Any further escalation in global flashpoints remains a key risk

Mumbai, June 13

Indian equity markets endured a sharp selloff on Friday, June 13, with the Nifty 50 and Sensex both off their intraday lows but still closing with significant losses. The market faced pressure from geopolitical tensions in the Middle East, surging crude oil prices, and broad-based sectoral weakness. Broader Mid and Small caps also extended losses but fared relatively better.

Crude oil prices soared above $73 per barrel, raising concerns about inflation, import bills, and corporate margins. Oil marketing companies and auto stocks were under pressure due to higher crude prices and weak sentiment.

Satish Chandra Aluri, Lemonn Markets Desk says, “Except media, realty, all other sectoral indices ended in the red with FMCG, PSU Bank, oil & gas, power leading losses.”

Any further escalation in the global flashpoints will remain a key risk. Geopolitical developments and oil.

Prashanth Tapse, Senior VP (Research), Mehta Equities says, “Rising tensions in the Middle East after Israel attacked key Iranian areas drove investors to safe-haven assets like gold as riskier equities continued to face battering. Along with fresh concerns of the US likely to impose unilateral tariffs over next few weeks and higher valuations of domestic equities resulted in consolidation of markets.”

Stock Picks

Jubilant Ingrevia

Buy at ₹790 | Stop Loss ₹750 | Target ₹880

Jubilant Ingrevia has successfully held above the ₹770 support level and is now approaching the ₹790 mark with notable buying interest. The stock is forming higher lows on its daily chart and trading above its 20- and 50-day moving averages, confirming its short-term strength. The RSI is hovering around 66, indicating room for further upside without being overbought. With improved volume and positive sector sentiment in specialty chemicals, a breakout above ₹800 could propel the share toward ₹880. Traders can consider entering on minor dips, using ₹750 as a protective stop.

Muthoot Finance Ltd

Buy at ₹2,604 | Stop Loss ₹2,500 | Target ₹2,900

Muthoot Finance is building momentum above its consolidation range of ₹2,550–2,600, showing fresh buying interest supported by steady volume increase. The stock remains well above its short-term moving averages, and the RSI is at 68, signaling strong upward bias. With the gold-finance sector picking up strength, Muthoot seems poised for a run toward ₹2,900. As long as it sustains above ₹2,500, the short-term outlook remains bullish. A stop-loss at ₹2,500 helps manage downside risk while positioning for upside participation.

(Source- Mehta Securities )

EoM.