Tata Motors to Titan - Prashanth Tapse suggests stocks to buy in the short term
Stock market today: On Friday, June 20, Indian stock market indices, the Sensex and the Nifty 50, recorded significant gains during intraday trading, despite heightened tensions between Israel and Iran.
The Sensex started at 81,354.85 compared to its previous close of 81,361.87 and surged over 800 points, or 1%, reaching an intraday peak of 82,186.37. Meanwhile, the Nifty 50 commenced at 24,787.65 against its prior close of 24,793.25 and also climbed 1% to achieve an intraday high of 25,040.45. The rise was widespread, as the BSE Midcap and Smallcap indices each increased by more than half a percent during the session.
The Indian stock market is experiencing strong buying interest across various segments. Several factors appear to be driving the stock market surge, including short covering following a recent decline, a drop in crude oil prices, and purchases by foreign portfolio investors (FPIs), according experts.
Nifty 50 witnessed a sharp decline amid a spike in global volatility and escalating tensions in the Middle East. The index has slipped below the 25,000 mark, with crucial support now placed at 24,700 and 24,600. A gap-down opening or continued weakness may lead to a retest of these zones. Traders are advised to stay cautious and avoid aggressive longs until the index stabilizes. Watch for signs of reversal near key supports before re-entering.
Bank Nifty breached the 56,000 mark, signaling weakness and potential downside. A further dip below 55,900 could trigger a fall toward the 55,500–55,400 zone. While the broader structure remains in a range, volatility could lead to intraday swings. Traders are advised to avoid fresh longs and adopt a wait-and-watch approach until signs of reversal emerge or volatility cools off.
Prashanth Tapse recommends buying these three stocks in the short term - Tata Consumer Products Ltd, Tata Motors Ltd, and Titan Company Ltd.
Tata Consumer continues to show relative strength despite overall market weakness. The stock has recently taken support around ₹ 1,060–1,065 and has bounced back with rising volumes. Momentum indicators are favoring bulls, and as long as ₹ 1,040 holds, there is scope for the stock to rally toward ₹ 1,175. Buying on dips near ₹ 1,070–1,075 is advisable.
Tata Motors is holding firm near its short-term moving averages and has shown resilience against broader market volatility. The stock has formed a short-term base near ₹ 660 and is attempting to move higher. Momentum remains strong and a move past ₹ 678 could accelerate the rally toward ₹ 700. Ideal for positional traders with risk-managed entries near current levels.
Titan remains in a healthy uptrend and has been consolidating near its recent highs. The stock is finding support at ₹ 3,450–3,460 levels and is trading above key moving averages. RSI and MACD are both showing early signs of upward momentum. A close above ₹ 3,500 could lead to a swift move toward ₹ 3,650. Buying on minor dips is advisable with a protective stop at ₹ 3,440.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
7 minutes ago
- Economic Times
Magnets in limbo: No rare earth nod yet from China for Indian auto suppliers
No Indian auto component or vehicle manufacturer has received approval from the Chinese government to procure rare earth magnets so far, Times of India reported citing sources. Despite efforts by Indian officials to intervene, the sources said there is "no clarity as yet" on when a meeting with Chinese representatives might happen. The applications for sourcing magnets were submitted primarily by auto component makers who manufacture complete, high-tech assemblies. These include speedometers, electric motors, e-axles, electric water pumps, automatic transmission kits, speakers, sensors, and ignition coils used in engines. Among the companies that have applied are Uno Minda, Bosch, Mareli, TVS Group, Motherson Sumi, and Sona Comstar. Economic Times reported this week that the number of India-based firms awaiting approval from China's ministry of commerce to import rare earth magnets has nearly doubled—from 11 two weeks ago to 21 now. This list includes Bosch India, Marelli Powertrain India, Mahle Electric Drives India, TVS Motor, and Uno Minda. Sona Comstar, whose earlier application was rejected due to procedural issues, has reapplied and is now among the 21 companies awaiting clearance, a senior industry executive told ET.'There were no approvals so far, according to the latest assessment we carried through interactions with industry representatives,' one source told TOI. 'The situation is grave, and there is now massive uncertainty regarding manufacturing schedules and factory output.' The request for a meeting with Chinese representatives is being followed up not only by leading industry bodies such as the Auto Component Manufacturers Association (Acma) and Society of Indian Automobile Manufacturers (Siam), but also by government ministries including heavy industries, external affairs, and commerce. Senior officials from major automobile companies such as Maruti Suzuki, Mahindra & Mahindra, Tata Motors, Bajaj Auto, and TVS are also involved in pursuing the matter with the government and diplomatic this week, the auto industry held a meeting with top officials at the Ministry of Heavy Industries as the government examined possible solutions to the crisis. 'However, not much headway was made so far,' an official source told the executives said that Ernst & Young has been brought on board by the ministry to assist with the issue. During the meeting, officials also reviewed the current preparedness of some Indian companies that are working in the field of magnet urged local magnet producers to provide a firm supply timeline, if at all possible, stating that uninterrupted production lines depend on timely procurement of components. According to the report, both Acma and Siam have drawn up a list of delegates they hope to send to China if the Indian government is able to facilitate such a restrictions were formally issued through a notification on April 4 this year. The new rules apply to medium and heavy rare earth metals, their alloys, magnets, and related products under the country's export permit prevent diversion of these materials to defence and weapons production, China now requires exporters to secure a licence. This licence depends on an End User Certificate (EUC), which must be approved first by India's Directorate General of Foreign Trade (DGFT) and the Ministry of External Affairs, and then also endorsed by the Chinese Embassy in after these steps are completed can the EUC be sent to China for the final stages of approval—first by the provincial government where the exporting company is located, and then by China's Ministry of Commerce. Rare earth magnets are critical components used in permanent magnet synchronous motors (PMSMs), which are widely applied in electric vehicles because of their compact size, high torque, and energy efficiency. Hybrid vehicles also rely on these magnets for efficient propulsion systems. While parts manufacturers based in Europe have recently received approval from Chinese authorities to source rare earth magnets, their Indian counterparts—despite being part of the same multinational corporations—are still waiting for the go-ahead from Beijing. According to experts, this delay is worsened by the strained political and commercial relationship between India and companies have been attempting to build local capabilities to reduce reliance on imported rare earth materials, but experts say this effort remains extremely challenging and is unlikely to provide immediate relief. (with ToI inputs)
New Indian Express
12 minutes ago
- New Indian Express
54 institutions from India make it to QS World University rankings, IIT Delhi highest at 123rd spot
NEW DELHI: Prime Minister Narendra Modi has lauded the performance of Indian educational institutions in the World University 2026 Rankings, which were made public on Thursday. In a post on X, the PM said, 'The QS World University Rankings bring great news for our education sector. Our government is committed to furthering research and innovation ecosystems for the benefit of India's youth.' India is the fourth most represented in the list with only the United States, United Kingdom and China surpassing it, said an official release from the PIB. A total of 54 Higher Educational Institutes (HEIs) from India featured in the rankings with IIT Delhi emerging as the country's top-ranked institute by securing the 123rd position. Twelve IITs have made it to the ranking list. Compiled by Quacquarelli Symonds (QS), the internationally recognised ranking system compares HEIs worldwide on an annual basis. Education Minister Dharmendra Pradhan in a statement said, 'From just 11 universities in 2014 to 54 in the latest rankings, this five-fold jump is a testament to the transformative educational reforms ushered by PM Narendra Modiji's government in the last decade. National Education Policy 2020 is not just changing our educational landscape, it is revolutionising it.
Hindustan Times
15 minutes ago
- Hindustan Times
Rejected for living too far? Indian job seeker shares bizarre HR excuse: 'Never tell them…'
In the early 2000s, Goa's party scene excluded Indians, with foreigners dominating spaces like Anjuna beach. Today, Aman Gupta notes a shift, with Indian tourists now welcomed warmly and able to pay more, reflecting India's evolving tourism landscape.
