The Indian stock market is expected to open flat on Friday, 21 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 24,326.5 level, a premium of nearly 34 points from the Nifty futures’ previous close.
The domestic equity indices ended positive snapping its seven-day losing streak in the previous session, with the benchmark Nifty 50 closing above 24,200 level.
The Sensex gained 628.04 points, or 0.82%, to close at 77,537.72 , while the Nifty 50 settled 153.55 points, or 0.64 %, lower at 24,231.85.
On the Nifty options front, Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd, said that the maximum call OI is at 24,500 then 24,300 strike while maximum put OI is at 24,200 then 24,000 strike.
“Call writing is seen at 24,250 then 24350 strike while Put writing is seen at 24,200 then 24,250 strike. Option data suggests a broader trading range in between 23,800 to 24,700 zones while an immediate range between 24,000 to 24,500 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 index opened with a gap up of around 150 points and sustained at higher levels for the entire session reclaiming the 50 ema support amidst sideways to positive trend and broke the thirteen day streaks of lower highs. It formed a small bodied bullish candle on the daily frame and closed session above 24,200 with gains of 150 points.
“Now it has to hold above 24200 zones then upside could be seen towards 24,350 then 24,450 zones while support can be seen at 24,100 then 24,000 zones,” said Taparia
Bank Nifty Outlook
The Bank Nifty index opened gap-up near the 57,500 zone and extended momentum towards the 57,700 level in the first half of the session. However, it failed to hold above higher zones and gradually drifted towards the 57,450 level in the latter part of the session.
“It formed a small-bodied candle with a long upper shadow as momentum is missing at higher zones, but it negated the formation of lower highs after three sessions as some buying interest is visible at lower levels. Now it has to hold above 57500 zones for a bounce towards 57,750 then 58,250 levels while on the downside support is seen at 57,250 then 57,000 zones,” the MOFSL analyst added.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 7 August 2026. Taparia recommends buying Dixon Technologies (India), Glenmark Pharmaceuticals, and Eternal shares.
Dixon Technologies | Buy | Target Price: ₹15,500 | Stop Loss: ₹14,450
Dixon Technologies share price has given a pole and flag breakout and is sustaining above the breakout zone indicating strength. It continues to form higher highs while holding above its short-term moving averages, supporting the bullish setup.
Glenmark Pharmaceuticals | Buy | Target Price: ₹2,470 | Stop Loss: ₹2,260
Glenmark Pharmaceuticals share price has retested the falling supply trendline breakout and formed a bullish Marubozu candle. Sustaining above 2,350 can trigger further strong momentum with momentum indicators positively placed.
Eternal | Buy | Target Price: ₹345 | Stop Loss: ₹317
Eternal share price has formed a bullish candle and given a fresh breakout with noticeable volumes, indicating strong buying interest. RSI has also given a bullish crossover, supporting the positive momentum. The broader momentum in new-age stocks further adds to the bullish setup.
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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