Bajaj Broking Research has advised investors to buy HDFC Bank and NBCC on June 12, 2026, alongside its technical assessment of the Nifty and Bank Nifty indices. The recommendations come amid persistent foreign institutional investor outflows, elevated oil prices, and geopolitical uncertainties that continue to weigh on market sentiment, according to the brokerage note.
Stock Recommendations
HDFC Bank – Buy in the range of ₹730–750. The stock has been consolidating over the past two months, forming a base after a previous decline. Bajaj Broking noted that the corrective decline is nearing maturity, offering a fresh entry opportunity with favorable risk-reward. The target is set at ₹820, which coincides with the April 2026 high and the 38.2% retracement of the prior decline from ₹994 to ₹727. The weekly stochastic oscillator has entered oversold territory, increasing the likelihood of a pullback.
NBCC – Buy in the range of ₹100.00–102.00. The stock has shown a strong recovery, maintaining a higher-high, higher-low formation on the monthly chart, indicating an ongoing positive trend. It has sustained above the 52-week exponential moving average after a prolonged consolidation, a level that historically acted as strong support. The weekly 14-period RSI is above its 9-period signal line, suggesting strengthening momentum. The target is ₹115, near the previous swing high and the 80% retracement of the major decline from ₹125 to ₹77.
Nifty
| Level | Support | Resistance |
|---|---|---|
| Range | 23,000–23,200 | 23,500–23,550 |
| Key | 61.8% retracement of 22,182–24,601 & lower band of falling channel | 61.8% retracement of 24,089–23,070 & 20-day EMA |
The Nifty continues to consolidate in the broad band of 23,000–23,550. Bajaj Broking expects this consolidation to persist until a directional breakout emerges. A close above 23,500–23,550 could open upside toward 23,750–23,800, while a breakdown below 23,000 may accelerate declines toward 22,600. Structurally, the index has corrected only 61.8% of the sharp 11% rally over the past eight weeks, indicating a healthy consolidation.
Bank Nifty
| Level | Support | Resistance |
|---|---|---|
| Range | 54,000–53,800 (immediate), 52,700–52,500 (key) | 55,600 (upper band) → 56,500 and 57,000 |
Bank Nifty has relatively outperformed the Nifty over the last four weeks and is currently at the upper end of its four-week range of 55,600–52,700. The index has broken above a falling trendline connecting the past two months' highs and is sustaining above its 20-day EMA, signaling strength. A decisive move above the current range would confirm renewed buying momentum, targeting 56,500 and 57,000. Failure could lead to consolidation in the 53,800–55,600 band.
(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.)
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