On a Wednesday when Indian equities climbed toward a ceiling and then slipped back, the market offered one of its familiar small lessons in restraint: rallies meet resistance, and profit-taking follows effort. Jatin Gedia of Teji Mandi Investment Technologies reads the Nifty's failure near 23,400 as a sign of selling appearing at higher prices, and he projects a drift toward 23,000 while acknowledging that this is a view, not a certainty. Bank Nifty, having climbed about 2,500 points over five sessions, is in the same kind of pause, and his note frames support and renewed upside as the next ch
Jatin Gedia's Picks: Buy Nestle and Voltas, Sell Inox Wind as Nifty Forms Bearish Candle
It surrendered the gains and closed in the negative, down 27 points.
Mark
So what is the core message here? Nifty looks weak, but he still likes two stocks?
Mimi
Yes. He reads the index as losing momentum after failing near 23,400, with a bearish candle and a negative crossover. But he picks stocks one by one, and Nestle and Voltas both show positive setups in his charts.
Luke
Worth saying plainly: the drift toward 23,000 is his expectation, not something that has happened. Only the 27-point fall and the candle are facts.
Mark
And Bank Nifty? It sounds like a different mood.
Mimi
Right. It rose about 2,500 points in five sessions, hit a prior swing high near 55,500 to 55,600, and is now seeing profit booking. He expects support at 54,200 to 54,500 and a move toward 56,000 to 56,200.
Luke
Again, that is a forecast. Support zones are where he expects buyers, not where they have been confirmed.
Mark
Why do the stop losses matter so much?
Mimi
Each idea comes with a level where he admits the view is wrong: ₹1,391 for Nestle, ₹1,250 for Voltas, ₹85.50 for Inox Wind. They make the calls checkable.
Luke
Useful, but note that all of this rests on one analyst's chart reading and momentum indicators. The note gives no fundamentals, no earnings, nothing about why these companies might move. And it carries a disclaimer that readers should use discretion.
Mark
So what do you watch?
Mimi
Whether Nifty slides toward 23,000, whether Bank Nifty holds its support, and whether the three stocks reach targets or hit stops.
El Pulso
- The Nifty ran up toward 23,400 only to surrender its gains by the close, leaving a bearish candle with a long upper shadow.
- A negative momentum crossover is flashing a sell signal, and the index's inability to hold higher ground raises the risk of a slide toward 23,000.
- Bank Nifty is cooling after a sharp five-session rally, with sellers stepping in at the 55,500 to 55,600 swing-high zone.
- The trade set is concrete: sell Inox Wind futures at ₹82.84 with a ₹85.50 stop, and buy Nestle India and Voltas against their stated stops and targets.
On a Wednesday when Indian equities climbed toward a ceiling and then slipped back, the market offered one of its familiar small lessons in restraint: rallies meet resistance, and profit-taking follows effort. Jatin Gedia of Teji Mandi Investment Technologies reads the Nifty's failure near 23,400 as a sign of selling appearing at higher prices, and he projects a drift toward 23,000 while acknowledging that this is a view, not a certainty. Bank Nifty, having climbed about 2,500 points over five sessions, is in the same kind of pause, and his note frames support and renewed upside as the next chapter, shared with readers in Business Standard on June 11, 2026.
Nifty spent the first half of Wednesday climbing toward the 23,400 to 23,425 range, then gave it all back. By the close it was down 27 points, leaving a daily candle with a long upper shadow, the kind of shape that often marks selling pressure appearing at higher levels. Jatin Gedia, vice president for technical research at Teji Mandi Investment Technologies, reads that shape alongside a negative momentum crossover and projects a drift toward 23,000. He is clear that this is his projection, not a settled outcome.
Bank Nifty tells a similar story with a different texture. It met selling in the 55,500 to 55,600 zone, near a previous swing high, after climbing about 2,500 points over five sessions. Gedia calls the move profit booking, places support at 54,200 to 54,500, and expects the upmove to resume toward 56,000 to 56,200.
On individual stocks he recommends one sell and two buys. He would sell Inox Wind's June futures at ₹82.84, with a stop at ₹85.50 and a target of ₹78, after the stock broke down from a bearish flag. Nestle India, at ₹1,438, has broken out of a falling channel after finding support at its 40-day moving average near ₹1,392; he targets ₹1,495 with a stop at ₹1,391. Voltas, at ₹1,290.30, formed a double bottom near ₹1,200 and has paused between ₹1,275 and ₹1,315; he sees a buying opportunity toward ₹1,375, with a stop at ₹1,250.
The note closes with a disclaimer that these are Gedia's own views and readers should use their discretion. The markers to watch are concrete: the Nifty against 23,000, Bank Nifty against its 54,200 to 54,500 support, and each stock against its stated stop and target.
Nifty spent the first half of Wednesday's session climbing toward the 23,400 to 23,425 range, then gave it all back. By the close it was down 27 points, and the daily chart showed a bearish candle with a long upper shadow, the kind of shape that marks selling pressure showing up at higher levels. That is the reading offered by Jatin Gedia, vice president for technical research at Teji Mandi Investment Technologies, in a note published by Business Standard on June 11, 2026.
Gedia points to the momentum indicator as further evidence. It has produced a negative crossover, which he treats as a sell signal. Combined with the index's failure to hold its higher levels, he says, the setup suggests a drift toward 23,000. This is his projection, not a settled outcome.
Bank Nifty told a similar story with a different texture. It ran into selling in the 55,500 to 55,600 zone, which lines up with a previous swing high. The banking index had climbed about 2,500 points over the last five trading sessions, and Gedia describes the current move as profit booking after that run. He places support at 54,500 to 54,200, and expects the upmove to resume from there, with an upside target of 56,000 to 56,200.
On individual stocks, he recommends one sell and two buys. The sell is Inox Wind's June futures, quoted at ₹82.84, with a stop loss at ₹85.50 and a target of ₹78. His reasoning is that the stock has broken down from a bearish flag pattern, which he reads as the start of another leg lower, and that its momentum indicator has also shown a bearish crossover.
The first buy is Nestle India, at a current market price of ₹1,438, with a stop loss of ₹1,391 and a target of ₹1,495. Gedia says the stock has broken out of a falling channel after finding support at its 40-day moving average, which sits at ₹1,392. He sees that as the end of a four-week consolidation and a resumption of the uptrend, backed by a fresh positive momentum crossover.
The second buy is Voltas, at ₹1,290.30, with a stop loss of ₹1,250 and a target of ₹1,375. The stock formed a double bottom around ₹1,200 and has moved up since. Over the last four sessions it has traded between ₹1,275 and ₹1,315. Gedia calls that a brief pause in an uptrend and a buying opportunity, again citing a positive momentum crossover.
The note carries a disclaimer that the views are Gedia's own and that readers should use their discretion. For anyone following along, the markers are concrete: Nifty against the 23,000 level, Bank Nifty against its 54,200 to 54,500 support, and each of the three stocks against its stated stop loss and target.
Citas Notables
The inability to sustain higher levels indicates weakness, and the index is expected to drift towards 23,000.— Jatin Gedia, VP technical research, Teji Mandi Investment Technologies
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