The Indian stock market is expected to open lower on Tuesday, following weak global market cues, after the US President Donald Trump announced steep tariffs on 14 countries, effective August 1. The trends on Gift Nifty also signal a weak opening for Sensex and Nifty 50.
On Monday, the domestic equity market ended flat. The Sensex gained 9.61 points, or 0.01%, to close at 83,442.50, while the Nifty 50 settled 0.30 points higher at 25,461.30.
On the Nifty options front, Chandan Taparia, Head – Derivatives and Technicals, Wealth Management, MOFSL, said that the maximum Call OI (Open Interest) is at 25,500 then 26,000 strike, while maximum Put OI is at 25,400 then 25,300 strike.
“Call writing is seen at 25,500 then 25,600 strike, while Put writing is seen at 25,400 then 25,300 strike. Option data suggests a broader trading range in between 25,000 to 26,000 zones, while an immediate range between 25,300 to 25,700 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 formed a small bodied candle on daily frame but negated its lower highs formation of the last two sessions. Now, the index has to cross and hold above 25,500 zones, for an up move towards 25,650 and then 25,800, else weakness can be seen towards 25,350 then 25,222 zones, according to Taparia.
Bank Nifty Outlook
Bank Nifty index formed a Doji kind of pattern on daily scale as momentum is missing at higher zones but multiple supports are intact at lower levels.
“Bank Nifty index negated the formation of lower highs on daily scale after three sessions and is hovering near its 10 DEMA. Now, it needs to cross and hold above 57,000 zones for a bounce towards 57,250 then 57,500 zones, while a hold below the same could see some weakness towards 56,750 then 56,500 levels,” Taparia said.
Chandan Taparia has recommended three stocks to buy today, 8 July 2025. Taparia recommends buying CESC, Delhivery and Cummins India shares today.
Stocks to buy
CESC | Buy | Target Price: ₹196 | Stop Loss: ₹173
CESC share price is in an overall uptrend and is respecting its 20 DEMA with slight dips being bought into. Higher than average traded volumes are visible with the MACD indicator giving a bullish crossover to support the upwards momentum, Taparia said.
He recommends buying CESC shares for a target price of ₹196, while suggesting a stop loss at ₹173 level.
Delhivery | Buy | Target Price: ₹425 | Stop Loss: ₹381
Delhivery share price has formed a bullish “Pole & Flag” pattern on the daily chart suggesting a continuation of the uptrend. The ADX line is rising which confirms the strength of the bullish trend, said the MOFSL analyst.
He has a ‘buy’ call on Delhivery shares, with a target price of ₹425 apiece, and a stop loss at ₹381 level.
Cummins India | Buy | Target Price: ₹3,660 | Stop Loss: ₹3,335
Cummins share price has broken out of a cup and handle pattern on the daily chart with a large bodied bullish candle. The RSI indicator is rising which confirms the positive momentum, said Taparia.
He recommends buying Cummins shares for a target price of ₹3,660, while maintaining a stop loss at ₹3,335 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.
