The Indian stock market is expected to open lower on Tuesday, 18 August, tracking mixed global cues. The trends on Gift Nifty also indicate a weak start for the Indian benchmark indices, Nifty 50 and Sensex today.
The Gift Nifty was trading around 24,300.5 level, a discount of 92.2 points from the Nifty futures’ previous close.
The domestic equity indices ended lower in the previous session, with the benchmark Nifty 50 closing below 24,300 level.
The Sensex dropped 281.09 points, or 0.36%, to close at 77,728.16 , while the Nifty 50 settled 78.35 points, or 0.32 %, lower at 24,287.65.
On the Nifty options front, Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd, said that the maximum call OI is at 24,400 then 24,500 strike while maximum Put OI is at 24,300 then 24,000 strike.
“Call writing is seen at 24,400 then 24,350 strike while Put writing is seen at 24,300 then 24,250 strike. Option data suggests a broader trading range in between 23,800 to 24,800 zones while an immediate range between 24,000 to 24,500 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 index opened on a flattish note and remained under selling pressure in the first hour of the session. It took support near 24,200 zones and witnessed a V shaped recovery towards 24,350 in the later half to close near its upper band. It formed a bearish candle on the daily frame but has been making lower highs from the last ten sessions.
“Now if it crosses and holds above 24,350 zones then upside could be seen towards 24,450 then 24550 zones while support can be seen at 24,150 then 24050 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index opened on a negative note and gradually drifted towards 57,100 zones in the first half of the session. However good recovery was seen from the lower levels towards 57,750 levels in the latter part of the session. It formed a small bullish candle on the daily scale with longer lower shadow indicating buying interest is visible at lower levels but momentum is missing at higher zones.
“Now it has to hold above 57,500 zones for a bounce towards 58,000 then 58,250 levels while on the downside support is seen at 57,250 then 57,000 zones,” the MOFSL analyst added.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 7 August 2026. Taparia recommends buying Bharat Heavy Electricals Ltd (BHEL), KEI Industries and Oberoi Realty shares.
BHEL | Buy | Target Price: ₹460 | Stop Loss: ₹420
Stock has given Box breakout on daily chart and managed to close above the same. Breakout is supported by surge in volumes which has bullish implications. It is trading above all crucial moving averages and base is shifting higher. Momentum indicator RSI is positively placed.
KEI Industries | Buy | Target Price: ₹6,200 | Stop Loss: ₹5,700
Stock is trading at an all-time high, highlighting strong relative outperformance against the benchmark. It has formed a bullish Marubozu candle on the daily chart and continues to form higher highs, indicating sustained bullish momentum. Momentum indicators are positively placed, supporting the continuation of the uptrend.
Oberoi Realty | Buy | Target Price: ₹2,050 | Stop Loss: ₹1,875
Stock has successfully retested its breakout zone near 1750 and resumed its uptrend, indicating strength at higher levels. It has also reclaimed its short-term moving averages, supported by volume, signalling renewed buying interest. With the Nifty Realty sector also showing strength, the stock has potential for further upside.
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.
