1 week Ago
Stock Market Today: The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open higher on Tuesday, tracking positive global cues, amid a rebound from slump in the previous session. On Monday, the Sensex and Nifty 50 crashed, witnessing its biggest single-day fall in 10 months, amid fears over the economic fallout of global trade war triggered by US President Donald Trump’s tariff policies. The Sensex cracked 2,226.
79 points, or 2.95%, to close at 73,137.90, while the Nifty 50 settled 742.
85 points, or 3.24%, lower at 22,161.60.
On Nifty options front, Chandan Taparia, Head – Derivatives and Technicals, Wealth Management, MOFSL, said that the Maximum Call OI (Open Interest) is at 23,000 then 23,500 strike while Maximum Put OI is at 22,000 then 21,500 strike. “Call writing is seen at 22,000 then 22,500 strike while Put writing is seen at 21,800 then 21,500 strike. Option data suggests a broader trading range in between 21,600 to 22,800 zones while an immediate range between 21,900 to 22,500 levels,” Taparia said.
Nifty 50 Outlook Nifty 50 formed a bullish candle on the daily frame but has been making lower highs from the last five sessions. Now, till it holds below 22,222 zones, weakness could be seen towards 21,900 then 21,750 zones whereas resistances have shifted lower to 22,350 then 22,500 zones, Taparia said. Bank Nifty Outlook Bank Nifty index formed a small bullish candle on daily scale but with a long upper shadow as selling pressure is intact at higher zones to finally close with losses of around 1,640 points on Monday.
The Bank Nifty index has failed to hold above its 200 DEMA and gave a range breakdown on daily scale. Now, till it holds below 50,250 zones some weakness could be seen towards 49,500 then 49,000 zones while on the upside hurdle is seen at 50,250 then 50,500 levels, Taparia added. Chandan Taparia has recommended two stocks to buy today, April 8, and one stock to sell.
Taparia recommends buying Marico shares and InterGlobe Aviation shares today. On the other hand, he recommends selling Granules India stock futures. Stocks to buy or sell Marico | Buy | Target Price: ₹ 692 | Stop Loss: ₹ 647 Marico share price has formed a rounding bottom pattern on the daily chart with higher than average traded volumes.
It is holding gains despite broader market weakness which may support the up move. The RSI indicator is rising confirming the positive momentum, Taparia said. He recommends buying Marico shares for a target price of ₹ 692, while keeping a stop loss at ₹ 647.
InterGlobe Aviation (IndiGo) | Buy | Target Price: ₹ 5,285 | Stop Loss: ₹ 4,865 IndiGo share price has retested its breakout from a consolidation zone on the daily chart and has taken support at the 50 DEMA. The ADX line is rising which confirms the strength of the bullish trend. Taparia recommends buying IndiGo shares for a target of ₹ 5,285, suggesting a stop loss of ₹ 4,865.
Granules India | Sell | Target Price: ₹ 412 | Stop Loss: ₹ 454 Granules share price is in an overall downtrend and is respecting its 20 DEMA hurdle zones. The MACD indicator has given a bearish crossover which confirms the downward momentum, the MOFSL analyst said. Taparia recommends selling Granules India 24th April Futures for a target price of ₹ 412, keeping a stop loss at ₹ 454 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..
