The Indian stock market is expected to open lower on Friday, following weak global market cues, as the escalating US-Iran weighed on sentiment and rising crude oil prices stoked fears of higher inflation. The trends on Gift Nifty also signal a gap-down opening for the frontline indices, Nifty 50 and Sensex today.
On Thursday, the Indian stock market rallied amid short-covering, snapping three consecutive sessions of sharp declines, with the benchmark Nifty 50 closing above 24,700 level.
The Sensex surged 899.71 points, or 1.14%, to close at 80,015.90, while the Nifty 50 settled 285.40 points, or 1.17%, higher at 24,765.90.
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 25,500 then 25,000 strike, while maximum Put OI is at 24,000 then 24,500 strike.
“Call writing is seen at 25,500 then 24,800 strike, while Put writing is seen at 24,600 then 24,500 strike. Option data suggests a broader trading range in between 24,200 to 25,200 zones, while an immediate range between 24,500 to 25,000 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 index formed a bullish candle on the daily chart with wicks on both sides and negated the recent lower-high structure of the past few sessions indicating an improvement in short term momentum.
“Now, if Nifty 50 manages to cross and hold above 24,850 zones then buying could be seen towards 25,000 then 25,200 zones, while a hold below the same could see weakness towards 24,500 then 24,300 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index gained 300.60 points, or 0.51%, to close at 59,055.85 on Thursday, forming a Doji kind of pattern on daily scale with long upper and lower shadow as buying is visible at lower zones but momentum is missing at higher levels.
“Now, Bank Nifty index has to hold above 59,000 zones for a bounce towards 59,250 then 59,500 levels, while a hold below the same could see some weakness towards 58,750 then 58,500 levels,” said Taparia.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 6 March 2026. Taparia recommends buying Multi Commodity Exchange of India (MCX), Bharat Electronics (BEL) and Torrent Power shares.
MCX | Buy | Target Price: ₹2,730 | Stop Loss: ₹2,485
MCX share price is in an overall uptrend and is respecting its 50 DEMA support zones with slight dips being bought into. The ADX line is rising which confirms the bullish trend, Taparia said.
He recommends buying MCX shares for a target price of ₹2,730 apiece, while maintaining a stop loss at ₹2,485 level.
BEL | Buy | Target Price: ₹495 | Stop Loss: ₹448
BEL share price has formed a bullish “Pennant” pattern on the daily chart suggesting a continuation of the uptrend. The MACD line is confirming the positive momentum.
Taparia has a ‘Buy’ call on the stock, with BEL share price target of ₹495, and a stop loss of ₹448.
Torrent Power | Buy | Target Price: ₹1,585 | Stop Loss: ₹1,465
Torrent Power share price is retesting its breakout on the daily chart with higher than average traded volumes. The RSI indicator has given a bullish crossover to confirm the positive momentum, Taparia said.
He suggests buying Torrent Power shares for a target price of ₹1,585 apiece, and keeping a stop loss at ₹1,465 level.
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.
