view to Nifty IT and Realty, all major sectoral and broader market indices have finished in the red. The pre-deckine ratio weakens to 1: 2, indicating a broad-based profit discussion. Nifty dropped about 1.14% weekly and formed a clumsy candlestick, reflecting the volatility and selling the sale throughout the week. From a technical perspective, Nifty50 slipped below the 21-day moving average (DMA), which is an indication of the short-term weakness. However, the index still trades above its most important long-term moving averages (50-, 100 and 200-DMA), which indicates that the broader tendency remains structurally intact. On the daily chart, the relative strength index (RSI) displays a downward slope, accompanied by a negative MACD cross-crossing, which strengthens the near-term coached prejudice. Meanwhile, the weekly RSI has remained over the past four weeks, which is currently about 58 positioned, supported by a positive MACD setup. According to O’Neil’s methodology of market direction, Nifty regained its recent high of 25,116. The market status was thus upgraded on June 11, 2024 after a confirmed rise. The index had a negative bias all week and closed weekly below 25,000. However, it managed to hold above the key support zone of 24,500–24,400 and set up a partial recovery during Friday’s session to a sharp down-down opening. In the future, 24,500–24.400 will act as an important support area, and a decisive offense under this series can further cause downward to 24,000-23.800. At the top, the index is expected to face strong resistance near 25,000, followed by 25.200. Also read: The capital goods sector gets a power-up, its weight rises in Nifty How did Nifty Bank perform? This key sector index recorded a new high of 57.049. However, through the last part of the week, it faced continued profit discussion at higher levels. As a result, it formed a shaved head chandelier on the weekly map, which registered a 1.86%drop. Similarly, the Finnifty index also dropped 1.85% for the week, which underlines the continued weakness in the broader financial segment. On Friday, all index ingredients closed in a negative area, with a significant pressure of heavyweights such as HDFC Bank, SBI and ICICI Bank. From a technical point of view, the index violated its 21-DMA and traded on Friday, which is an indication of the short-term weakness. In addition, it broke under the lower boundary of the rising wedge pattern on the daily map and closed below it, strengthening the clumsy bias. The relative strength index (RSI) is downward and currently hangs about 51, coupled with a negative MACD crossing on the daily timeframe. On the weekly chart, the RSI also weakens, although the MACD maintains a positive crossing, reflecting a mixed prospect for this important sectoral index. Also read: Tata Communications Shifts Focus: Can it turn into a digital power station? According to O’Neil’s methodology of market direction, Bank Nifty recently moved from an ‘upward under pressure’ to a bullish phase of an ‘confirmed upward trend’. The index is likely to remain with a negative bias in the short term. Immediate support is seen at 55,000, with the next key level at 54,500. On the top, the index resistance at approximately 56,000, followed by a stronger obstacle near 57,000. A definite movement beyond one of the boundary can determine the following directions. Marketsmith India is a stock research platform and advisory service that focuses on the Indian stock market. Brand name: William O’Neil India Pvt. Ltd. (SEBI Registered Research Analyst Registration No.: INH000015543) “Disclaimer: The views and recommendations given in this article are those of individual analysts. It does not represent the views of currency. We advise investors to deal with certified experts before taking any investment decisions. #Markets Premium Read next story
Best stocks -recommendations today: Marketsmith India’s best choices for June 16
