The Indian stock market is expected to open higher on Tuesday, following mixed global market cues, as investors await key details on the US-Iran peace deal. According to reports from Livemint, 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 provided key insights on market positioning. As reported by Livemint, 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," Taparia noted. 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.
The Nifty 50 index formed a bearish candle on the daily frame but has been making higher highs – higher lows from the last two sessions. According to Taparia's analysis reported by Livemint, "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." The Bank Nifty index gained 384.00 points, or 0.68%, to end at 57,198.80 on Monday, forming a small bearish candle as some profit booking was seen from higher zones but multiple supports were intact at lower levels.
Chandan Taparia has recommended three stocks to buy today, 16 June 2026. As reported by Livemint, the first recommendation is Bharat Forge with a target price of ₹2,140 and stop loss at ₹1,960. The stock 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 second recommendation is BSE with a target price of ₹4,375 and stop loss at ₹4,000. BSE share price has bounced up from its 20 DEMA support zones with high traded volumes, and the stochastic indicator has exited its oversold zones suggesting upside momentum.
The third recommendation is The Phoenix Mills with a target price of ₹1,960 and stop loss of ₹1,790. According to Taparia's analysis reported by Livemint, 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 a bullish crossover to confirm the positive momentum. These recommendations come as the market shows positive momentum following the US-Iran peace deal announcement.
