Technical Analysis

Technical Analysis of 1 stock (with 15-day horizon) [EasyDNNnews:PaidContentStart]

WHAT LIES AHEAD : NEAR-TERM PICTURE

SPOT NIFTY : On Thursday, the Nifty 50 gave up more than 200 points from the day’s high and ended almost flat, forming a shooting star candle on the daily chart. This pattern reflects profit booking at higher levels and signals caution.

The index opened with a gapup and moved above the previous week’s high, but failed to sustain the momentum. Volumes picked up in the afternoon session as traders avoided carrying positions into the long weekend. However, weekly volumes remained lower than the previous week.

On the weekly chart, Nifty formed a long-legged small-body candle. It took support near the 10-week average and closed above the 20-week average after 23 weeks. The index also managed to close above key short-term moving averages, though it faced resistance near the 100-DMA.

The weekly Bollinger Bands have started contracting, while the daily bands are expanding, suggesting mixed signals. RSI remains in the neutral zone across time frames. A close above 24,262, along with RSI moving above 60, would strengthen the positive setup. The next resistance is placed at 24,462.

On the downside, a close below 23,980 would weaken the structure. The 23,851-23,760 zone will act as immediate support. Below this, the next support lies near 23,654-23,629, where the 20-DMA and 50 per cent retracement level are placed. The index may continue to consolidate above the 50-DMA next week.

NIFTY DERIVATIVES: The Nifty June futures had closed at 24,192.50 last Thursday and ended at 24,103.30 on June 25, 2026. During the week, the index managed to move above the previous swing high of 24,210 on an Intraday basis, but it failed to sustain at higher levels. The PCR stands at 1.02, while the Max Pain level is placed at 24,100, which is close to the current closing level.

For the June monthly expiry, the highest open interest addition on the put side was seen at the 24,000 strike. As a result, the highest put open interest concentration also remains at 24,000. This makes 24,000 an immediate support level.

A sustained move below this zone could make put writers uncomfortable and may trigger unwinding pressure. The next major put open interest concentration is placed at the 23,500 strike. On the call side, the highest open interest addition was seen at the 24,200 strike, while the highest overall call open interest concentration remains at the 25,000 strike.

Going ahead, 24,200 will be the key level to watch. If Nifty futures manage to sustain above this zone, call writers may be forced to unwind their positions, which could support a further upmove. Until then, the index is likely to remain in a narrow expiry-driven range, with 24,000 acting as immediate support and 24,200 as the near-term hurdle.

STOCK STRATEGY
AUROBINDO PHARMA LTD. ................ BUY ................. CMP ₹1524.20
BSE Code ...... 524804
Target 1 .... ₹1,645 
Target 2 .... ₹1,710 
Stoploss ...₹1,465 (CLS)

■ Current Observation: Aurobindo Pharma Limited is an integrated global pharmaceutical company headquartered in Hyderabad. The company develops, manufactures and markets a wide portfolio of generic medicines, branded specialty products and active pharmaceutical ingredients across more than 150 countries.

■ On the technical front, the stock has given a breakout from a five-week base and continues to trade with a positive structure. It is also forming a 93-week cup pattern and has closed just 2.31 per cent below its all-time high, indicating strong momentum near record levels. The Relative Strength line has moved to a new high, showing that the stock is outperforming the broader market.

■ Volumes have remained elevated over the past two weeks, suggesting fresh buying interest. The stock is trading comfortably above all key moving averages and is currently around 7 per cent above its 50-DMA. The moving average ribbon remains in an uptrend.

■ Momentum indicators also support the bullish setup. MACD remains in buy mode, while RSI is placed in the bullish zone across key time frames

■ Overall, the stock has registered a bullish breakout. A sustained move above Rs 1,555 can keep the momentum positive and may help the stock retest its previous high of Rs 1,645. A stop-loss can be maintained at Rs 1,465. If the stock crosses Rs 1,645 decisively, the next upside level to watch would be Rs 1,710.

REVIEW OF STOCK STRATEGY
In Issue No. 36, dated June 18, 2026, we had recommended GMR Airports Ltd at Rs 110.50. The recommendation was based on the stock breaking out of its Stage-1 consolidation phase, supported by above-average volumes. Since then, the stock has witnessed a minor pullback and is currently trading slightly below the recommended price. We advise readers to continue holding the position with the previously mentioned stop-loss.

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