Nifty Outlook by HDFC Securities
Following the failed attempt to breach the key resistance level of 24,190 in the previous session, the Nifty index extended its decline and slipped below the immediate swing low of 23,901, reinforcing near-term weakness. On the technical front, Nifty closed near its 50-DEMA at 23,825, indicating a crucial support test. The index has reached gap zone of 23,645–23,817 formed on June 15, 2026. Despite the sharp intraday fall, it has managed to hold above the 20-DEMA, currently placed near 23,750. Key retracement levels of the prior up move from 23,070 to 24,189 are placed at 23,761 (38.2 per cent) and 23,630 (50 per cent), aligning with the 20-DEMA and the gap support zone, thereby strengthening this support cluster. A decisive breach below 23,630 could accelerate the decline towards the 61.8 per cent retracement level near 23,500. On the upside, the 23,900–24,000 zone is likely to act as an immediate resistance band.
Stocks to Buy today: Recommendations by HDFC Securities
Gland Pharma
Current Market Price: ₹2,290
Stop Loss: ₹2,150
Target: ₹2,500
Gland Pharma stock price has broken out from bullish inverted head and shoulder pattern on the monthly chart. Stock has also broken out from bullish “Flag” pattern on the daily chart, indicating continuation of an uptrend. Price rise is accompanied by rise in volumes. Stock is above all key moving averages.
Viyash Scientific
Current Market Price: ₹267
Stop Loss: ₹260
Target: ₹294
Viyash Scientific stock price has broken out from bullish cup and handle pattern on the weekly chart. Price rise is accompanied by rise in volumes. Stock is above all key moving averages. Weekly RSI has been sustaining above 50. Weekly MACD has reached above equilibrium and signal line.
(Disclaimer: Vinay Rajani is senior technical and derivative analyst at HDFC Securities. Views expressed are his own.)