The Indian stock market is likely to extend losses and open lower on Tuesday, following weak global market cues. The trends on Gift Nifty also indicates a tepid start for the benchmark indices, Sensex and Nifty 50.
On Monday, the equity market ended with significant losses for the third consecutive session, with the benchmark Nifty 50 closing below 24,700 level.
The Sensex declined 572.07 points, or 0.70%, to close at 80,891.02, while the Nifty 50 ended 156.10 points, or 0.63%, lower at 24,680.90.
On the Nifty options front, Chandan Taparia, Head – Derivatives and Technicals, Wealth Management, MOFSL said that the maximum Call OI (Open Interest) is at 24,800 then 25,000 strike, while maximum Put OI is at 24,500 then 24,700 strike.
“Call writing is seen at 24,800 then 24,700 strike, while Put writing is seen at 24,600 then 24,650 strike. Option data suggests a broader trading range in between 24,200 to 25,200 zones, while an immediate range between 24,400 to 24,900 levels,” Taparia said.
Nifty 50 Outlook
Nifty 50 index formed a bearish candle with a long upper shadow on the daily chart, highlighting the dominance of bears at higher levels, and closed the session with losses of around 150 points.
“Nifty 50 index is now forming a pattern of lower highs and lower lows for the last three sessions, indicating a short term downtrend. Now, till it holds below 24,800 zones, weakness could be seen towards 24,550 then 24,442 zones, while resistances are seen shifting lower at 24,800 then 25,000 zones,” Taparia said.
Bank Nifty Outlook
Bank Nifty index formed a small bearish candle on the daily scale with a long upper shadow as selling pressure is seen at higher zones. Now, till the Bank Nifty index holds below 56,250 zones some weakness could be seen towards 55,750 then 55,555 levels, while on the upside hurdle is seen at 56,250 then 56,500 zones.
Stocks to buy today
Chandan Taparia has recommended three stocks to buy today, 29 July 2025. Taparia recommends buying Piramal Enterprises, UPL and Amber Enterprises India shares today.
Piramal Enterprises | Buy | Target Price: ₹1,370 | Stop Loss: ₹1,260
Piramal Enterprises share price remains in a strong uptrend, consistently respecting its 20-day EMA. It is currently poised for a potential Pole & Pennant breakout on the daily chart. Volume action supports the bullish bias, with higher volumes during upswings and lighter volumes on pullbacks. Additionally, the MACD is positively placed, further reinforcing the positive momentum, Taparia said.
He recommends buying Piramal Enterprises shares for a target price of ₹1,370 apiece, while maintaining a stop loss at ₹1,260 level.
UPL | Buy | Target Price: ₹780 | Stop Loss: ₹705
UPL share price has given a Flag breakout on the daily chart and is sustaining well above the breakout zone. It has formed a bullish candle on the daily scale with noticeable volumes, indicating strong buying interest. The rising ADX line confirms strength in the ongoing uptrend, while the base formation is gradually shifting higher, said Taparia.
He suggests buying UPL shares for a target price of ₹780 with a stop loss at ₹705 level.
Amber Enterprises | Buy | Target Price: ₹7,850 | Stop Loss: ₹7,270
After four consecutive sessions of weakness, Amber Enterprises share price has invalidated its lower highs–lower lows structure and rebounded smartly. It has formed a bullish Marubozu candle on the daily chart, indicating strong conviction and clear dominance by the bulls. Moreover, the RSI is on the verge of a bullish crossover, hinting at a potential continuation of upward momentum in the near term.
Taparia has ‘Buy’ call on the stock, with Amber Enterprises share price target of ₹7,850 apiece, and suggests keeping a stop loss at ₹7,270 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.
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