Buy or sell stocks: The Indian stock market extended its winning streak for a third consecutive session on Tuesday, June 16, buoyed by investor optimism following the US-Iran peace agreement and the resulting drop in crude oil prices. The decline in oil prices helped ease concerns around inflation and economic growth, particularly for oil-importing nations such as India.
The benchmark indices ended firmly in the green, with the BSE Sensex climbing 544 points, or 0.71%, to close at 76,809, while the NSE Nifty 50 advanced 135.25 points, or 0.57%, to settle at 23,989. Driven by positive sentiment surrounding the peace deal, both indices have gained nearly 4% over the past three trading sessions.
Stock market today
Nifty 50
On 16th June 2026, the Nifty 50 opened with a gap-up at 23,923.90, reflecting positive sentiment at the start of the session. After a firm opening, the index witnessed some profit booking during the first half, which dragged it to an intraday low of 23,888.20. However, buying interest emerged in the second half of the session, helping the index recover steadily and register an intraday high of 24,002.60. The Nifty eventually settled near the day’s high at 23,989.15, ending the session with a gain of 135.25 points or 0.57% over the previous close.
According to Sumeet Bagadia, Executive Director at Choice Broking, on the daily timeframe, the formation of a bullish inside-bar-like candlestick structure indicates consolidation within the previous session’s range while maintaining a positive bias. The pattern suggests that buyers continue to remain active and that the broader uptrend remains intact.
“From a technical perspective, immediate support is placed in the 23,750–23,800 range, while resistance is observed between 24,150 and 24,200 levels. The Relative Strength Index (RSI) stands at 59.02, indicating strengthening momentum and improving bullish sentiment in the market. In the derivatives segment, notable call writing was seen at the 24,000 strike, followed by 24,200, while significant put writing was observed at 24,000 and 23,900 levels, indicating strong support near the 24,000 zone while resistance remains positioned at higher strikes,” said Bagadia.
Bank Nifty
The Bank Nifty index opened with a gap-up at 57,320.10, indicating positive sentiment in the banking space at the opening bell. The index registered its intraday high of 57,399.70 within the first few minutes of trade. However, selling pressure emerged during the first half, dragging the index to an intraday low of 57,076.25. Thereafter, Bank Nifty moved in a narrow consolidation range for the remainder of the session and eventually settled at 57,297.15, gaining 98.35 points or 0.17% for the day.
Bagadia noted that on the daily timeframe, the formation of a doji-like candlestick pattern reflects indecisiveness among market participants after the recent upmove. The pattern suggests a balance between buyers and sellers and indicates that traders may be awaiting fresh triggers for the next directional move.
“From a technical standpoint, immediate support is placed in the 56,900–57,000 range, while resistance is seen in the 57,600–57,700 zone. The Relative Strength Index (RSI) stands at 67.72, indicating strong momentum and continued strength in the banking index despite the consolidation witnessed during the session. Sustaining above immediate support zones will remain important for continuation of the prevailing bullish momentum,” Bagadia added.
He further recommended traders to closely monitor immediate resistance zones, as a sustained move above these levels could pave the way for further upside momentum, while support levels continue to provide a cushion against short-term corrective moves, as recent price action suggests a positive trading session with both benchmark indices opening higher and sustaining gains through the day.
While Nifty managed to close near its intraday high on the back of renewed buying interest during the second half, Bank Nifty largely remained in a consolidation mode after an initial bout of selling pressure. Sectoral participation remained encouraging with strength visible across Realty, IT, Media and Consumer-oriented segments, while broader market breadth also remained healthy, he added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Wednesday, 17 June, after US-Iran reach peace deal: NCL Industries, Savita Oil Technologies, Aptech, ADF Foods, and Precwire.
1] NCL Industries: Buy at ₹195.8, Target ₹208, Stop Loss ₹189
NCL Industries is showing a notable improvement in price structure after spending the last few sessions consolidating between its 100-day and 200-day EMA levels. Over the past week, the stock repeatedly tested the 200-day EMA resistance zone but lacked the momentum for a decisive breakout. However, the latest trading session has changed the technical setup significantly.
The stock has now delivered a strong breakout above its 200-day EMA, accompanied by healthy price action and improving momentum. It is currently trading above all its key short-term moving averages, indicating strengthening bullish sentiment. The RSI has also moved higher, reflecting increasing buying interest.
On the downside, the ₹188 zone now becomes an important support area and should act as a crucial stop-loss level. As long as the stock sustains above this breakout zone, the trend remains constructive. A sustained move above support zone could open the door for a rally towards ₹208, while continued volume expansion will be key to validating the breakout and supporting higher levels.
2] Savita Oil Technologies: Buy at ₹605.7, Target ₹650, Stop Loss ₹572
Savita Oil Technologies continues to remain one of the strongest charts in the mid-cap space, with the stock currently trading near fresh 52-week highs. The overall trend remains firmly bullish, supported by a well-defined higher high–higher low formation, which is a classic sign of sustained buying interest and institutional accumulation.
Technically, the stock is trading comfortably above its key EMA levels, reflecting strength across all timeframes. The recent breakout has been supported by a sharp rise in volumes, indicating strong participation from market participants. Momentum indicators also remain favourable, suggesting that the stock is still in a strong uptrend.
The ₹572 zone now acts as immediate support and should act as a crucial stop-loss level. while the 20-day EMA remains a key reference point for trend continuation. A sustained move above support zone could open the door for a rally towards target ₹650
3] Aptech: Buy at ₹121.55, Target ₹132, Stop Loss ₹113.8
Aptech has witnessed a significant improvement in its technical structure after successfully breaking out of the broad consolidation range between ₹100 and ₹110. The stock had spent several weeks moving sideways within this zone, but the recent breakout suggests renewed buying interest and the possibility of a stronger uptrend ahead.
From a technical perspective, the stock is maintaining a healthy higher high–higher low formation, indicating sustained bullish momentum. Volumes have also picked up over the last few sessions, adding credibility to the breakout. Another encouraging sign is that the 20-day EMA is on the verge of crossing above the 200-day EMA, while both the 50-day and 100-day EMA are trending higher, reflecting improving medium-term strength.
The ₹113.8 zone now acts as immediate support and should act as a crucial stop-loss level. As long as the stock holds above this level, the bullish outlook remains intact and could accelerate momentum towards target ₹132, supported by improving trend strength and rising participation.
4] ADF Foods: Buy at ₹301.2, Target ₹330, Stop Loss ₹277
ADF Foods continues to display strong bullish characteristics and has now breached a fresh 52-week high, confirming a decisive breakout from its recent consolidation phase. After witnessing a sharp upmove in the previous sessions, the stock spent several weeks consolidating near its highs, indicating healthy absorption of supply rather than any significant weakness. In the present trading session, the stock delivered a consolidation breakout and surged above the crucial ₹300 mark, signalling renewed buying momentum and strengthening the bullish outlook.
A key positive factor is the stock’s ability to consistently find support near its 20-day EMA, highlighting strong buying interest on declines. Additionally, it continues to trade comfortably above its key EMAs, confirming a robust bullish structure across multiple timeframes.
The ₹277 zone now acts as immediate support and should act as a crucial stop-loss level. As long as the stock holds above this level, the bullish outlook remains intact and could accelerate momentum towards target ₹330.Strong volume participation around the breakout zone will remain a key factor in validating the continuation of the ongoing uptrend.
5] Precwire: Buy at ₹423.2, Target ₹465, Stop Loss ₹404
PRECWIRE has witnessed a strong upward trajectory over the past few months and recently touched its all-time high zone near ₹467.50. Following this sharp rally, the stock experienced a phase of profit booking, which eventually found support around its 50-day EMA, indicating that the broader trend remained intact despite the correction. The subsequent rebound from these support levels highlights renewed buying interest and reflects the stock’s ability to absorb selling pressure effectively.
In the latest trading session, PRECWIRE gained nearly 5%, reinforcing bullish sentiment and pushing the stock back above all its key moving averages. The alignment of the key EMAs continues to support a positive trend structure. If the stock sustains above the support zone, it may attempt to retest its previous highs near ₹465, while ₹404 remains an important support level to watch as immediate support and should act as a crucial stop-loss level.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
