The Indian stock market is expected to open lower on Tuesday, 8 September tracking mixed global cues. The trends on Gift Nifty also indicate a negative start for the Indian benchmark indices, Nifty 50 and Sensex today.
The Gift Nifty was trading around 23,799 level, a discount of nearly 69 points from the Nifty futures’ previous close.
The domestic equity indices ended lower in the previous session, with the benchmark Nifty 50 closing below 23,800 level.
The Sensex dropped 382.62 points, or 0.50%, to close at 76,132.81 , while the Nifty 50 settled 118.55 points, or 0.50%, lower at 23,779.15.
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 24,000 then 23,800 strike, while the maximum Put OI is at 23,800 then 23,700 strike.
“Call writing is seen at 23,800 then 23,900 strike, while Put writing is seen at 23,750 then 23,700 strike. Option data suggests a broader trading range in between 23,300 to 24,300 zones, while an immediate range between 23,500 to 24,000 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 index opened on a flattish note and remained under selling pressure from the initial hour as selling emerged at higher levels and every recovery attempt failed to gain momentum, keeping the index under pressure throughout the session. It formed a bearish candle on the daily frame and closed near its lower band.
“Now till it holds below 23,900 zones, weakness could extend towards 23,600 then 23,500 levels, while on the upside, hurdles can be seen at 23900 then 24,000 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index opened marginally lower and gradually drifted towards 57,000 zones in the latter part of the session. It formed a bearish candle on daily scale as selling pressure was seen at higher zones and is holding below its 50 DEMA.
“Now till it holds below 57,250 zones weakness could be seen towards 56,750 then 56,500 levels while on the upside hurdle is seen at 57,500 then 57,750 levels,” the MOFSL analyst added.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 7 August 2026. Taparia recommends buying Divis Laboratories, Multi Commodity Exchange of India (MCX), and Ather Energy shares.
Divis Laboratories | Buy | Target Price: ₹9,800 | Stop Loss: ₹9,050
Stock is in an overall uptrend and is trading near its all-time high territory, indicating strong underlying momentum. It is respecting its 10 EMA and witnessing buying interest from the same. The stock has also formed a bullish Marubozu candle on the daily chart. Sustaining above the 9,300 level could pave the way for the stock to move towards fresh all-time highs.
MCX | Buy | Target Price: ₹3,520 | Stop Loss: ₹3,230
After a sharp upmove, the stock witnessed a healthy dip and has bounced back from its 20 EMA, indicating buying interest at lower levels. It has also given an inside-bar breakout on the daily chart, suggesting a potential continuation of the uptrend. The RSI is inching higher, further supporting the improving bullish momentum.
Ather Energy | Buy | Target Price: ₹1,700 | Stop Loss: ₹1,551
Stock is on the verge of negating its lower-low structure on the daily chart above the 1,640 level, indicating a potential improvement in the price structure. Surpassing and sustaining above this level could trigger the next leg of the upmove towards its all-time high zone. The overall trend remains bullish, as declines are consistently being bought into with supportive volumes.
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.
