Stock market today: Indian equity benchmarks opened higher on Wednesday, extending their recent gains as falling crude oil prices and easing geopolitical concerns continued to support investor sentiment.
At 9:15 IST, the NSE Nifty 50 rose 0.23% to 24,044.50, while the BSE Sensex advanced 0.35% to 77,080.09.
The rally has been strong over the past three sessions, with the Nifty 50 gaining 3.6% and the Sensex rising 4%, driven largely by a sharp decline in oil prices following the announcement of a US-Iran peace agreement.
Market breadth remained positive, with 15 of the 16 major sectoral indices trading in the green. Broader markets also participated in the upmove, as the small-cap and mid-cap indices gained 0.4% and 0.3%, respectively.
Brent crude futures were largely unchanged at around $79 per barrel after plunging 5.1% in the previous session to their lowest closing level since 2 March. The sustained decline in oil prices has eased inflation concerns and improved the outlook for oil-importing economies such as India.
Investors are now focused on the US Federal Reserve’s policy announcement due later in the day for clues on the future path of interest rates. While the Fed is widely expected to keep rates unchanged, market participants will closely monitor the central bank’s commentary amid concerns that new Chair Kevin Warsh could adopt a more hawkish stance at his first policy meeting.
Market Outlook by Jay Thakkar, Vice President & Head of Derivatives and Quant Research, ICICI Securities
Nifty 50
Nifty 50 has closed in the positive territory for the 3rd consecutive day, and with that, it has also managed to close near 24000 levels on the day of the weekly expiry. Above 24,000-24,100, the Index is likely to witness a straight move to 24,500; however, if the upper end of the range is not taken off, there could be some consolidation between 24,100 and 23,700.
The overall market breadth has been improving, as the Nifty Midcap and Nifty Smallcap are also participating well in this up move; however, there has been some profit booking in the Nifty Bank, due to which there is some profit booking witnessed in the Nifty 50 near the 24,000 levels. However, once the Nifty Bank completes its consolidation, it is likely to test levels above 58,000. As per the options data, the Nifty 50 has the highest call base at 24,000 on a cumulative basis, whereas 23,500 has the highest put base on a cumulative basis; hence, the range is 23,500-24,000.
The India VIX has fallen quite sharply to 13.40 levels now and it has reached to the levels from where it began its upward journey when the news of the war broke out, this indicates that the VIX has fully priced in the deal and there is no uncertainty now in the markets until and unless now it surpassed 17.50 levels, so the range for it is going to be 12-17 levels. International crude oil prices have also corrected and are trading significantly lower than their recent highs, indicating that the panic is over. Bond yields, both internationally and domestically, have softened, indicating a smooth upside in equity markets. Indian markets have witnessed significant outflows from FIIs, both in the equity cash segment and in their aggressive short positions in the Index futures. So, from these extreme levels, it is likely to reverse, which will help our equity markets bounce back from current levels, with the first target at 24,500 and, beyond that, 25,000 on a positional basis, until it is not closing below 23,500 levels.
Stocks To Buy in the near-term – Jay Thakkar
Jay Thakkar of ICICI Securities recommends Dixon Technologies (India) Futures, Bharat Electronics (BEL) Futures, and Container Corporation of India Futures.
Buy Dixon Fut in the range of ₹12,250-12,280; stop loss below ₹11,940; Targets ₹13,300 and ₹13,700
Dixon has taken off its multiple swing resistances and with that there has been short covering witnessed as well in the futures segment indicating a short-term uptrend in the stock. The max pain is at 11,800 and the stock is trading well above those levels indicating support at those levels as well as there has been good put additions right from 12,000 strikes all the way to 11,000 strike indicating support at the lower levels, and with the stock closing well above 12,000 strike which has the highest call base, there was good unwinding seen at that strike indicating that there is a higher possibility of some further upside from the current levels as well.
Buy BEL fut in the range of ₹405-412; stop loss below ₹395; Targets ₹425 and ₹435
BEL has fallen until its previous monthly swing lows and it looks too oversold in the near term as there has been some relief overall in the shorts positions as they have got covered marginally indicating a possible pause at the current levels due to recovery in the overall markets. Now, this stock has been an outperformer and since it has reached to its previous swing lows, the risk:reward is quite in favor of the bulls until it doesn’t close below 395 levels. The highest call base is at 420 which is still away from the current prices there has been good additions in the puts at 400, 410 and 420 strikes and this distribution indicates that the prices are likely to bounce back and once it surpasses 420 thereafter there will be higher put base at any one of these strikes. The stock is still trading below its max pain level of 415, however, the other indicators point a short covering in the stock.
Buy Container Corporation of India Fut in the range of ₹460-470, stop loss below ₹454, targets ₹480 and ₹500
There has been a significant correction in Concor and this has been due to long unwinding and there were no short positions that was added in this stock. Now, after having corrected so much there is some signs of momentum coming back in this stock as it has now started to witness some long built up. As per the options data, there has been good additions at 450 and 460 strikes for the puts and the highest call base is at 500 and thereafter at 480 levels which is still quite far from the current levels, hence those are the 2 targets in the near term.
Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 16/06/2026 or have no other financial interest and do not have any material conflict of interest.
The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
