We perform statistical mechanics calculations to analyze the global phase diagram of a fully connected version of a Maier-Saupe-Zwanzig lattice model with the inclusion of couplings to an elastic strain field. We point out the presence of uniaxial and biaxial nematic structures, depending on temperature T and on the applied stress σ . Under uniaxial extensive tension, applied stress favors uniaxial orientation, and we obtain a first-order boundary along which there is a coexistence of two uniaxial paranematic phases, and which ends at a simple critical point. Under uniaxial compressive tension, stress favors biaxial orientation; for small values of the coupling parameters, the first-order boundary ends at a tricritical point, beyond which there is a continuous transition between a paranematic and a biaxially ordered structure. For some representative choices of the model parameters, we obtain a number of analytic results, including the location of critical and tricritical points and the line of stability of the biaxial phase.