Indian equities extended their rally on June 16, 2026, driven by a US-Iran agreement that ended a 107-day conflict and a sharp retreat in crude oil prices. Over two trading sessions, investor wealth rose by Rs 18.15 lakh crore, according to a market round-up from Business Today. In this favorable backdrop, Somil Mehta, Head of Retail Research at Mirae Asset Sharekhan, has identified four stocks as top technical buys for the day.
Technical Recommendations Overview
Mehta’s recommendations come with specific buy ranges, stop losses, and target prices, based on chart patterns and momentum indicators. The picks are Oberoi Realty, HDFC Life Insurance, Blue Star, and Phoenix Mills. Below is a summary of the key technical signals:
| Stock | Buy Range (₹) | Stop Loss (₹) | Target (₹) | Key Pattern |
|---|---|---|---|---|
| Oberoi Realty | 1,673–1,674 | 1,589 | 1,768 | Breakout from consolidation, double-bottom pattern |
| HDFC Life Insurance | 581–582 | 552 | 616 | RSI divergence, recovery from rising trendline |
| Blue Star | 1,613–1,614 | 1,540 | 1,715 | Triangle pattern, support at ₹1,450–1,500 zone |
| Phoenix Mills | 1,846–1,847 | 1,764 | 1,960 | Inverted Head and Shoulders, breakout from consolidation |
Oberoi Realty
Mehta noted that Oberoi Realty has been trading in a narrow range over the past eight weeks and has now given a breakout from this consolidation phase. The stock moved above a descending trendline, indicating a possible resumption of the uptrend. On the weekly chart, it is taking support from its 20-week and 40-week exponential moving averages, reflecting underlying strength. On the daily chart, the stock formed a double-bottom pattern and moved above its 200-day exponential moving average. Momentum indicators show a positive crossover. Resistance is near ₹1,725 and support near ₹1,615.
HDFC Life Insurance
HDFC Life Insurance is showing signs of a strong recovery after taking support near its long-term rising trendline, according to Mehta. On the weekly chart, the stock formed a positive setup supported by RSI divergence, indicating improving momentum. On the daily chart, it moved above its 20-day exponential moving average, an early sign of strength. Momentum indicators generated a positive crossover. Immediate resistance is near ₹600, support at ₹556.
Blue Star
Blue Star continues to display a constructive technical setup. Mehta highlighted that on the weekly chart, the stock has repeatedly found support in the ₹1,450–1,500 zone, highlighting strong demand at lower levels. On the daily chart, it is forming a triangle pattern and recently closed above its 20-day exponential moving average, indicating a potential breakout. Momentum indicators have turned positive. Key resistance is placed around ₹1,660, while support is near ₹1,557.
Phoenix Mills
Phoenix Mills recently broke out of a consolidation phase, indicating renewed strength. The weekly chart shows support from both the 20-week and 40-week exponential moving averages. On the daily chart, the stock is forming an inverted Head and Shoulders pattern, a bullish reversal formation. It is also receiving support from its 200-day exponential moving average. Momentum indicators crossed above the zero line. Resistance is near ₹1,930 and support at ₹1,815.
Market Rally Details
The sharp market rebound was triggered by an agreement between the United States and Iran to end their 107-day conflict, leading to a cooling of tensions in West Asia and a retreat in crude oil prices from recent highs. Over the two-day period, the BSE Sensex advanced 2,431.78 points, translating into a gain of 3.29%, while the NSE Nifty climbed 692.30 points, or 2.98%. On Monday, June 15, the Sensex added 736.38 points, or 0.97%, to close at 76,264.33; the Nifty gained 231 points, or 0.98%, to settle at 23,853.90. The rally added Rs 18.15 lakh crore to the combined valuation of companies listed on Indian exchanges.
For investors and equity analysts, Mehta’s recommendations provide a technical framework to capitalize on the ongoing market upswing. The next milestone for the broader market will be the sustainability of the US-Iran peace deal and its impact on crude oil prices, which will influence investor sentiment in the coming sessions.
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