The Indian stock market is expected to a muted start on Friday as investor sentiment remain mixed globally. The trends on Gift Nifty also signal a tepid start for Nifty 50 and Sensex today.
In the previous session, the domestic equity market ended higher, snapping its three-session losing streak, on signs of easing global geopolitical tensions.
On Thursday, the Sensex rose 397.74 points, or 0.49%, to close at 82,307.37, while the Nifty 50 settled 132.40 points, or 0.53%, higher at 25,289.90.
On the Nifty 50 options front, Chandan Taparia Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services believes that the maximum Call Open Interest (OI) is at 25,500 then 25,400 strike while maximum Put OI is at 25,000 then 25,200 strike.
“Call writing is seen at 25,400 then 25,600 strike while Put writing is seen at 25,300 then 25,200 strike. Option data suggests a broader trading range in between 24,800 to 25,800 zones, while an immediate range between 25,100 to 25,500 levels.
Nifty 50 Outlook
Nifty 50 formed a doji sort of a candle on the daily frame to close with gains of around 130 points and broke its lower highs – lower lows formation of the last three sessions.
“Now, Nifty 50 has to hold above 25,200 zones for a bounce towards 25,450 then 25,600 zones while supports are placed at 25,150 then 25,000 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index ended 399.80 points, or 0.68%, higher at 59,200.10 on Thursday, forming a Doji pattern on the daily scale with long upper and lower shadow as buying interest is visible at lower zones but multiple hurdles are intact at higher levels.
“Now, Bank Nifty has to cross and hold above 59,250 zones for a bounce towards 59,500 then 59,750 levels, while a hold below the same could see weakness towards 59,000 then 58,750 zones,” said Taparia.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 23 January 2026. Taparia recommends buying Ashok Leyland, Bharat Electronics (BEL) and APL Apollo Tubes shares.
Ashok Leyland | Buy | Target price: ₹204 | Stop Loss: ₹183
Ashok Leyland share price has formed a bullish “Pole & Flag” pattern on the daily chart suggesting a continuation of the uptrend. It is respecting its 20 DEMA with slight dips being bought into. The ADX line is rising which confirms the strength of the uptrend, Taparia said.
He recommends buying Ashok Leyland shares for a target price of ₹204 apiece, with a stop loss at ₹183 level.
BEL | Buy | Target Price: ₹447 | Stop Loss: ₹402
BEL share price has bounced up from its 100 DEMA support zones after forming a “Hammer” candlestick pattern. The RSI indicator is on the verge of giving a positive crossover which will confirm the up move.
Taparia has a ‘Buy’ call on the stock, with BEL share price target of ₹447 apiece, and a stop loss at ₹402 level.
APL Apollo Tubes | Buy | Target Price: ₹2,110 | Stop Loss: ₹1,925
APL Apollo Tubes share price has given a range breakout at its “All Time High” zones with a strong bodied bullish candle. The MACD indicator is rising which confirms the upwards momentum.
He suggests buying APL Apollo Tubes shares for a target price of ₹2,110, while keeping a stop loss of ₹1,925 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.
