The Indian stock market is likely to remain volatile on Monday as investor sentiment remains weak on rising crude oil prices amid the escalating US-Iran war in the Middle East.
In the previous session, the Indian stock market staged a solid recovery from day’s low and ended higher, with the benchmark Nifty 50 closing above 22,700 level.
The Sensex ended 185.23 points, or 0.25%, higher at 73,319.55, while the Nifty 50 settled up 33.70 points, or 0.15%, at 22,713.10.
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 23,000 strike, while maximum Put OI is at 22,000 then 22,200 strike.
“Call writing is seen at 23,000 then 23,200 strike, while Put writing is seen at 22,000 then 22,300 strike. Option data suggests a broader trading range in between 22,200 to 23,500 zones, while an immediate range between 22,500 to 23,100 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 index formed a bullish candle on the daily frame with a longer lower shadow, indicating buying at support levels.
“Nifty 50 formed a small-bodied bullish candle on the weekly frame but is still making lower highs from the last seven weeks. Now, it has to hold above 22,650 zones for a bounce towards 22,950 then 23,150 zones, while support can be seen at 22,500 then 22,350 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index formed a small bullish candle on daily scale as buying interest is visible at lower levels but multiple hurdles are intact at higher zones.
“On the weekly scale, Bank Nifty index formed a Doji candle with long shadows as buying is seen at lower zones but selling pressure is intact at higher levels. Now, it has to hold above 51,250 zones for a bounce towards 52,000 then 52,500 zones, while a hold below the same could see some weakness towards 50,750 then 50,500 levels,” said Taparia.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 6 April 2026. Taparia recommends buying Tech Mahindra, Adani Power and Marico shares.
Tech Mahindra | Buy | Target Price: ₹1,530 | Stop Loss: ₹1,395
Tech Mahindra share price has formed a “Rounding Bottom” pattern in the daily chart suggesting an up move. It has managed to close above its 20 DEMA zones. The RSI Indicator is rising to confirm the up move, said Taparia.
He recommends buying Tech Mahindra shares for a target price of ₹1,530 apiece, while maintaining a stop loss at ₹1,395 level.
Adani Power | Buy | Target Price: ₹170 | Stop Loss: ₹155
Adani Power share price has broken out from a consolidation zone on the daily chart with a strong bodied bullish candle and high traded volumes. The MACD line is rising which confirms the up move.
Taparia has a ‘Buy’ call on the stock and Adani Power share price target of ₹170 apiece, and a stop loss of ₹155.
Marico | Buy | Target Price: ₹805 | Stop Loss: ₹740
Marico share price bounced up from its major support zones with a massive bullish candle and a surge in traded volumes. The Stochastic indicator has exited its oversold zones.
Taparia suggests buying Marico shares for a target price of ₹805 apiece, while keeping a stop loss at ₹740 level.
