The Indian stock market traded higher on Tuesday, following a rally in global markets, after US President Donald Trump hinted that the US-Iran war in the Middle East could be nearing an end. However, sentiment still remains cautious amid elevated crude oil prices and fears of the conflict widening.
The benchmark indices rallied over half a percent each, recouping some of the severe losses of the previous session. The BSE Sensex was up 356.03 points, or 0.46%, at 77,922.19, while the Nifty 50 gained 103.55 points, or 0.43%, to trade at 24,131.60.
In the previous session, the Indian stock market crashed, as escalating US-Iran war and a steep surge in crude oil prices spooked investors globally.
The Sensex tumbled 1,352.74 points, or 1.71%, to close at 77,566.16, while the Nifty 50 settled 422.40 points, or 1.73%, lower at 24,028.05.
On the Nifty options front, Chandan Taparia Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services said that the maximum Call Open Interest (OI) is at 24,500 then 24,000 strike, while maximum Put OI is at 23,500 then 23,800 strike.
“Call writing is seen at 24,500 then 24,200 strike, while Put writing is seen at 24,800 then 24,700 strike. Option data suggests a broader trading range in between 23,500 to 24,500 zones, while an immediate range between 23,800 to 24,300 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 index formed a bullish candle with a lower shadow on the daily chart, indicating some buying support at lower levels. However, follow up buying remained absent and selling pressure continued to emerge on every bounce.
“Nifty 50 index is forming a sequence of lower lows over the last few sessions highlighting sustained weakness. Now, till it holds below 24,200 zones, weakness could be seen towards 23,700 then 23,500 zones, while hurdles have shifted lower to 24,200 then 24,400 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index was trading higher by 524.90 points, or 0.94%, at 56,544.70. The index slumped 3.05% in the previous session, forming a small bearish candle on daily scale as selling pressure is seen at higher zones and closes below its 200 DEMA.
“Now, till Bank Nifty index holds below 56,250 zones weakness could be seen towards 55,500 then 55,250 zones, while on the upside, hurdle is seen at 56,250 then 56,500 levels,” said Taparia.
Stocks to buy or sell
Chandan Taparia has recommended two stocks to buy today, 10 March 2026, and one stock to sell. Taparia recommends buying Torrent Pharmaceuticals and Multi Commodity Exchange of India (MCX) shares today. On the other hand, he suggests selling Maruti Suzuki India stock futures.
Torrent Pharmaceuticals | Buy | Target Price: ₹4,650 | Stop Loss: ₹4,235
Torrent Pharmaceuticals share price is in an overall uptrend and is respecting its 20 DEMA support zones with slight dips being bought into. The ADX line is rising which confirms the bullish trend, Taparia said.
He recommends buying Torrent Pharmaceuticals shares for a target price of ₹4,650 apiece, while maintaining a stop loss at ₹4,235 level.
MCX | Buy | Target Price: ₹2,760 | Stop Loss: ₹2,500
MCX share price has bounced up from its 500 DEMA support zones and headed up and formed a strong bullish candle. The RSI momentum indicator is positively placed which has bullish implications.
Taparia has a ‘Buy’ call on MCX share price, with a target price of ₹2,760, and a stop loss of ₹2,500.
Maruti Suzuki | Sell | Target Price: ₹12,740 | Stop Loss: ₹13,950
Maruti Suzuki share price has given a range breakdown on the daily chart with a strong bodied bearish candle. The MACD line is declining to confirm the declining sentiment, Taparia said.
He suggests selling Maruti Suzuki 30th March Futures for a target price of ₹12,740, and keeping a stop loss at ₹13,950 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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