The Indian stock market is expected to open flat on Friday, tracking weak global cues. The trends on Gift Nifty also indicate a muted start for the Indian benchmark indices, Nifty 50 and Sensex today.
The Gift Nifty was trading around 24,260.5 level, a discount of nearly 21.4 points from the Nifty futures’ previous close.
The domestic equity indices ended lower in the previous session, with the benchmark Nifty 50 closing below 24,100 level.
The Sensex dropped 539.35 points, or0.70%, to close at76,933.59 , while the Nifty 50 settled116.90 points, or0.48 %, lower at24,090.85.
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 24300 then 24500 strike while maximum put OI is at 24,200 then 24,100 strike.
“Call writing is seen at 24,200 then 24,300 strike while Put writing is seen at 24,150 then 24,200 strike. Option data suggests a broader trading range in between 23,600 to 24500 zones while an immediate range between 23,800 to 24,300 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 index opened on a flattish note and traded in a sideways to negative trend throughout the session amidst bearish pressure and closed near its lower band below the lows of previous five days. It formed a bearish candle on the daily frame as profit booking was seen at higher levels
“Now till it holds below 24,100 zones weakness could be seen towards 24,000 then 23,900 levels while on the upside hurdles can be seen at 24,200 then 24,300 zones,” said Taparia
Bank Nifty Outlook
Bank Nifty index opened on a positive note near 58,000 zones but failed to hold at higher levels and gradually drifted towards 57,500 levels in the latter part of the session. It formed a big bearish candle on the daily scale as selling pressure was seen at higher zones but it is hovering near its 20 DEMA.
“Now till it holds below 57,750 zones some weakness could be seen towards 57,000 then 56,750 levels, while on the upside hurdle is seen at 57,750 then 58,000 zones,” the MOFSL analyst added.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 28 August 2026. Taparia recommends buying Sona BLW Precision Forgings, Laurus Labs, and Bharat Heavy Electricals Ltd (BHEL) shares.
Sona BLW Precision Forgings | Buy | Target Price: ₹870 | Stop Loss: ₹794
Sona BLW Precision Forgings share price is in overall uptrend and holding gains in spite of broader market weakness. It is perfectly respecting 20 DEMA and formed a strong bullish candle. Momentum indicator RSI is positively placed.
Laurus Labs | Buy | Target Price: ₹2,050 | Stop Loss: ₹1,870
Laurus Labs share price has given range breakout on daily chart and holding well above the same. Buying is visible across Pharma stocks which may support the ongoing up move. Overall setup looks bullish and every small decline is being bought into.
BHEL | Buy | Target Price: ₹455 | Stop Loss: ₹420
BHEL share price remains in an overall uptrend and is hovering near its all-time high zone, indicating strong underlying momentum. It has bounced from its 50 DEMA as minor declines were bought into and has formed a bullish candle with a bullish crossover in RSI. A sustained move above the 446 level could further accelerate the momentum and trigger the next leg of the up move.
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.
