The Indian stock market continued its consolidation trend on Tuesday, with benchmark indices ending in the red amid mixed sectoral performance and mounting global concerns. The Nifty 50 index closed at 24,853.40, slipping 0.37%, while the Bank Nifty also edged lower by 0.41%, settling at 55,714.15.
Broader markets mirrored the cautious sentiment as mid- and small-cap indices declined between 0.6% and 0.7%. Sectorally, pharma and metals outperformed, while IT emerged as the sole gainer, rising around 0.7% ahead of key global events.
Technical Outlook
The Nifty struggled to break past the critical 25,000 mark, indicating persistent resistance at higher levels. Analysts noted that the index remains in a positional consolidation phase. “Support is expected near the 24,700 zone, which traders should monitor closely,” said Nandish Shah, Senior Derivative & Technical Research Analyst at HDFC Securities.
For the banking index, key support zones lie between 54,500 and 54,000 levels, according to analysts at Bajaj Broking.
Global Cues and Geopolitical Concerns
Market sentiment remained cautious due to intensifying geopolitical developments. A sharp turn in the Middle East conflict drew attention after U.S. President Donald Trump cut short his G7 summit visit, urging American citizens to evacuate Tehran amid escalating tensions. The geopolitical heat added to global market volatility.
Additionally, speculation around possible U.S. tariffs on pharmaceutical imports weighed on Indian pharma counters. “Such reports could cap gains in the pharma sector despite its relative outperformance today,” said Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services.
With the U.S. Federal Reserve meeting scheduled for June 18, traders expect heightened volatility around central bank cues. “Going forward, global developments and monetary policy announcements will be key drivers of market direction,” Khemka added.
Expert Stock Picks for Wednesday
Despite overall market consolidation, analysts have identified several stock opportunities with bullish technical patterns:
Sumeet Bagadia, Executive Director, Choice Broking
- TD Power Systems Ltd (₹518.8)
Buy with a target of ₹555 and stop-loss at ₹499
The stock is showing signs of bullish continuation, holding firmly above key EMAs and rebounding from a recent consolidation phase. - Supreme Petrochem Ltd (₹800)
Buy with a target of ₹855 and stop-loss at ₹770
The stock has broken out from a short-term range with high volumes, backed by a strong uptrend and a decisive reclaim of its 200-day EMA.
Ganesh Dongre, Senior Manager – Technical Research, Anand Rathi
- Power Finance Corporation Ltd (PFC)
Buy for a target of ₹425 with stop-loss at ₹394
A bullish engulfing pattern and an RSI bounce from the oversold zone suggest potential for an upward move. - Federal Bank Ltd (₹205)
Buy for a target of ₹215 with stop-loss at ₹198
The stock indicates signs of a reversal, supported by strengthening technical signals pointing to a near-term rally. - Tata Chemicals Ltd (₹935)
Buy for a target of ₹975 with stop-loss at ₹920
The stock reflects bullish reversal patterns, supported by improving price action.
Shiju Koothupalakkal, Senior Manager – Technical Research, Prabhudas Lilladher
- Garden Reach Shipbuilders & Engineers Ltd (GRSE) (₹3173)
Buy for a target of ₹3300 with stop-loss at ₹3120
A higher bottom formation and a pullback suggest a continuation of the stock’s strong uptrend. - Apollo Micro Systems Ltd (₹201)
Buy for a target of ₹215 with stop-loss at ₹196
After a sharp rally, the stock is stabilizing, and with RSI supporting a fresh buy signal, further gains are anticipated. - Universal Cables Ltd (₹680)
Buy for a target of ₹720 with stop-loss at ₹665
A breakout with increased volumes and positive RSI points to continued strength in the stock.
