The Indian stock market is expected to open on a muted note on Tuesday as global cues turned cautious, as investors await further developments on the US-Iran peace deal. The trends on Gift Nifty also indicate a muted start for the Indian benchmark indices, Nifty 50 and Sensex today.
The Gift Nifty was trading around 24,111 level, a discount of nearly 13 points from the Nifty futures’ previous close.
The domestic equity market indices closed higher in the previous session on reports of progress in US-Iran peace talks.
The Sensex rallied 291.17 points, or 0.38%, to close at 77,094.07, while the Nifty 50 settled 89.80 points, or 0.37%, higher at 24,102.90.
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) is at 24,200 then 24,400 strike, while maximum Put OI is at 24,000 then 23,800 strike.
“Call writing is seen at 24,150 then 24,200 strike, while Put writing is seen at 24,100 then 24,000 strike. Option data suggests a broader trading range in between 23,600 to 24,600 zones, while an immediate range between 23,900 to 24,400 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 index formed a small-bodied candle on the daily chart while continuing its higher high formation from the last couple of sessions, indicating that the positive bias remains intact.
“The Nifty 50 index is now hovering near its 100 DEMA hurdle. Now, it has to hold above 24,050 zones for an up move towards 24,200 then 24,300 zones, while support are seen at 24,000 and then 23,900,” said Taparia.
Bank Nifty Outlook
Bank Nifty index gained 249.85 points, or 0.43%, to close at 57,935.60 on Monday, forming a small-bodied candle on daily scale as buying interest is visible at lower levels but momentum is missing at higher zones.
“Now, Bank Nifty index has to hold above 57,750 zones for an up move towards 58,500 then 58,750 levels, while on the downside support is seen at 57,500 then 57,250 zones,” said Taparia.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 23 June 2026. Taparia recommends buying Bharat Forge, Adani Power and Radico Khaitan shares.
Bharat Forge | Buy | Target Price: ₹2,210 | Stop Loss: ₹2,040
Bharat Forge share price remains in a strong uptrend and has given a rounding bottom breakout above the ₹2,050 zone signalling a continuation of the bullish trend. The breakout is supported by a strong bullish candle and rising volumes. Additionally, the RSI is trending higher confirming strengthening momentum and supporting further upside, Taparia said.
He recommends buying Bharat Forge shares for a target price of ₹2,210 apiece, while maintaining a stop loss at ₹2,040 level.
Adani Power | Buy | Target Price: ₹246 | Stop Loss: ₹226
Adani Power share price has successfully retested its breakout zone and formed a strong base near the ₹220 level indicating buying interest at lower levels. The stock has negated its lower-top structure and resumed its uptrend reflecting improving price strength. It is also trading comfortably above its short-term moving averages supporting the positive bias.
Taparia has a ‘Buy’ call on the stock with Adani Power share price target of ₹246 apiece, and a stop loss of ₹226.
Radico Khaitan | Buy | Target Price: ₹4,000 | Stop Loss: ₹3,665
Radico Khaitan share price continues to trade at its lifetime high levels with a sequence of higher high – higher low structure signalling sustained strength. The stock is witnessing higher base formation with supports gradually moving upward which shows strong demand at every decline. The upmove is backed by above-average volumes and momentum indicators are also positively placed, Taparia said.
He suggests buying Radico Khaitan shares for a target price of ₹4,000 level, while keeping a stop loss at ₹3,665 level.
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.
