The Indian stock market is expected to open lower on Tuesday amid worries over the escalating US-Iran war in the Middle East and the rising crude oil prices. The trends on Gift Nifty also signal a negative start for the frontline indices, Nifty 50 and Sensex today.
The Gift Nifty was trading around 22,905 level, a discount of nearly 151 points from the Nifty futures’ previous close.
In the previous session, the domestic equity market ended sharply higher, with the benchmark Nifty 50 closing above 22,900 level.
The Sensex rallied 787.30 points, or 1.07%, to close at 74,106.85, while the Nifty 50 settled 255.15 points, or 1.12%, higher at 22,968.25.
On the Nifty options front, Chandan Taparia Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd said that the maximum Call Open Interest (OI) is at 23,500 then 23,000 strike, while maximum Put OI is at 22,500 then 22,700 strike.
“Call writing is seen at 23,500 then 23,200 strike while Put writing is seen at 22,500 then 22,800 strike. Option data suggests a broader trading range in between 22,500 to 23,500 zones, while an immediate range between 22,700 to 23,200 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 index formed a bullish candle on the daily frame with a longer lower shadow indicating buying intact at support levels.
“Now, Nifty 50 has to hold above 22,850 zones for an up move towards 23,200 then 23,450 zones, while support can be seen at 22,700 then 22,550 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index formed a bullish bodied candle on the daily scale with a lower wick indicating buying interest visible at lower zones.
“Now, Bank Nifty index has to hold above 52,500 zones for a bounce towards 53,000 then 53,250 levels, while a hold below the same could lead to weakness towards 52,250 then 52,000 zones,” said Taparia.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 7 April 2026. Taparia recommends buying BSE, Larsen & Toubro and Titan Company shares.
BSE | Buy | Target Price: ₹3,160 | Stop Loss: ₹2,890
BSE share price is now giving a rounding bottom breakout with a strong bullish candle indicating a shift in momentum. The stock has bounced sharply from the ₹2,700 support zone and is now approaching the ₹3,000 mark. It is also trading above its short-term moving averages supporting the positive bias, Taparia said.
He recommends buying BSE shares for a target price of ₹3,160 apiece, while maintaining a stop loss at ₹2,890 level.
Larsen & Toubro | Buy | Target Price: ₹3,950 | Stop Loss: ₹3,620
L&T share price is showing a strong recovery after forming a base near the ₹3,400 zone and forming higher lows on the daily chart. The stock is now attempting a breakout above the ₹3,700 resistance with a bullish candle. Momentum indicator RSI is also inching upwards indicating improving strength in the trend.
Taparia has a ‘Buy’ call on L&T shares with a target price ₹3,950 and a stop loss of ₹3,620.
Titan Company | Buy | Target Price: ₹4,500 | Stop Loss: ₹4,120
Titan share price has given a range breakout on the daily chart backed by supportive volumes indicating strong buying interest. The stock is sustaining above its 20 and 50 DEMA reflecting a positive trend structure, said Taparia.
He suggests buying Titan Company shares for a target price of ₹4,500 apiece, while keeping a stop loss of ₹4,120.
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.
