The Indian stock market is expected to open flat on Tuesday, 4 August tracking mixed global cues. The trends on Gift Nifty also indicate a muted start for the Indian benchmark indices, Nifty 50 and Sensex today.
The Gift Nifty was trading around 24,640.5 level, a discount of nearly 9 points from the Nifty futures’ previous close.
The domestic equity indices ended higher in the previous session, extending gains for the fourth consecutive session.
The Sensex rallied 544.39 points, or 0.70%, to close at 78,639.03, while the Nifty 50 settled 390.70 points, or 1.60%, higher at 24,774.30.
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 24,600 then 24,700 strike, while the maximum Put OI is at 24,500 then 24,600 strike.
“Call writing is seen at 24,600 then 24,650 strike, while Put writing is seen at 24,600 then 24,500 strike. Option data suggests a broader trading range in between 24,100 to 25,000 zones, while an immediate range between 24,400 to 24,900 levels,” said Taparia.
Nifty 50 Outlook
The Nifty 50 index formed a strong bullish candle on the daily frame and has been making higher highs and higher lows over the last seven trading sessions.
“Now, Nifty 50 has to hold above 24,600 zones for an up move towards 24,800, then 25,000 zones, while support can be seen at 24,500, then 24,400 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index formed a bullish candle on the daily scale with an upper shadow indicating some resistance at higher levels.
“Now, Bank Nifty index has to hold above 57,000 zones for an up move towards 58,500 and then 58,750 levels, while supports are shifting higher to 57,750 then 57,500 zones,” he added.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 4 August 2026. Taparia recommends buying Shriram Finance, Info Edge (India) and One 97 Communications (Paytm) shares.
Shriram Finance | Buy | Target Price: ₹1,150 | Stop Loss: ₹1,060
Shriram Finance stock price is in an overall uptrend and gave a trendline breakout on the daily chart. It is in an overall uptrend and formed a strong bullish candle on the daily scale. Mechanical indicator RSI is positively placed, Taparia said.
He recommends buying Shriram Finance shares for a target price of ₹1,150 apiece, while maintaining a stop-loss at ₹1,060 level.
Info Edge (India) | Buy | Target Price: ₹1,345 | Stop Loss: ₹1,230
Info Edge share price has formed a strong base around the ₹1,150 zone and is witnessing a rebound from its 20 DEMA, indicating buying interest at lower levels. It has formed a bullish Marubozu candle with notable volumes, while the RSI has given a bullish crossover supporting the positive momentum.
Taparia suggests buying Info Edge shares for a target price of ₹1,345 and keeping a stop-loss of ₹1,230.
Paytm | Buy | Target Price: ₹1,480 | Stop Loss: ₹1,370
Paytm share price has given a rounding bottom breakout near the ₹1,400 zone and is holding well above the breakout level, indicating sustained strength. It has been forming higher highs on the daily chart over the last few sessions. Paytm stock price is also trading above its short-term moving averages, reinforcing the bullish outlook, said Taparia.
He has a ‘Buy’ call on the stock, with Paytm share price target of ₹1,480, and a stop-loss of ₹1,370.
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.
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