The Indian stock market is likely to open lower on Friday amid mixed global market cues. The trends on Gift Nifty also signal a weak start for the benchmark indices, Nifty 50 and Sensex today.
On Thursday, the equity market extended its rally for the third consecutive session, with the benchmark Nifty 50 reclaiming 25,400 level.
The Sensex gained 221.69 points, or 0.27%, to close at 82,566.37, while the Nifty 50 closed 76.15 points, or 0.30%, higher at 25,418.90.
On the Nifty options front, Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd. said that the maximum Call Open Interest (OI) is at 26,000 then 25,500 strike, while maximum Put OI is at 25,000 then 25,300 strike.
“Call writing is seen at 26,000 then 25,450 strike, while Put writing is seen at 25,300 then 25,400 strike. Option data suggests a broader trading range in between 24,900 to 25,800 zones, while an immediate range between 25,200 to 25,600 levels,” Taparia said.
Nifty 50 Outlook
Nifty 50 formed a bullish candle on the daily frame with a longer lower shadow indicating support based buying and continues to form higher highs from the last two sessions.
“Now, Nifty 50 has to hold above 25,350 for strength to rebuild towards 25,600 then 25,850 zones, while support can be seen at 25,250 then 25,150 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index ended 359.05 points, or 0.60%, higher at 59,957.85 on Thursday, and formed a big bullish candle on the daily scale as strong buying is visible at lower zones and it relatively outperformed the benchmark index.
“Now, Bank Nifty has to hold above 59,750 zones for an up move towards 60,250 then 60,437 marks, while on the downside support is seen at 59,750 then 59,500 zones,” Taparia added.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 30 January 2026. Taparia recommends buying Muthoot Finance, NTPC and JSW Steel shares.
Muthoot Finance | Buy | Target Price: ₹4,350 | Stop Loss: ₹3,960
Muthoot Finance share price is in an overall uptrend and is respecting its 20 DEMA support zones with slight dips being bought into. The ADX line is rising which confirms the strength of the uptrend, Taparia said.
He recommends buying Muthoot Finance shares for a target price of ₹4,350 apiece, while maintaining a stop loss of ₹3,960 level.
NTPC | Buy | Target Price: ₹375 | Stop Loss: ₹349
NTPC share price has broken out from a bullish “Pennant” pattern on the daily chart suggesting a continuation of the uptrend. The RSI momentum indicator is rising to confirm the up move.
Taparia suggests buying NTPC shares for a target price of ₹375 apiece, and keeping a stop loss at ₹349 level.
JSW Steel | Buy | Target Price: ₹1,300 | Stop Loss: ₹1,200
JSW Steel share price has broken out from a consolidation zone on the daily chart with a strong bodied bullish candle and higher than average traded volumes. The MACD line is rising to support the positive momentum, said Taparia.
He has a ‘Buy’ call on the stock, with JSW Steel share price target of ₹1,300, and stop loss of ₹1,200.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
