The Indian stock market is expected to open lower on Tuesday amid mixed global cues. The trends on Gift Nifty also signal a weak start for the benchmark indices, Nifty 50 and Sensex today.
The domestic equity market ended higher on Monday, with the benchmark Nifty 50 closing above 25,600 level.
The Sensex surged 650.39 points, or 0.79%, to close at 83,277.15, while the Nifty 50 closed 211.65 points, or 0.83%, higher at 25,682.75.
On the Nifty options front, Chandan Taparia, Head – Derivatives and Technicals, Wealth Management, MOFSL said that the maximum Call Open Interest (OI) is at 26,000 then 25,700 strike, while maximum Put OI is at 25,500 then 25,600 strike.
“Call writing is seen at 25,700 then 25,750 strike, while Put writing is seen at 25,500 then 25,600 strike. Option data suggests a broader trading range in between 25,300 to 26,200 zones while an immediate range between 25,500 to 25,900 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 formed a bullish engulfing candle on the daily frame and negated its lower top – lower bottom formation of the last two sessions.
“Now, Nifty 50 has to hold above 25,600 zones for an upside move towards 25,800 then 25,950 zones, while supports are placed at 25,500 then 25,400 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index rallied 762.45 points, or 1.27%, to end at 60,949.10 on Monday, forming a bullish engulfing pattern on the daily scale as good buying interest was visible at lower levels.
“The rate sensitive index relatively outperformed the benchmark index and is now on the verge of giving a range breakout above 60,900 zones on the daily scale. Now, Bank Nifty index has to hold above 60,750 zones for an up move towards 61,500 then 61,750 levels, while on the downside, support is seen at 60,750 then 60,500 zones,” said Taparia.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 17 February 2026. Taparia recommends buying Union Bank of India, HDFC Asset Management Company and Power Grid Corporation of India shares.
Union Bank of India | Buy | Target Price: ₹200 | Stop Loss: ₹175
Union Bank of India share price has formed a bullish “Pennant” pattern on the daily chart suggesting a continuation of the uptrend. It is respecting its 20 DEMA support zones with slight dips being bought into. The ADX line is rising which confirms the strength of the uptrend, said Taparia.
He recommends buying Union Bank of India shares for a target price of ₹200 apiece, while maintaining a stop loss of ₹175.
HDFC AMC | Buy | Target Price: ₹3,000 | Stop Loss: ₹2,750
HDFC AMC share price has given a trendline breakout on the daily chart and is respecting its 5 DEMA suggesting a strong uptrend. The MACD indicator is rising to confirm the up move.
Taparia suggests buying HDFC AMC shares for a target price of ₹3,000 apiece, and keeping a stop loss at ₹2,750 level.
Power Grid Corporation of India | Buy | Target Price: ₹320 | Stop Loss: ₹290
Power Grid Corporation share price has broken out from a consolidation zone on the daily chart with a strong bodied bullish candle and high traded volumes. The RSI indicator is rising which confirms the uptrend, said Taparia.
He has a ‘Buy’ call on Power Grid Corporation of India shares with a target price of ₹320, and a stop loss of ₹290.
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.
