The Indian stock market is expected to open lower on Tuesday, amid mixed cues from global markets and cautiousness over the escalating US-Iran war in the Middle East. The trends on Gift Nifty also indicate a weak start for the Indian benchmark indices, Nifty 50 and Sensex today.
The Gift Nifty was trading around 24,168 level, a discount of nearly 91 points from the Nifty futures’ previous close.
The domestic equity indices ended lower in the previous session, with the benchmark Nifty 50 closing below 24,300 level.
The Sensex plunged 442.93 points, or 0.57%, to close at 77,708.52, while the Nifty 50 settled 95.80 points, or 0.39%, lower at 24,238.50.
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 24,300 then 24,500 strike, while maximum Put OI is at 24,200 then 24,100 strike.
“Call writing is seen at 24,250 then 24,300 strike, while Put writing is seen at 24,200 then 24,150 strike. Option data suggests a broader trading range in between 23,700 to 24,700 zones, while an immediate range between 24,000 to 24,500 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 index formed an inside bar along with a bullish spinning top candle on the daily timeframe.
“Now, Nifty 50 index has to cross and hold above 24,250 for an up move towards 24,400 then 24,500 zones, while support can be seen at 24,100 and 24,000 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index declined 576.40 points, or 0.98%, to end at 57,945.00 on Monday, and formed a small-bodied candle on daily scale as buying is visible at the lower levels but momentum is missing at higher zones.
“Now, the Bank Nifty index has to cross and hold above 58,000 zones for a bounce towards 58,500 then 58,750 levels, while on the downside, support is seen at 57,750 then 57,500 zones,” said Taparia.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 21 July 2026. Taparia recommends buying Manappuram Finance, State Bank of India (SBI), and Bharat Forge shares.
Manappuram Finance | Buy | Target Price: ₹357 | Stop Loss: ₹326
Manappuram Finance share price has negated the lower low formation of the last six sessions and formed a strong bullish candle indicating a strength of buyers. The stock is holding its 50 DEMA and witnessing a healthy bounce from support levels. Additionally, the RSI has given a bullish crossover which shows bullish momentum to continue towards an all time high level of ₹350 zones, Taparia said.
He recommends buying Manappuram Finance shares for a target price of ₹357 apiece, while maintaining a stop loss at ₹326 level.
SBI | Buy | Target Price: ₹1,120 | Stop Loss: ₹1,025
SBI share price has been forming higher highs over the last few sessions and is now giving a pole and flag breakout on the daily chart. SBI stock price is trading above all its short term moving averages, reflecting underlying strength, Taparia added. With buying interest visible across PSU banks, he believes SBI shares look poised to extend its upward momentum.
Taparia has a ‘Buy’ call on the stock, with SBI share price target of ₹1,120 and stop loss of ₹1,025.
Bharat Forge | Buy | Target Price: ₹2,340 | Stop Loss: ₹2,140
Bharat Forge share price has delivered a consolidation breakout above the ₹2,170 zone and is holding firmly above the same indicating sustained strength. The stock is trading in all-time high territory and looks poised to surpass its previous high near ₹2,240. Additionally, momentum indicators remain positively placed supporting the ongoing bullish trend, said Taparia.
He suggests buying Bharat Forge shares for a target price of ₹2,340 apiece, while keeping a stop loss at ₹2,140 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.
