Indian equity benchmarks ended marginally higher in a volatile trading session, with the Nifty closing at 23,719.30, up 0.27%, while the Sensex gained 0.31% to settle at 75,415.35. Bank Nifty outperformed the broader market, rising 1.15% to close above the 54,000 mark, indicating continued strength in banking counters despite broader market consolidation.
According to Religare Broking’s latest market report, the Nifty remains trapped in a consolidation range, facing strong resistance in the 23,800–24,000 zone, while downside support is seen near 23,250–23,500. Analysts noted that the benchmark continues to trade below key short-term moving averages, suggesting a cautious undertone in the near term. On the derivatives front, significant call writing at higher strike levels indicates overhead resistance, while put accumulation near 23,500 is providing downside support.
The banking index, however, showed stronger momentum, with Bank Nifty climbing 1.18%, supported by gains in major lenders such as Axis Bank and AU Small Finance Bank. Resistance for Bank Nifty is seen near 55,100, while support is positioned around 53,200, indicating a relatively stronger technical setup compared to the broader market.
Among stock-specific recommendations, Religare Broking highlighted JSW Steel as its derivatives trade idea, recommending a bull call spread strategy with a bullish outlook as the stock continues to trade near lifetime highs. Technical indicators such as RSI and MACD remain supportive, with analysts expecting the stock to move towards the 1,350–1,380 zone in the coming weeks, provided support near 1,240–1,250 holds.
In the cash segment, Power Finance Corporation (PFC) emerged as Religare’s stock for investment, with a target price of ₹529, implying an upside potential of 22.9% from current levels. The brokerage cited record FY26 profitability, strong asset quality, renewable energy financing growth, and progress on the proposed PFC-REC merger as key long-term growth drivers.
Religare Broking also identified Dixon Technologies as its stock of the day in the technical segment, citing a bullish recovery supported by strong buying momentum, breakout above key moving averages, and improving chart structure. The brokerage recommended a June 11,800 call option strategy with a target of ₹775.
Market experts suggest that while the indices remain range-bound, stock-specific opportunities continue to emerge across sectors. Traders are advised to focus on selective stock picking, disciplined position sizing, and wait for a decisive breakout above resistance levels for clearer directional cues.