The Indian stock market extended its winning streak for a third consecutive session on Tuesday, 16 June, with the BSE Sensex climbing 544 points, or 0.71%, to close at 76,809. According to Mint, the NSE Nifty 50 advanced 135.25 points, or 0.57%, to settle at 23,989. Both indices have gained nearly 4% over the past three trading sessions driven 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. On 16th June 2026, the Nifty 50 opened with a gap-up at 23,923.90 and witnessed some profit booking during the first half, dragging it to an intraday low of 23,888.20. However, buying interest emerged in the second half, helping the index recover steadily and register an intraday high of 24,002.60.
According to Sumeet Bagadia, Executive Director at Choice Broking, as reported by Mint, 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. 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 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.
According to Mint reports, Bank Nifty 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. 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. Immediate support is placed in the 56,900–57,000 range, while resistance is seen in the 57,600–57,700 zone. The RSI stands at 67.72, indicating strong momentum despite the consolidation witnessed during the session.
Sumeet Bagadia recommends five shares to buy on Wednesday, 17 June, as reported by Mint. NCL Industries is recommended at ₹195.8 with a target of ₹208 and stop loss at ₹189. The stock has now delivered a strong breakout above its 200-day EMA, accompanied by healthy price action and improving momentum. Savita Oil Technologies is suggested at ₹605.7 with a target of ₹650 and stop loss at ₹572, continuing to remain one of the strongest charts in the mid-cap space with the stock currently trading near fresh 52-week highs. Aptech is recommended at ₹121.55 with a target of ₹132 and stop loss at ₹113.8, having witnessed a significant improvement after successfully breaking out of the consolidation range between ₹100 and ₹110. ADF Foods is recommended at ₹301.2 with a target of ₹330 and stop loss at ₹277, having breached a fresh 52-week high and consistently finding support near its 20-day EMA. Precwire is suggested at ₹423.2 with a target of ₹465 and stop loss at ₹404, having recently touched its all-time high zone near ₹467.50 and gained nearly 5% in the latest trading session.
According to Mint reports, sectoral participation remained encouraging with strength visible across Realty, IT, Media and Consumer-oriented segments. The broader market breadth also remained healthy, supporting the overall positive sentiment. 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. The positive sentiment was driven by the US and Iran announcing a peace agreement, significantly easing geopolitical tensions and bringing an end to a conflict that had persisted for nearly four months. Sectoral strength across key segments and healthy market breadth indicate sustained investor confidence in the current market environment.
