The Indian stock market is expected to remain volatile on Tuesday following global geopolitical developments amid the ongoing tensions in the Middle East due to the Israel-Iran war. The benchmark indices, Sensex and Nifty 50, are likely to see a tepid opening tracking mixed cues from global markets.
The trends in the Gift Nifty also signal a muted opening for the Indian stock market today.
Despite the cautiousness due to the escalating Israel-Iran, the domestic equity market witnessed strong gains on Monday. Both the benchmark indices ended nearly a percent higher each,
The Sensex rallied 677.55 points, or 0.84%, to close at 81,796.15, while the Nifty 50 closed 227.90 points, or 0.92%, higher at 24,946.50.
On the Nifty options front, Chandan Taparia, Head – Derivatives and Technicals, Wealth Management, MOFSL said that the maximum Call OI (Open Interest) is at 25,300 then 25,500 strike, while maximum Put OI is at 24,000 then 24,800 strike.
“Call writing is seen at 24,900 then 25,300 strike, while Put writing is seen at 24,800 then 24,900 strike. Option data suggests a broader trading range in between 24,450 to 25,450 zones, while an immediate range between 24,750 to 25,150 levels..
Nifty 50 Outlook
Nifty 50 closed near its day’s high with gains of around 230 points on Monday with signs of stability.
“Nifty 50 formed a bullish candle on the daily frame and negated its lower highs – lower lows of the last two sessions. Now, Nifty 50 has to hold above 24,900 zones for an upside move towards 25,100 then 25,250 zones, while supports have shifted higher to 24,850 then 24,700 zones,” Chandan Taparia said.
Bank Nifty Outlook
Bank Nifty index tested 55,950 zones and closed near its day’s high level on June 16.
“Bank Nifty formed a bullish candle on the daily scale and negated the lower highs sequence of the last four trading sessions. Importantly, it reclaimed its 20 DEMA and filled the gap-down of 13th June, 2025. Now, it has to hold above 55,750 zones for an up move towards 56,250 then 56,500 levels, while on the downside support is seen at 55,750 then 55,555 zones,” Taparia said.
Chandan Taparia has recommended three stocks to buy today, June 17. Taparia recommends buying Bharat Electronics (BEL), Oberoi Realty and KPIT Technologies shares.
Stocks to buy
BEL | Buy | Target Price: ₹440 | Stop Loss: ₹386
BEL share price has given a range breakout at its “All Time High” zones and has bounced up from its 20 DEMA. The ADX line is rising which confirms the strength of the uptrend, Taparia said.
He recommends buying BEL shares for a target price of ₹440, while maintaining a stop loss at ₹386.
Oberoi Realty | Buy | Target Price: ₹2,100 | Stop Loss: ₹1,845
Oberoi Realty share price has formed a bullish flag and pole pattern on the daily chart and a golden crossover has formed to confirm the bullish trend. The RSI indicator is rising which confirms the positive momentum, said the MOFSL analyst.
He has a ‘Buy’ call on Oberoi Realty shares with a target price of ₹2,100, and a stop loss at ₹1,845.
KPIT Technologies | Buy | Target Price: ₹1,520 | Stop Loss: ₹1,350
KPIT Technologies share price has broken out of an inverted head and shoulder pattern on the daily scale with a large bodied bullish candle. The MACD indicator is giving a bullish crossover to confirm the upwards momentum, Taparia said.
He recommends a ‘Buy’ call on the stock, and has KPIT Technologies share price target of ₹1,520, while keeping a stop loss at ₹1,350 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.