Buy or sell: Gift Nifty trades flat, Vaishali Parekh recommends three stocks to buy today

Buy or sell stocks, 16 June 2026: The key benchmark indices of the Indian stock market opened with a gap-up and thereafter largely consolidated throughout the session. Some profit booking emerged near the psychologically important 24,000 level during the latter half of the day; however, the indices managed to close in positive territory. Market sentiment remained supported by easing geopolitical tensions, a sharp decline in Brent crude oil prices to around $83 per barrel, and a recovery in the Indian rupee. Despite surrendering a portion of their intraday gains, the benchmark indices ended the session firmly in the green. At close, the Nifty 50 gained 231 points or 0.98% to settle at 23,853, while the Sensex advanced 736 points or 0.97% to close at 76,264.33. The Nifty, however, faced immediate resistance near the psychologically important 24,000 mark.

On the sectoral front, Nifty Realty emerged as the top-performing sector, extending its recent rally, followed by strong gains in Cement and Auto stocks. In contrast, the pharma and healthcare counters witnessed some profit booking after recent outperformance. All other major sectoral indices ended the session in positive territory. The broader market remained resilient and outperformed the benchmark indices. The Nifty Midcap 100 index gained 781.55 points or 1.29% to close at 61,549, while the Nifty Smallcap 100 index advanced 202 points or 1.11% to settle at 18,400, reflecting broad-based participation in the market rally.

Gift Nifty Live Chart signals muted start

The Gift Nifty Live Chart is signalling a muted start for the Indian stock market, as the index is oscillating around Monday's Nifty spot close. By 7:20 AM, the Gift Nifty Live Chart was trading around 23,940, around 85 points above Monday's spot Nifty close.

Stock market today

Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher, believes the key indices of the Indian stock market may open on a muted note as the Gift Nifty Live Chart is oscillating around Monday's spot Nifty close. The Prabhudas Lilladher expert said the Nifty 50 index would need to sustain the important near-term support at the 50-EMA level in the 23,750 zone, and the major support at the 23,500 level, to maintain the bias intact.

Speaking on the outlook for the Nifty 50 today, Vaishali Parekh said, "The key benchmark index witnessed another session of a huge gap-up opening near the 24,000 zone, with overall bias improving and sentiment easing out significantly, with the broader markets participating actively to support the index."

The technical expert said the key index would need to sustain the important near-term support of the 50-EMA level at the 23,750 zone and the major support at the 23500 level to maintain the bias intact. On the upside, the index would need to decisively breach the 24,300 resistance zone to further build conviction and clarity.

On the outlook for the Bank Nifty today, Parekh said, the key benchmark index gave a strong opening near the 57,800 level, above the important 200-period MA at 57,000, to further improve the bias, and thereafter, with some profit booking, ended the session near the 57,200 zone.

“With the trend improving, the index would need to sustain above the 56400 zone to maintain the bias intact and on the upside, would need to breach above the 58000 zone decisively to further establish clarity and conviction,” said Parekh.

Vaishali Parekh's stock recommendations for today

Regarding intraday stocks for today, Vaishali Parekh recommended these three buy-or-sell stocks: Hero MotoCorp, Pine Labs, and M&M Financial Services.

1] Hero MotoCorp: Buy at ₹5000, Target ₹5200, Stop Loss ₹4900;

2] Pine Labs: Buy at ₹152, Target ₹160, Stop Loss ₹148; and

3] M&M Financial Services: Buy at ₹295, Target ₹310, Stop Loss ₹285.

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.