Stock recommendations for 16 June from MarketSmith India

Indian equities rallied sharply on Monday, with the Nifty 50 rising 0.98% to 23,853.90 and the Sensex gaining 1.25% to 76,474.37, driven by a US-Iran peace deal that sent Brent crude below $85/bbl and boosted global risk appetite. Realty (+3.96%) and Auto (+2.60%) indices led sectoral gains while Pharma ended negative. MarketSmith India issued Buy recommendations on Elecon Engineering (target ₹650, stop loss ₹520) citing industrial capex beneficiary status, and Lumax Industries (target ₹6,200, stop loss ₹4,970) citing auto lighting premiumisation and EV growth tailwinds.