Analysts at Anand Rathi Share and Stock Brokers have issued advice for traders concerning IDBI Bank, Tata Capital, and New India Assurance Company (NIACL) stocks, suggesting profit booking for these buzzing financial entities ahead of Tuesday's trading session on June 23, 2026.
Profit Booking Recommended for Key Financial Stocks
According to Jigar S Patel, Senior Technical Research Analyst at Anand Rathi, several factors indicate that these stocks are approaching critical resistance levels or showing signs of weakening bullish momentum after significant rallies.
IDBI Bank: Caution Advised Despite Recent Rally
IDBI Bank Ltd has experienced a strong upward movement recently. However, the stock continues to trade below its 200-day Simple Moving Average (SMA), which signals a cautious long-term trend. Traders should note the immediate resistance at Rs 92.25, with a key support level at Rs 84. A decisive daily close above Rs 93 would confirm a fresh breakout and could reignite buying interest, potentially improving the medium-term outlook. Until such confirmation, traders are advised to wait before initiating new long positions.
Tata Capital: Overhead Resistance and Weakening Momentum
Tata Capital Ltd has struggled to sustain above its January 2026 high, near Rs 368, following a sharp rally over the past two to three weeks. This indicates significant overhead resistance. Furthermore, the daily Moving Average Convergence Divergence (MACD) is displaying signs of exhaustion, suggesting a potential weakening of bullish momentum. Given the recent price run-up and the inability to breach resistance, profit booking at higher levels is recommended. Immediate support is established at Rs 345, while Rs 368 remains the pivotal resistance. A clear breakout above Rs 368 is necessary to revive bullish momentum; conversely, a failure to hold Rs 345 could lead to further consolidation or a short-term correction.
New India Assurance Company (NIACL): Risk-Reward Less Favorable
NIACL has delivered a stellar rally, soaring nearly 86 percent over the last two to three months. This substantial gain makes the risk-reward ratio less attractive at current valuations. The stock is now nearing a major resistance point around Rs 215, which aligns with its July 2025 swing high. Considering the rapid ascent and the presence of strong overhead resistance, partial profit booking is advisable to safeguard existing gains. The immediate support level is Rs 205, with Rs 215 serving as the primary hurdle. While a decisive breakout above Rs 215 could extend the rally, traders should exercise caution and consider securing profits at elevated levels until then.
Disclaimer: This report is for informational purposes only and should not be considered investment advice. Consult a qualified financial advisor before making investment decisions.