The Indian stock market is expected to open higher on Tuesday, following mixed global market cues, as investors await the key details on the US-Iran peace deal. The trends on Gift Nifty also indicate a flat-to-positive start for the benchmark indices, Nifty 50 and Sensex today.
The Gift Nifty was trading around 23,963 level, a premium of nearly 46 points from the Nifty futures’ previous close.
The domestic equity indices witnessed a strong rally on Monday as investors cheered the US-Iran peace deal announcement, with the benchmark Nifty 50 closing above 23,800 level.
The Sensex jumped 736.38 points, or 0.97%, to close at 76,264.33, while the Nifty 50 settled 231.00 points, or 0.98%, higher at 23,853.90.
On the Nifty options front, Chandan Taparia Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd said that the maximum Call Open Interest (OI) was at 24,000 then 23,900 strike, while maximum Put OI was at 23,900 then 23,800 strike.
“Call writing is seen at 24,000 then 23,950 strike, while Put writing is seen at 23,900 then 23,800 strike. Option data suggests a broader trading range in between 23,400 to 24,400 zones, while an immediate range between 23,600 to 24,100 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 index formed a bearish candle on the daily frame but has been making higher highs – higher lows from the last two sessions.
“Now, Nifty 50 has to hold above 23,850 for an up move towards 24,050 then 24,200 zones, while support can be seen at 23,700 then 23,600 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index gained 384.00 points, or 0.68%, to end at 57,198.80 on Monday, forming a small bearish candle on daily scale as some profit booking was seen from higher zones but multiple supports were intact at lower levels.
“Now, Bank Nifty index has to hold above 57,000 zones for an up move towards 57,500 and then 58,000 levels, while supports are shifting higher at 56,750 then 56,500 zones,” said Taparia.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 16 June 2026. Taparia recommends buying Bharat Forge, BSE and The Phoenix Mills shares.
Bharat Forge | Buy | Target Price: ₹2,140 | Stop Loss: ₹1,960
Bharat Forge share price has given a range breakout at its “All Time High” zones and is respecting its 50 DEMA support zones with slight dips being bought into. The RSI indicator is positively placed which has bullish implications, Tapria said.
He recommends buying Bharat Forge shares for a target price of ₹2,140 apiece, while maintaining a stop loss at ₹1,960 level.
BSE | Buy | Target Price: ₹4,375 | Stop Loss: ₹4,000
BSE share price has bounced up from its 20 DEMA support zones with high traded volumes. The stochastic indicator has exited its oversold zones suggesting upside momentum.
Taparia has a ‘Buy’ call and BSE share price target of ₹4,375, and a stop loss of ₹4,000.
The Phoenix Mills | Buy | Target Price: ₹1,960 | Stop Loss: ₹1,790
The Phoenix Mills share price has broken out from a consolidation zone with a strong bodied bullish candle on the daily scale. The MACD line has given me a bullish crossover to confirm the positive momentum, said Taparia.
He suggests buying The Phoenix Mills shares for a target price of ₹1,960, and keeping a stop loss of ₹1,790.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
