Buy or sell stocks: The Indian stock market closed significantly higher on Monday, 15 June, after the US and Iran announced a peace agreement, significantly easing geopolitical tensions and bringing an end to a conflict that had persisted for nearly four months.
Reflecting the positive sentiment, the BSE Sensex surged 736 points, or 0.97%, to close at 76,264. During the session, it touched an intraday high of 76,821.07 and has gained more than 2,430 points over the last two trading sessions. The Nifty 50 also ended firmly in the green, rising 231 points, or 0.98%, to settle at 23,854 after briefly crossing the 24,000 mark during intraday trade.
Stock market today
Nifty 50
Nifty 50 opened with a strong gap-up of nearly 361 points at 23,984.85, driven by positive global sentiment. After touching an intraday high of 24,011.40 in early trade, the index traded in a narrow range during the first half before witnessing profit booking in the latter half of the session. Despite the intraday correction towards 23,817.80, Nifty closed firmly at 23,853.90, gaining 231 points (+0.98%), reflecting sustained buying interest and improved market sentiment.
According to Sumeet Bagadia, Executive Director at Choice Broking, Nifty formed a bearish candle on the daily chart after a sharp gap-up opening, indicating profit booking at higher levels and an inability to sustain above the 24,000 mark. Although the index closed with gains compared to the previous session, the intraday weakness suggests that sellers remain active near resistance zones.
“Nifty continues to trade above its 20-Day EMA and has broken out of the falling channel pattern, indicating that the broader recovery structure remains intact. Immediate support is placed at 23,700–23,750, while resistance is seen at 24,000–24,050. A sustained move above 24,050 could strengthen the ongoing recovery and attract fresh buying interest. The RSI has improved to 56.33, indicating strengthening momentum and a positive bias. India VIX declined by 2.48% to 14.35, signaling easing volatility and improving investor confidence. In the derivatives segment, the highest Call Open Interest is placed at 23,900 and 24,000 strikes, while significant Put Open Interest at 23,900 and 23,800 strikes suggests a strong support base near lower levels,” said Bagadia.
Bank Nifty
Bank Nifty opened with a strong gap-up of nearly 865 points at 57,679.65 and touched an intraday high of 57,804.50 in early trade. However, profit booking at higher levels restricted further upside, leading to a gradual decline during the session. The index eventually closed at 57,198.80, up 384 points (+0.68%), indicating that the broader undertone remains positive despite intraday weakness.
“Technically, Bank Nifty continues to trade above its key short-term moving averages, reflecting a positive trend structure. The immediate support zone is placed at 56,200–56,500, while 57,800–58,000 remains a crucial resistance area where selling pressure emerged during the session. A sustained move above this resistance band could trigger fresh buying momentum.
The RSI stands at 67.24, suggesting strong bullish momentum and healthy price strength. As long as the index holds above the 56,200–56,500 support zone, the positive bias is likely to remain intact, while any breakout above 58,000 may pave the way for further upside in the near term,” he added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Tuesday, 16 June, after US-Iran reach peace deal: Nippon Life India Asset Management, Elecon Engineering, Hindustan Foods, Manali Petrochemicals, and Belrise Industries.
1] Nippon Life India Asset Management: Buy at ₹1140, Target ₹1235, Stop Loss ₹1082
Nippon Life India Asset Management has witnessed a strong breakout after spending several weeks in a broad consolidation range. The stock has been consistently respecting its key moving averages, with the 50-day EMA acting as a strong support zone throughout the recent consolidation phase. In the latest trading session, the stock surged sharply and registered a fresh all-time high, indicating renewed buying interest and strong momentum.
A decisive breakout above the psychologically important 1100 zone further strengthens the bullish structure and confirms the continuation of the primary uptrend. Momentum indicators are also supportive, with RSI currently placed around 60 and showing a positive crossover, suggesting improving strength without entering overbought territory. As long as the stock holds above its 20-day EMA support near 1082, the bullish setup remains intact. Sustained buying interest could drive the stock towards the 1235 target zone in the coming weeks.
2] Elecon Engineering: Buy at ₹560, Target ₹605, Stop Loss ₹528
Elecon Engineering continues to display a strong bullish structure, characterized by a clear higher-high and higher-low formation on the daily chart. The stock has been steadily advancing along a rising trendline, reflecting sustained buying interest and a healthy trend. Recent price action indicates renewed momentum as the stock approaches a key breakout zone near its previous swing highs. Volume activity has also improved noticeably, suggesting active participation from market participants during the latest upmove.
Technically, the stock remains well positioned above all major moving averages, while the 50-day EMA is on the verge of crossing above the 200-day EMA, a development often viewed as a medium-term bullish signal. The overall setup points towards strengthening trend continuation. As long as the stock remains above the 528 support zone, the positive outlook remains intact. A sustained breakout above current levels could open the door for an advance towards the 605 target zone.
3] Hindustan Foods: Buy at ₹557, Target ₹600, Stop Loss ₹530
Hindustan Foods has finally broken out of a prolonged consolidation phase after spending several months struggling near the 550 resistance zone. During this period, the stock continued to hold above its key short-term moving averages, indicating underlying strength despite the sideways movement. Momentum remained neutral with RSI fluctuating between the 45–55 range, reflecting a lack of directional conviction. However, the latest trading session has significantly improved the technical picture, with the stock gaining more than 5% in a single day and closing decisively above the crucial 550 barrier.
This breakout has been accompanied by a noticeable rise in trading volumes, adding credibility to the move. RSI has also surged to around 65, indicating strengthening momentum. With price now trading comfortably above all key EMAs, the breakout could trigger further upside towards the 600 mark, while 530 remains an important support and stop-loss level.
4] Manali Petrochemicals: Buy at ₹68.2, Target ₹74, Stop Loss ₹64.2
Manali Petrochemicals has staged an impressive recovery from its lower levels and is now showing clear signs of trend reversal. The stock spent considerable time consolidating near its 200-day EMA, which acted as a crucial support base around the 60 zone. After successfully defending this long-term moving average, buying momentum accelerated sharply over the last two trading sessions, resulting in a gain of nearly 14%.
The recent rally has also led to a decisive breakout above the previous swing high near 66, which had acted as a major resistance zone. Such breakouts often signal the beginning of a fresh upward leg and attract additional momentum-based participation. The stock is now trading above all key moving averages, while volume expansion further validates the strength of the move. As long as the stock sustains above 64.2, the bullish structure remains intact and a move towards the 74 target zone appears achievable.
5] Belrise Industries: Buy at ₹238.2, Target ₹260, Stop Loss ₹228
Belrise Industries continues to exhibit a strong bullish structure, consistently maintaining a higher-high and higher-low formation on the daily timeframe. The stock is currently trading near its all-time high levels, reflecting sustained buying interest and strong market participation. One of the key positives is its ability to hold above the 20-day and 50-day EMA levels, which have been acting as reliable support zones throughout the ongoing uptrend.
This indicates that every minor decline is being bought into, keeping the broader trend intact. Momentum indicators also remain supportive, with RSI hovering around 64.75, suggesting strengthening momentum while still leaving room for further upside. As long as the stock sustains above the 228 support zone, the bullish setup remains valid. A continuation of the current trend could lead the stock towards the 260 target zone in the near term.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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