The Indian stock market is expected to open on a strong note Tuesday on optimism over the India-US trade deal announced by President Donald Trump. The trends on Gift Nifty also signal a massive gap-up start for the benchmark indices, Nifty 50 and Sensex today.
Donald Trump announced the reduction in reciprocal tariffs on Indian goods to 18% and said that India will also reduce its tariffs and non-tariff barriers against the US.
In the previous session, the Indian equity market staged a strong rebound, snapping its two-day losing streak, with the Nifty 50 reclaiming the 25,000 level.
The Sensex surged 943.52 points, or 1.17%, to close at 81,666.46, while the Nifty 50 settled 262.95 points, or 1.06%, higher at 25,088.40.
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 25,500 then 25,200 strike, while maximum Put OI is at 24,500 then 24,800 strike.
“Call writing is seen at 25,200 then 25,100 strike, while Put writing is seen at 24,800 then 24,900 strike. Option data suggests a broader trading range in between 24,700 to 25,700 zones, while an immediate range between 24,900 to 25,300 levels,” Taparia said.
Nifty 50 Outlook
Nifty 50 formed a bullish candle along with an inside bar pattern on the daily chart and is currently hovering near its 200 DMA.
“Now, till Nifty 50 holds above 25,000 zones, strength is likely to rebuild towards 25,250 and then 25,350 levels, while holding below the same can see some weakness towards 24,900 and then 24,700,” Taparia said.
Bank Nifty Outlook
Bank Nifty index gained 201.80 points, or 0.35%, to close at 58,619.00 on Monday, and formed a bullish-bodied candle on the daily scale with a long lower wick suggesting buying support at lower levels.
“Now, Bank Nifty has to cross and hold above 58,750 zones for a bounce towards 59,000 then 59,250 levels, while a hold below the same could see some weakness towards 58,250 then 58,000 zones,” said Taparia.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 3 February 2026. Taparia recommends buying Hindustan Petroleum Corporation Ltd (HPCL), Ashok Leyland and Jindal Steel shares.
HPCL | Buy | Target Price: ₹480 | Stop Loss: ₹438
HPCL share price has bounced up from its 200 DEMA support zones after forming a bullish “hammer” candlestick pattern on the daily chart. The RSI indicator has given a positive momentum to confirm the up move, Taparia said.
He recommends buying HPCL shares for a target price of ₹480 apiece, while maintaining a stop loss of ₹438 level.
Ashok Leyland Buy | Target Price: ₹206 | Stop Loss: ₹189
Ashok Leyland 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 suggests buying Ashok Leyland shares for a target price of ₹206 a piece, with a stop loss of ₹189.
Jindal Steel | Buy | Target Price: ₹1,200 | Stop Loss: ₹1,090
Jindal Steel share price is retesting its breakout from a consolidation zone with higher than average traded volumes on the daily chart. The MACD indicator is rising which confirms the bullishness, said Taparia.
He has a ‘Buy’ call on Jindal Steel shares, with a target price of ₹1,200 and a stop loss of ₹1,090.
Catch Stock Market Live Updates here
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.
