The Indian stock market is expected to open lower on Friday, extending losses from previous sessions, as rising crude oil prices amid the ongoing US-Iran war continue to dent investor sentiment. The trends in Gift Nifty also signal a negative start for the frontline indices, Nifty 50 and Sensex today.
In the previous session, the equity market ended sharply lower, with the benchmark Nifty 50 slipping below 23,700 level.
The Sensex crashed 829.29 points, or 1.08%, to close at 76,034.42, while the Nifty 50 settled 227.70 points, or 0.95%, lower at 23,639.15.
On the Nifty options front, Chandan Taparia Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services said that the maximum Call Open Interest (OI) is at 24,500 then 24,000 strike, while maximum Put OI is at 23,000 then 23,500 strike.
“Call writing is seen at 23,700 then 23,800 strike, while Put writing is seen at 23,600 then 23,700 strike. Option data suggests a broader trading range in between 23,100 to 24,100 zones, while an immediate range between 23,400 to 23,900 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 index formed a small-bodied bearish candle on the daily chart, with wicks on both sides, indicating intense intraday tussle between bulls and bears.
“Nifty 50 index continues to form lower lows for the third consecutive session and eventually closed the day with losses of 230 points. Now, till Nifty 50 holds below 23,900 zones, weakness could be seen towards 23,500 then 23,200 zones, while hurdles have shifted lower to 23,900 then 24,100 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index ended 634.80 points, or 1.14%, lower at 55,100.95 on Thursday, forming a small bodied candle on the daily scale with a long upper shadow as selling pressure is seen at higher zones.
“Now, till Bank Nifty index holds below 55,250 zones weakness could be seen towards 54,750, then 54,500 zones, while on the upside, hurdle is seen at 55,250 then 55,500 levels,” said Taparia.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 12 March 2026. Taparia recommends buying NTPC, Hindalco Industries, and Cummins India shares.
NTPC | Buy | Target Price: ₹410 | Stop Loss: ₹378
NTPC share price has retested its breakout from a consolidation zone and the daily chart with high traded volumes. The RSI indicator is rising which confirms the bullish momentum, said Taparia.
He recommends buying NTPC shares for a target price of ₹410 apiece, while maintaining a stop loss at ₹378 level.
Hindalco Industries | Buy | Target Price: ₹1,040 | Stop Loss: ₹935
Hindalco Industries 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 strength of the uptrend.
Taparia has a ‘Buy’ call on Hindalco Industries shares, with a target price of ₹1,040, and a stop loss of ₹935.
Cummins India | Buy | Target Price: ₹5,080 | Stop Loss: ₹4,600
Cummins India share price has formed a “Bullish Engulfing” pattern near its support zones suggesting an up move. It is taking support at its 50 DEMA support zones. The MACD indicator is rising which supports the positive momentum, Taparia said.
He suggests buying Cummins India shares for a target price of ₹5,080, while keeping a stop loss at ₹4,600 level.
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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.
