Anand Rathi Shares has issued stock recommendations for June 24, 2026, advising investors to buy Eicher Motors, Torrent Power, and Bajaj Auto, according to a report by Business Today. The picks come as Indian equities faced a sharp selloff, with the BSE Sensex dropping nearly 900 points to close at 76,201, driven by a 10% plunge in South Korea's Kospi index and weakness in US technology shares.
Eicher Motors: Breakout Above Ichimoku Resistance
Mehul Kothari, DVP - Technical Research at Anand Rathi Shares, highlighted that Eicher Motors has witnessed a classic breakout from a well-defined price structure, supported by strong volumes, indicating renewed buying interest. The stock moved above a flat Ichimoku Cloud resistance, reinforcing the positive trend outlook. Momentum indicators remain supportive, with RSI holding above 50 and MACD sustaining above the zero line. A sustained hold above the breakout zone could drive the stock towards Rs 8,225.
| Parameter | Value |
|---|---|
| Buy Range | Rs 7,650–Rs 7,550 |
| Stop Loss | Rs 7,300 |
| Target | Rs 8,225 |
Torrent Power: Support Confluence Signals Potential Rebound
Torrent Power is trading near a strong support confluence comprising the 200-day EMA, 200-day SMA, previous breakout zone, and a rising trendline, according to Kothari. The stock is displaying a bullish divergence on the daily Stochastic Oscillator, indicating weakening downside momentum. RSI on both daily and weekly charts remains above the 50 mark, reflecting sustained bullish strength. As long as the stock holds above this support zone, the setup remains constructive with potential for an advance towards Rs 1,635.
| Parameter | Value |
|---|---|
| Buy Range | Rs 1,480–Rs 1,440 |
| Stop Loss | Rs 1,370 |
| Target | Rs 1,635 |
Bajaj Auto: Bullish Setup Emerging Near Key Support Zone
Bajaj Auto is approaching a key support zone around its 50-day SMA, which coincides with Ichimoku Cloud support, creating a favourable risk-reward setup, Kothari noted. The MACD is showing signs of a bullish reversal while RSI on both daily and weekly timeframes continues to hold above the 50 mark, indicating sustained positive momentum. A sustained hold above the support area could pave the way for the next leg of the up move towards Rs 11,200.
| Parameter | Value |
|---|---|
| Buy Range | Rs 10,200–Rs 10,100 |
| Stop Loss | Rs 9,600 |
| Target | Rs 11,200 |
Market Round-Up: Global Tech Selloff Hits Indian Equities
A sharp correction in South Korea's technology-heavy stock market on Tuesday, coupled with weakness in US technology shares overnight, dragged the BSE Sensex down by nearly 900 points to close at 76,201, according to the Business Today report. Despite the broad selloff led by technology stocks, foreign institutional investors remained net buyers, a development market participants viewed as encouraging.
Sentiment deteriorated after South Korea's Kospi index came under pressure following cautionary remarks from the country's securities regulator regarding the market's strong rally in recent months. The Kospi eventually hit a circuit breaker and ended the day with a steep 10% decline.
The weakness in Korean equities followed a selloff on Wall Street overnight, where artificial intelligence-linked technology stocks witnessed sharp declines. Selling pressure continued in US markets on Tuesday, with the Nasdaq falling more than 1.4% during mid-session trading.
According to Vinod Nair of Geojit Investments, domestic investor sentiment weakened as early gains failed to hold amid negative global developments and a cautious market environment. Looking ahead, Nair noted that while stable crude oil prices and easing geopolitical tensions provide some support for domestic markets, investors remain cautious and are closely tracking the progress of the monsoon as well as developments in the ongoing India-US trade negotiations.
The market decline erased around Rs 5.5 lakh crore of investor wealth, with the market capitalisation of BSE-listed companies falling to Rs 475.1 lakh crore, according to exchange data.
Disclaimer: The recommendations and views expressed are those of the experts and do not represent the views of the publication.
Sources:
