Bajaj Broking Research has issued stock market recommendations for June 12, 2026, advising investors to buy HDFC Bank and NBCC. The brokerage has also shared its outlook on the Nifty and Bank Nifty indices.
HDFC Bank
The brokerage recommends buying HDFC Bank in the range of ₹730-750. The target price is set at ₹820, offering a potential return of 11%. The stop loss is placed at ₹690, with a time period of six months.
Over the past two months, the stock has been consolidating within a range, forming a base after the previous decline. It is currently forming a base at the 80% retracement level of the prior rally from ₹676 to ₹1,017. Bajaj Broking believes the corrective decline is approaching maturity, presenting a fresh entry opportunity with a favorable risk-reward setup.
The stock is expected to move towards ₹820 in the coming months, which coincides with the high of April 2026 and the 38.2% retracement of the previous decline from ₹994 to ₹727. The weekly stochastic indicator has entered oversold territory, suggesting a potential pullback in the coming weeks.
NBCC
For NBCC, the brokerage recommends buying in the range of ₹100.00-102.00. The target is ₹115, offering a return of 14%, with a stop loss at ₹95 and a time period of one month.
NBCC has witnessed a strong recovery from recent lows and continues to form higher highs and higher lows on the monthly chart, indicating a positive trend and sustained buying interest. The stock has also managed to stay above the 52-week exponential moving average after a prolonged consolidation phase. Historically, this moving average has acted as a strong support zone, with previous rebounds leading to significant upside moves.
The weekly 14-period relative strength index is holding above its 9-period signal line, indicating strengthening momentum and supporting the continuation of the uptrend. The stock is expected to head towards ₹115, which aligns with its previous swing high and is close to the 80% retracement of the major decline from ₹125 to ₹77.
Index View: Nifty
Benchmark indices continue to trade within a range with a corrective bias, as persistent foreign institutional investor outflows, elevated oil prices, and geopolitical uncertainties weigh on investor sentiment. Nifty is consolidating in the broad range of 23,000-23,550. The current consolidation is expected to persist until a directional breakout occurs.
In the last two weeks, Nifty has rebounded multiple times from the key support area of 23,000-23,200, which is the confluence of the 61.8% retracement of the previous pullback from 22,182 to 24,601 and the lower band of the falling channel. On the higher side, resistance is placed at 23,500-23,550 levels, which is the 61.8% retracement of the previous decline from 24,089 to 23,070 and the 20-day exponential moving average. A move above this level could open further upside towards 23,750-23,800. A close below the support area of 23,000 would signal an acceleration of the decline towards 22,600 in the coming week.
From a structural perspective, the index is undergoing a gradual retracement. Over the past eight weeks, it has corrected only 61.8% of the sharp 11% rally seen in the preceding three weeks, indicating a healthy consolidation phase.
Bank Nifty
Bank Nifty has relatively outperformed Nifty over the last four weeks and is currently at the upper band of the broad range of 55,600-52,700. The index has recently broken out above a falling trendline connecting the highs of the last two months and is sustaining above its 20-day exponential moving average, signaling strength. A decisive move above this level would confirm renewed buying momentum and open the path towards 56,500 and 57,000 levels in the coming weeks. Failure to do so could lead to consolidation in the range of 53,800-55,600.
On the downside, immediate support is at 54,000-53,800, which is the low of the current week and a key retracement of the recent pullback. Key support is placed at 52,700-52,500 levels.
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.
