For the trading week of June 29–July 3, 2026, Sudeep Shah, Head – Technical Research and Derivatives at SBI Securities, has identified two stock recommendations: TVS Motor Company and Vijaya Diagnostic Centre. Shah also provided a technical outlook for the Nifty index, which remains range-bound amid elevated volatility.
TVS Motor Company: Bullish Breakout
According to Shah, TVS Motor Company has turned technically strong after delivering a decisive breakout from a double-bottom pattern on the daily chart, signaling the possibility of a sustained upward move. The breakout was accompanied by a sharp rise in volumes, reflecting strong buying interest and adding credibility to the bullish setup. Momentum indicators are also supportive, with the DI+ crossing above the DI− in the ADX indicator, highlighting increasing bullish dominance. The RSI has broken out of a sideways range and settled above the 60 mark, indicating a resurgence in positive momentum. Shah recommends accumulating the stock in the zone of 3545–3580 with a stoploss of 3435. On the upside, it is likely to test the level of 3830 in the short term.
Vijaya Diagnostic Centre: Consolidation Breakout Potential
Vijaya Diagnostic Centre is on the verge of a potential consolidation breakout on the daily chart, indicating the possibility of a fresh up move, as per Shah. Despite recent consolidation, the stock has consistently found support at its 20-day EMA, which has acted as strong dynamic support and helped preserve the broader uptrend. This support aligns with the Bollinger Band midline, adding further strength. The ADX on the weekly chart is rising, signaling improving trend strength, while shrinking MACD histogram bars suggest a gradual build-up in bullish momentum. Shah recommends accumulating the stock in the zone of 1360–1375 with a stoploss of 1315. The stock is likely to test the level of 1470 in the short term.
| Stock | Buy Zone | Stoploss | Short-term Target |
|---|---|---|---|
| TVS Motor Company | 3545–3580 | 3435 | 3830 |
| Vijaya Diagnostic Centre | 1360–1375 | 1315 | 1470 |
Nifty Outlook: Range-Bound with Key Levels
During the truncated trading week, the Nifty index experienced elevated volatility, testing both the upper and lower ends of its ongoing consolidation band. It failed to deliver a decisive breakout or breakdown, resulting in a High Wave candle for the second straight week, highlighting continued indecision. The index closed the week with marginal gains. From a technical standpoint, the index continues to hold above its 20-day and 50-day EMA, signalling that the short-term bias remains positive. However, momentum indicators reflect a lack of strength, with the daily RSI moving sideways and the MACD histogram showing signs of waning bullish momentum. The ADX, currently at 15.27 and trending lower, indicates the absence of a strong directional trend.
Shah expects the index to remain range-bound in the near term. On the upside, the 24250–24300 zone will act as immediate resistance. A decisive and sustained breakout above 24300 could trigger the next leg of the rally towards 24500 and 24700 in the short term, provided key support levels remain intact. On the downside, the 23800–23750 zone emerges as crucial support, aligning with the 20-day EMA and the 38.2% Fibonacci retracement of the recent up move. A breakdown below this zone could weaken the short-term outlook and open the door for further correction. Price action around these levels will be critical in determining the next directional move.
| Index | Resistance Zone | Support Zone |
|---|---|---|
| Nifty | 24250–24300 | 23800–23750 |
Bank Nifty View (Incomplete)
According to the source article, Sudeep Shah also shared his views on Bank Nifty, noting that the index has continued to outperform. However, the detailed technical analysis of Bank Nifty was not fully captured in the source text.
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