The Indian stock market is expected to see a strong opening on Friday, following upbeat global market cues on hopes of a US-Iran peace deal. The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark indices, Nifty 50 and Sensex today.
The Gift Nifty was trading around 23,460 level, a premium of nearly 260 points from the Nifty futures’ previous close.
The domestic equity indices ended lower in the previous session, with the benchmark Nifty 50 closing below 23,200 level.
The Sensex dropped 150.63 points, or 0.20%, to close at 73,832.55, while the Nifty 50 settled 53.35 points, or 0.23%, lower at 23,161.60.
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 24,000 then 23,200 strike, while maximum Put OI is at 23,000 then 23,200 strike.
“Call writing is seen at 23,200 then 23,600 strike, while Put writing is seen at 23,100 then 23,000 strike. Options data suggests a broader trading range in between 22,800 to 23,600 zones, while an immediate range between 23,000 to 23,400 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 index formed an inverted hammer sort of a candle on the daily frame with a longer upper shadow, indicating follow up is missing at higher zones.
“Now, Nifty 50 has to cross and hold above 23,200 for an up move towards 23,450 then 23,600 zones, while support can be seen at 23,100 then 23,000 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index gained 76.45 points, or 0.14%, to close at 55,176.75 on Thursday, forming a bullish candle on daily scale as buying interest is visible at lower levels and it relatively outperformed the benchmark index.
“Now, Bank Nifty index has to hold above 55,000 levels for an up move towards 55,500 then 55,750 zones, while on the downside, support is seen at 54,750 then 54,500 levels,” said Taparia.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 12 June 2026. Taparia recommends buying Torrent Pharmaceuticals, Kotak Mahindra Bank and Grasim Industries shares.
Torrent Pharmaceuticals | Buy | Target Price: ₹4,850 | Stop Loss: ₹4,430
Torrent Pharma share price is in an overall uptrend and is respecting its 100 DEMA support zones with slight dips being bought into. It has formed a strong bodied bullish candle with higher than average traded volumes. The MACD indicator is giving a bullish crossover to confirm the positive momentum, Taparia said.
He recommends buying Torrent Pharmaceuticals shares for a target price of ₹4,850 apiece, while maintaining a stop loss at ₹4,430 level.
Kotak Mahindra Bank | Buy | Target Price: ₹415 | Stop Loss: ₹382
Kotak Mahindra Bank share price has broken out from a consolidation zone and surpassed above its 100 DEMA. The Stochastic indicator has exited its oversold zones and headed up confirming the bullish momentum.
Taparia suggests buying Kotak Mahindra Bank shares for a target price of ₹415 apiece, and keeping a stop loss of ₹382.
Grasim Industries | Buy | Target Price: ₹3,275 | Stop Loss: ₹3,000
Grasim Industries share price is retesting its breakout on daily scale and taking support at its 20 DEMA zones. The up moves are supported with high traded volumes to confirm the bullish sentiment. The RSI momentum indicator is rising to support the bullish price action, Taparia said.
He has a ‘Buy’ call on the stock, with Grasim share price target of ₹3,275 and a stop loss of ₹3,000.
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.
