The Indian stock market is poised to extend selloff on Friday, tracking a fall in global equities, as escalating US-Iran war and a sharp surge in crude oil prices dented investor sentiment. The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark indices, Nifty 50 and Sensex today.
The Gift Nifty was trading around 23,667 level, a discount of nearly 207 points from the Nifty futures’ previous close.
The domestic equities ended lower for the fourth consecutive session on Thursday, with the benchmark Nifty 50 slipping below 23,900 level.
The Sensex fell 363.66 points, or 0.47%, to close at 76,391.39, while the Nifty 50 settled 126.65 points, or 0.53%, lower at 23,869.60.
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 24,000 then 24,200 strike, while maximum Put OI is at 23,000 then 23,500 strike.
“Call writing is seen at 23,900 then 23,850 strike, while Put writing is seen at 22,850 then 23,900 strike. Option data suggests a broader trading range in between 23,400 to 24,200 zones, while an immediate range between 23,700 to 24,000 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 formed a bearish candle on the daily frame and has been making lower highs from the last four sessions indicating short term bearish sentiment.
“Now, till Nifty 50 holds below 24,000 zones, weakness could be seen towards 23,700 then 23,600 levels, while on the upside, hurdle can be seen at 24,000 then 24,150 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index closed 534.80 points, or 0.94%, lower at 56,592.00 on Thursday, forming a bearish candle on the daily scale, and has seen a correction of more than 1,700 points in the last few sessions.
“Now, till the Bank Nifty index holds below 56,750 zones, weakness could be seen towards 56,250 then 56,000 levels, while on the upside, hurdle is seen at 57,000 then 57,250 zones,” said Taparia.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 24 July 2026. Taparia recommends buying Manappuram Finance, Eicher Motors, and Sun Pharmaceutical Industries shares.
Manappuram Finance | Buy | Target Price: ₹375 | Stop Loss: ₹340
Manappuram Finance share price has given a range breakout with a strong bodied bullish candle on the daily scale. The up moves are supported with higher than average traded volumes. The RSI momentum indicator is positively placed which has bullish implications, Taparia said.
He recommends buying Manappuram Finance shares for a target price of ₹375 apiece, while maintaining a stop loss at ₹340 level.
Eicher Motors | Buy | Target Price: ₹8,185 | Stop Loss: ₹7,490
Eicher Motors share price has given a consolidation breakout with higher than average traded volumes. The MACD indicator has given a bullish crossover which confirms the positive momentum.
Taparia has a ‘Buy’ call with Eicher Motors share price target of ₹8,185, and a stop loss of ₹7,490.
Sun Pharmaceutical Industries | Buy | Target Price: ₹2,070 | Stop Loss: ₹1,890
Sun Pharma 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 suggests buying Sun Pharm shares for a target price of ₹2,070 apiece, and keeping a stop loss of ₹1,890.
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.
