The domestic benchmark indices opened higher on Friday, 4 September, snapping a four-session losing streak, as easing expectations of a US Federal Reserve rate hike later this month lifted global markets and pushed bond yields lower.
Market sentiment improved after Federal Reserve Governor Christopher Waller said on Thursday that he would support keeping interest rates unchanged at the upcoming policy meeting if incoming data confirms that inflationary pressures are moderating.
According to CME FedWatch, the probability of a rate hike at the Fed’s mid-September meeting fell to around 50%, from nearly 63% in the previous session.
At 9:17 IST, the Nifty 50 was trading 0.23% higher at 23,927.1, while the BSE Sensex gained 0.66% to 76,652.19.
In the previous trading session, Indian equity benchmarks ended lower, with the Nifty 50 slipping below the 23,900 mark.
The Sensex declined 417.49 points, or 0.55%, to settle at 76,152.86, while the Nifty 50 fell 41 points, or 0.17%, to close at 23,873.45.
On the Nifty options front, Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd, said that themaximum call OI is at 24,000 then 24,100 strike, while maximum put OI is at 23,500 then 24,000 strike.
“Call writing is seen at 24,000 then 23,950 strike while Put writing is seen at 24,000 then 23,900 strike. Option data suggests a broader trading range in between 23,400 to 24,300 zones while an immediate range between 23,600 to 24,100 levels,” said Taparia.
Nifty 50 Outlook
The Nifty 50 index opened on a positive note and remained within a narrow 100-point range throughout the trading session, amid a lack of directional momentum. Bulls failed to sustain above 24K in the first hour, and the index remained in a sideways-to-negative trend for the rest of the session. It formed a bearish candle on the daily frame and closed near its lower band.
“Now till it holds below 24,000 zones, weakness could extend towards 23,700 then 23,600 levels, while on the upside, hurdles can be seen at 24,100 then 24,200 zones,” said Taparia
Bank Nifty Outlook
Bank Nifty index opened with a gap up by more than 300 points and extended the momentum towards the 57,750 zone in the initial hour of the session. However, it failed to hold above 57,400 and gradually drifted towards 57,400in the latter part of the session. It formed a small bearish candle on the daily scale with a long upper shadow, indicating a pause at higher zones, while multiple supports remain intact at lower levels.
“Now it has to cross and hold above 57,500 zones for a bounce towards 57,750 then 58,000 levels while a hold below the same could see weakness towards 57,000 then 56,750 levels,” the MOFSL analyst added.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 7 August 2026. Taparia recommends buying IDFC First Bank, RBL Bank, and Oberoi Realty shares.
IDFC First Bank | Buy | Target Price: ₹92.75 | Stop Loss: ₹84
Stock has been forming a Higher Top Higher Bottom structure. The recent price upmoves have been supported by good volumes. The 50 DEMA is acting as a support on declines and prices have resumed its up move post forming a low around this average. Prices have also given a breakout from a falling trendline, and the RSI oscillator has given a positive crossover hinting at a resumption of uptrend.
RBL Bank | Buy | Target Price: ₹430 | Stop Loss: ₹395
Stock is in an overall uptrend and is trading near its 52-week high, highlighting strong relative outperformance. It has given a pole-and-flag breakout on the daily chart, accompanied by a strong bullish candle and notable volumes, indicating robust buying interest. Sustaining above the breakout zone could support further momentum and continuation of the uptrend.
Oberoi Realty | Buy | Target Price: ₹2,000 | Stop Loss: ₹1,850
After a sharp upmove, the stock is currently consolidating and trading within a range, indicating a phase of healthy consolidation. It is now on the verge of a consolidation breakout above the 1920 zone, which could trigger the next leg of the upmove. Meanwhile, the Nifty Realty index is showing signs of resuming its uptrend, which could provide further support to the stock.
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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