Top Stock Picks for June 24, 2026: Eicher Motors, Torrent Power, and Bajaj Auto

The Indian equity markets face a volatile backdrop following a massive selloff in global technology stocks and a sharp correction in South Korea's Kospi index. Despite the BSE Sensex dropping nearly 900 points to close at 76,201, specific technical setups in domestic blue-chip stocks offer potential opportunities for disciplined investors.

Eicher Motors: Momentum Breakout Signals Bullishness

Eicher Motors Ltd is currently exhibiting a classic breakout from a well-defined price structure. This move is backed by strong trading volumes, suggesting renewed institutional and retail buying interest. Technical indicators reinforce this positive trend, with the stock moving above a flat Ichimoku Cloud resistance.

The Relative Strength Index (RSI) remains healthy above the 50 mark, and the MACD is sustaining above the zero line, confirming strengthening momentum. Traders should look for entry in the Rs 7,550–Rs 7,650 range.

  • Buy Range: Rs 7,550–Rs 7,650
  • Target Price: Rs 8,225
  • Stop Loss: Rs 7,300

Torrent Power: Rebound Expected Near Strong Support

Torrent Power is showing signs of a potential price rebound as it trades near a significant support confluence. This support zone is comprised of the 200-day EMA, the 200-day SMA, a previous breakout zone, and a rising trendline.

Crucially, the stock is displaying a bullish divergence on the daily Stochastic Oscillator, which indicates that the recent downside momentum is weakening. With the RSI holding above 50 on both daily and weekly charts, the structural setup remains constructive for an upward move.

  • Buy Range: Rs 1,440–Rs 1,480
  • Target Price: Rs 1,635
  • Stop Loss: Rs 1,370

Bajaj Auto: Favorable Risk-Reward at Key Support

Bajaj Auto is approaching a critical support zone near its 50-day SMA, which aligns with Ichimoku Cloud support. This alignment creates a highly favorable risk-reward setup for investors looking to catch the next leg of the uptrend.

Technical signals are turning positive as the MACD shows signs of a bullish reversal. Additionally, the RSI on both daily and weekly timeframes remains above 50, signaling that the underlying positive momentum is still intact.

  • Buy Range: Rs 10,100–Rs 10,200
  • Target Price: Rs 11,200
  • Stop Loss: Rs 9,600

Global Headwinds and Domestic Market Sentiment

The domestic market's recent turbulence, which erased approximately Rs 5.5 lakh crore of investor wealth, was largely driven by global contagion. A 10% decline in South Korea's Kospi index and a selloff in US AI-linked technology stocks weighed heavily on the Sensex.

While the market environment remains cautious, domestic stability is being supported by stable crude oil prices and easing geopolitical tensions. Investors are now pivoting their focus toward monsoon progress and upcoming developments in India-US trade negotiations to gauge the next market direction.

Key Takeaways

  • Technical Breakouts: Eicher Motors shows strong momentum following an Ichimoku Cloud breakout, targeting Rs 8,225.
  • Support Confluence: Both Torrent Power and Bajaj Auto are trading near significant technical support zones, offering strategic entry points.
  • Global Context: Despite a sharp drop in the Sensex due to international tech selloffs, FIIs remained net buyers, providing a silver lining for domestic sentiment.