The Indian stock market is expected to open lower on Friday, following mixed global market cues, amid concerns over US tariffs. The trends on Gift Nifty also indicate a tepid start for the benchmark indices, Nifty 50 and Sensex today.
On Thursday, the equity market ended marginally higher, bouncing back from intraday lows, led by fag-end buying, and the Nifty 50 closed near 24,600 level.
The Sensex rose 79.27 points, or 0.10%, to close at 80,623.26, while the Nifty 50 settled 21.95 points, or 0.09%, higher at 24,596.15.
On the Nifty options front, Chandan Taparia Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services said that the maximum Call Open Interest (OI) is at 24,700 then 25,000 strike, while maximum Put OI is at 24,600 then 24,500 strike.
“Call writing is seen at 24,600 then 24,700 strike, while Put writing is seen at 24,600 then 24,500 strike. Option data suggests a broader trading range in between 24,200 to 25,200 zones, while an immediate range between 24,400 to 24,900 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 formed a bullish candle with a long lower shadow on the daily chart, reflecting buying interest at lower levels.
“Follow-through buying in the next session will be crucial to confirm this reversal attempt. Now, if Nifty 50 manages to cross and hold above 24,600 zones strength can be seen towards 24,750 and 24,900 zones, else weakness can be seen towards 24,442 and 24,350 zones,” Taparia said.
Bank Nifty Outlook
Bank Nifty index gained 110.00 points, or 0.20%, to close at 55,521.15 on Thursday, forming a bullish candle on daily scale with long lower shadow as good recovery was seen from lower levels and it took support near its 100DEMA.
“Now, Bank Nifty index has to hold above 55,555 zones for a bounce towards 55,750 then 56,000 levels, while a hold below the same could see some weakness towards 55,250 then 55,000 zones,” Taparia said.
Stocks to buy today
Chandan Taparia has recommended three stocks to buy today, 8 August 2025. Taparia recommends buying Hero MotoCorp, Delhivery and Torrent Pharmaceuticals shares today.
Hero MotoCorp | Buy | Target Price: ₹5,000 | Stop Loss: ₹4,485
Hero MotoCorp share price has broken out of a consolidation zone with a massive bullish candle and a surge in traded volumes. The ADX line is headed up which confirms the strength of the bullish trend, Taparia said.
He recommends buying Hero MotoCorp shares for a target price of ₹5,000, while maintaining a stop loss at ₹4,485 level.
Delhivery | Buy | Target Price: ₹510 | Stop Loss: ₹445
Delhivery share price is in an overall uptrend and is respecting its 20 DEMA support zones with slight dips being bought into. The MACD indicator is headed up to confirm the positive momentum, said Taparia.
He has a ‘Buy’ call on Delhivery shares and a target price of ₹510, with a stop loss of ₹445 level.
Torrent Pharmaceuticals | Buy | Target Price: ₹3,825 | Stop Loss: ₹3,485
Torrent Pharma share price has formed a bullish engulfing pattern at its prior breakout zones. It is halted at its 20 DEMA support zones suggesting a possible reversal, he said.
He recommends buying Torrent Pharma shares for a target price of ₹3,825, while keeping a stop loss at ₹3,485 level.
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.
