The Indian stock market is expected to open gap-down on Friday, 7 August, amid a spike in crude oil prices. The Gift Nifty trends also indicate a weak start for the Indian benchmark indices, Nifty 50 and Sensex, today.
The Gift Nifty was trading around 24,646 level, a discount of nearly 93.4 points from the Nifty futures’ previous close.
The domestic equity indices ended higher in the previous session, with the benchmark Nifty 50 closing above 24,600 level.
The Sensex gained 373.76 points, or 0.48%, to close at 78,954.76, while the Nifty 50 settled 11.35 points, or 0.05%, higher at 24,636.00.
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 24,700 then 25,000 strike, while the maximum Put OI is at 24,600 then 24,000 strike.
“Call writing is seen at 24,700 then 24,900 strike, while Put writing is seen at 24,600 then 24,650 strike. Option data suggests a broader trading range between 24,100 and 25,100 zones, while an immediate range between 24,400 and 24,900 levels,” said Taparia.
Nifty 50 Outlook
The Nifty 50 index formed an inside bar on the daily frame and has been stuck in a range bound from the last four trading sessions, indicating indecisiveness at higher levels.
“Now, Nifty 50 has to hold above 24,600 zones for an up move towards 24,800, then 24,950 zones, while support can be seen at 24,500, then 24,400 zones,” said Taparia
Bank Nifty Outlook
Bank Nifty index ended 323.70 points, or 0.56%, higher at 58,063.65 on Thursday, forming a small bullish candle on the daily scale as buying interest was visible at lower levels, and is taking support near its 20 DEMA.
“The Bank Nifty index has to hold above 58,000 zones for an up move towards 58,500, then 58,750 levels, while on the downside, support is seen at 57,750, then 57,500 levels,” the MOFSL analyst added.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 7 August 2026. Taparia recommends buying Union Bank of India, AU Small Finance Bank and KEI Industries shares.
Union Bank of India | Buy | Target Price: ₹194 | Stop Loss: ₹177
Union Bank of India share price has given a falling trendline breakout on the daily timeframe and has come out of a three-month consolidation phase, indicating a potential trend reversal. It is sustaining above the breakout level while RSI has moved above the 60 mark, reflecting strengthening bullish momentum. A sharp surge in volumes further confirms strong buying interest and adds conviction to the positive outlook, said Taparia.
He recommends buying Union Bank of India shares for a target price of ₹194 apiece, while maintaining a stop-loss at ₹177 level.
AU Small Finance Bank | Buy | Target Price: ₹1,155 | Stop Loss: ₹1,055
AU Small Finance Bank stock price is on the verge of an ascending triangle breakout, indicating the potential for a strong upward move. It has witnessed a significant surge in volumes while the MACD has given a positive crossover, reflecting strengthening bullish momentum. A decisive breakout above the pattern could trigger fresh buying interest and extend the ongoing uptrend.
Taparia suggests buying AU Small Finance Bank shares for a target price of ₹1,155, and keeping a stop-loss of ₹1,055.
KEI Industries | Buy | Target Price: ₹5,930 | Stop Loss: ₹5,425
KEI Industries share price has given a trendline reversal on the weekly chart and has rebounded strongly after retesting the breakout level, indicating fresh buying interest. It is trading above all its major DEMA levels while volumes have surged significantly over the past few sessions. A positive MACD crossover further strengthens the bullish momentum and supports the positive outlook. Taparia added.
He has a ‘Buy’ call on the stock, with KEI Industries share price target of ₹5,930, and a stop-loss of ₹5,425.
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.
