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. According to reports from Livemint, the Gift Nifty was trading around 24,111 level, a discount of nearly 13 points from the Nifty futures' previous close. The trends on Gift Nifty also indicate a muted start for the Indian benchmark indices, Nifty 50 and Sensex today. The domestic equity market indices closed higher in the previous session on reports of progress in US-Iran peace talks, with the Sensex rallying 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 reported 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. As reported by Livemint, 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.
The 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. According to Taparia's analysis reported by Livemint, the Nifty 50 index is now hovering near its 100 DEMA hurdle. The index needs to hold above 24,050 zones for an up move towards 24,200 then 24,300 zones, while support is seen at 24,000 and then 23,900 levels.
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. As reported by Livemint, the 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.
Chandan Taparia has recommended three stocks to buy today, 23 June 2026. According to Livemint reports, he recommends buying Bharat Forge shares for a target price of ₹2,210 with a stop loss at ₹2,040 level. For Bharat Forge, Taparia notes that the 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, with RSI trending higher confirming strengthening momentum. For Adani Power, he has a 'Buy' call with a target price of ₹246 apiece and a stop loss of ₹226. As reported by Livemint, 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 and negating its lower-top structure.
