The Indian stock market is expected to open flat-to-positive on Friday, tracking steady global market cues. The trends on Gift Nifty also indicate a postive start for the Indian benchmark indices, Nifty 50 and Sensex today.
The Gift Nifty was trading around 24,425.5 level, a premium of nearly 68 points from the Nifty futures’ previous close.
The domestic equity indices ended the previous session higher, led by gains in index heavyweights.
The Sensex gained 273.55 points, or 0.35%, to close at 77,928.15, while the Nifty 50 settled 66.95 points, or 0.28%, higher at 24,317.15.
On the Nifty options front, Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd, said that the maximum Open Interest (OI) is at 24,600 then 24,500 strike, while maximum Put OI is at 24,200 then 24,000 strike.
“Call writing is seen at 24,600 then 24,300 strike while Put writing is seen at 24,300 then 24,200 strike. Option data suggests a broader trading range in between 23,900 to 24,700 zones, while an immediate range between 24,100 to 24,600 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 index formed a bullish candle on the daily frame and has been making higher highs – higher lows from the last four sessions.
“Now, the Nifty 50 index has to hold above 24,300 zones for an up move towards 24,500 then 24,600 zones, while support can be seen at 24,200 then 24,100 zones,” Taparia added.
Bank Nifty Outlook
Bank Nifty index ended 58.40 points, or 0.10%, lower at 57,147.50 on Thursday, forming a small bodied candle on daily scale, with long lower shadow, as buying interest is visible at lower levels, but momentum is missing at higher zones.
“Now, the Bank Nifty index has to hold above 57,000 zones for a bounce towards 57,500 then 57,750 levels, while on the downside, support is seen at 56,750 then 56,500 zones,” said the MOFSL analyst.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 31 July 2026. Taparia recommends buying Sona BLW Precision Forgings, Alkem Laboratories, and RBL Bank shares.
Sona BLW Precision Forgings | Buy | Target Price: ₹800 | Stop Loss: ₹740
Sona BLW Precision 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, said Taparia.
He recommends buying Sona BLW Precision Forgings shares for a target price of ₹800 apiece, while maintaining a stop loss at ₹740 level.
Alkem Laboratories | Buy | Target Price: ₹6,150 | Stop Loss: ₹5,650
Alkem Laboratories share price has given a breakout from a falling supply trendline with a strong bodied bullish candle and high traded volumes. The RSI momentum indicator is positively placed which has bullish implications.
Taparia suggests buying Alkem Laboratories shares for a target price of ₹6,150 and keeping a stop loss of ₹5,650.
RBL Bank | Buy | Target Price: ₹400 | Stop Loss: ₹366
RBL Bank share price has given a breakout from a consolidation zone with a strong bodied bullish candle and higher than average traded volumes. The MACD indicator is rising which confirms the positive momentum, said Taparia.
He has a ‘Buy’ call on the stock, with RBL Bank share price target of ₹400, and a stop loss of ₹366.
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.
