The Indian stock market is likely to see a muted opening on Friday, tracking a mixed trend in global markets, as investors remain cautious about the uncertainty over the US-Iran peace talks and ahead of the RBI policy announcement. The trends on Gift Nifty also indicate a tepid start for the benchmark indices, Sensex and Nifty 50.
The Gift Nifty was trading around 23,569 level, a premium of nearly 58 points from the Nifty futures’ previous close.
The domestic equity indices ended with minor gains in the previous session, with the benchmark Nifty 50 holding above 23,400 level.
The Sensex added 13.84 points, or 0.02%, to close at 74,360.01, while the Nifty 50 settled 10.95 points, or 0.05%, higher at 23,416.55.
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 24,000 then 23,500 strike, while maximum Put OI is at 23,000 then 23,300 strike.
“Call writing is seen at 24,000 then 24,300 strike, while put writing is seen at 23,400 then 23,100 strike. Option data suggests a broader trading range in between 23,000 to 23,900 zones, while an immediate range between 23,200 to 23,700 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 index formed a bullish candle on the daily frame and broke its lower lows formation of the last six sessions.
“Now, Nifty 50 has to hold above 23,400 zones for the buying spirit to sustain and move the index up towards 23,550 then 23,750 zones, while supports have shifted higher to 23,300 then 23,222 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index rallied 121.90 points, or 0.22%, to close at 54,307.85 on Thursday, forming a bullish candle on the daily scale as buying interest is visible at lower levels.
“Now, Bank Nifty has to hold above 54,250 zones for an up move towards 54,750 then 55,000 levels, while on the downside, support is seen at 54,000 then 53,750 zones,” said Taparia.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 5 June 2026. Taparia recommends buying BSE, Laurus Labs and Exide Industries shares.
BSE | Buy | Target Price: ₹4,280 | Target Price: ₹3,910
BSE share price has bounced up from its 20 DEMA support zones after forming a bullish bodied bullish candle. It has negated its lower lows formation of the last five sessions and is now forming higher highs. The Stochastic indicator is confirming the bullish momentum, Taparia said.
He recommends buying BSE shares for a target price of ₹4,280 apiece, while maintaining a stop loss at ₹3,910 level.
Laurus Labs | Buy | Target Price: ₹1,510 | Stop Loss: ₹1,385
Laurus Labs share price is in a strong uptrend and trading in its all-time high zone. The stock has given a fresh consolidation breakout on the daily chart indicating continuation of the ongoing bullish momentum.
Taparia has a ‘Buy’ call on Laurus Labs shares, with a target price of ₹1,510 apiece, and a stop loss of ₹1,385.
Exide Industries | Buy | Target Price: ₹425 | Stop Loss: ₹390
Exide Industries share price has formed a strong base around the ₹350 zone and is now making a series of higher highs and higher lows on the daily chart. A decisive move above the ₹410 zones can trigger the next leg of the upmove and open the door for further upside momentum, Taparia said.
He suggests buying Exide Industries shares for a target price of ₹425 apiece, and keeping a stop loss at ₹390 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.
