Top three stocks to buy today, 16 June, as recommended by Ankush Bajaj

The Sensex opened at 80,427.81 against its previous close of 81,691.98 and dropped over 1,300 points, or 1.6 per cent, to hit an intraday low of 80,354.59, while the Nifty started the day at 24,473 against its previous close of 24,888.20 and crashed 1.7 per cent to an intraday low of 24,473. 

Top three stocks recommended for today by Ankush Bajaj

• Buy: DB Realty Ltd (Current Price: ₹239.93)
• Why DB Realty is recommended: The stock broke out of a multi-week consolidation and made a new 52-week high with strong volume. The ascending triangle breakout on the daily chart signals further upside potential. RSI is in the mid-70s, indicating strong momentum. MACD remains in the bullish zone, and the stock is trading above key moving averages. The breakout level around ₹235– ₹238 has now turned into support.
• Key metrics: Resistance level: ₹245 (short-term target); Support level: ₹237 (pattern invalidation level); Pattern: Ascending triangle breakout; RSI: ~74, indicating strong upward momentum
• Technical analysis: Breakout confirmed with volume and positive MACD. Price structure supports further upside as it holds above prior resistance.
• Risk factors: With RSI over 70, the stock may be slightly overbought, suggesting a minor pullback is possible. If price falls below ₹235– ₹237, the breakout may fail.
• Buy at: ₹239.93
• Target price: ₹245
• Stop loss: ₹237

Also Read: Escalating Israel-Iran conflict to keep markets on boil in near term

Buy: Manappuram Finance Ltd (Current Price: ₹279.54)

• Why Manappuram Finance is recommended: The stock continues its strong uptrend and has broken out to a new all-time high. The breakout from the recent consolidation range confirms a continuation of the bullish momentum. RSI is extremely strong at 86, and MACD is firmly positive. The price is trending well above all key moving averages, indicating robust support from the broader trend.
• Key metrics: Resistance level: ₹285 (short-term target), Support level: ₹277 (pattern invalidation level); Pattern: Horizontal resistance breakout / new all-time high RSI: ~86, indicating very strong bullish momentum 
• Technical analysis: Strong breakout with price trading far above moving averages. MACD confirms trend strength. Trend-channel formation with bullish price structure on lower time frames.
• Risk factors: RSI is in overbought territory, suggesting the stock may consolidate or retrace in the short term. A close below ₹277 could indicate a failed breakout or temporary top.
• Buy at: ₹279.54
• Target price: ₹285
• Stop loss: ₹277

Also read: The capital goods sector gets a power-up, its weight rises in Nifty

Buy: Jubilant Ingrevia Ltd (Current Price: ₹793.55)

• Why Jubilant Ingrevia is recommended: The stock gave a strong bullish breakout on 13 June after forming a flag pattern on the daily chart. It surged over 16% on high volume, confirming strong demand. RSI is nearing overbought levels but still rising, and the MACD is positive, indicating continuing strength. Price is trading well above all key moving averages. The breakout was retested on lower time frames and held firm, suggesting momentum is likely to continue.
• Key metrics: Resistance level: ₹810 (short-term target), Support level: ₹786 (pattern invalidation level), Pattern: Bullish flag breakout on daily chart, RSI: ~69, rising, showing strengthening momentum.
• Technical analysis: Breakout supported by volume, MACD crossover, and strong price action. Trading above all major moving averages. Lower time frames confirm the breakout with continued higher lows.
• Risk factors: The stock has seen a sharp move and may be overbought in the short term, increasing the chance of minor pullbacks. A drop below ₹786 would invalidate the breakout setup and could lead to short-term weakness.
• Buy at: ₹793.55
• Target price: ₹810
• Stop loss: ₹786

Market Wrap

On Friday, June 13, the Indian stock market opened with a sharp gap-down, reacting to weak global cues and broad risk-off sentiment. However, after the initial drop, the indices managed to recover some ground during the day, supported by selective buying in defensives and recovery in IT stocks. Despite the recovery attempt, the market closed in the red, continuing its short-term corrective phase.

The Nifty 50 ended 169.60 points lower, down 0.68%, at 24,718.60, giving back gains from earlier sessions. The BSE Sensex also declined, falling 573.38 points or 0.70%, to finish at 81,118.60. The Bank Nifty remained under pressure, dropping 555.20 points or 0.99%, to close at 55,527.35.

In sectoral performance, the realty Ssector ended marginally higher with a 0.06% gain, while healthcare Index also closed in the green, up 0.04%, offering some defensive support. On the losing side, the PSU Bank sector dropped 1.18%, the FMCG index declined 1.05%, and the Banking index ended down 0.99%, reflecting broad-based weakness.

In stock-specific action, Bharat Electronics Ltd led the gainers with a 1.76% rise, followed by ONGC, up 1.46%, and Tech Mahindra, gaining 0.89%. Among the top losers were Adani Ports, which declined 2.82%, ITC, falling 1.69%, and SBI, also down 69%.

Nifty Technical Analysis 

Nifty fell by 0.68 %, dropping 169.60 points to close at 24,718.60, as profit-taking emerged following last week’s rally. The index still trades above key moving averages—the 20-day SMA at 24,832 and 40-day EMA at 24,510—indicating underlying technical strength. Even on intraday timeframes, Nifty remains firmly positioned, with the 20-hour SMA at 24,932 and the 40-hour EMA at 24,908 solidly in play.

On the momentum front, both the daily RSI (55) and hourly RSI (34) point to a temporary lull in buying enthusiasm. Similarly, while the daily MACD (157) remains positive, its hourly counterpart is deeply negative at –92, suggesting a short‑term cooling-off phase.

Structurally, although the earlier falling‑wedge breakout reached around 25,200, there were no fresh follow-throughs on intraday charts. The action appears range‑bound between 24,600–24,950 until new catalysts emerge.

The derivatives landscape paints a cautious picture. Call OI stands at 12.14 crore, while Put OI is 8.82 crore, yielding a Put‑Call Ratio of around 0.71—slightly bullish but not overly aggressive. The options trend remains bearish, with a CE‑PE OI differential at –3.32 Cr. Notable Call concentrations are at strikes 25,000 and 26,000, with sizeable recent Call additions of 3.55 Cr. On the Put side, the largest OI and fresh additions are at 22,800, indicating confidence in support levels well below current prices.

Volatility is creeping higher—India VIX is up 7.6 % to 15.08, reflecting rising caution amid global uncertainty. A tentative US–China “framework" trade agreement arrived in London this week, easing rare‑earth export restrictions and maintaining a 90‑day tariff truce, supporting global sentiment, though analysts warn it lacks firm enforcement. 

Concurrently, Middle East tensions surged after an Israeli strike on Iran’s nuclear site, lifting crude oil by 7–11 % and pressuring risk assets. This duality—dovish trade news versus geopolitical alarms—kept U.S. and European markets modest, with safe‑haven flows into gold and bonds offsetting equity gains. Emerging‑market currencies like the rupee softened beyond ₹86 per US dollar due to a crude‑driven import squeeze and investor caution.

Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.

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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.