Stock market today: Rising tensions in the Middle East unsettled global markets during Monday’s session on March 2, dragging the Indian stock market lower as both benchmark indices ended the day with losses of more than 1%.
The declined 1.24% to close at 24,865, while the S&P BSE Sensex fell 1.29% to settle at 80,238. Broader markets were also hit hard, with the Nifty Midcap 100 and the Nifty Smallcap 100 each dropping more than 1.5%.
On the Nifty options front, Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd, said that Maximum Call OI is at 25500 then 25000 strike, while Maximum Put OI is at 24500 then 24000 strike.
“Call writing is seen at 25000, then 25200 strike, while Put writing is seen at 24500, then 24000 strike. Option data suggests a broader trading range between 24400 and 25400 zones, while an immediate range between 24600 and 25100 levels,” Tapaia said.
Nifty 50 Outlook
index opened gap down by around 520 points on account of war fears on the global front.
According to Bagadia, after the volatile swing in the first hour, bears took control, and it further fell to 24600 zones, where it took some respite and respected the Budget day’s low. Thereafter, it witnessed a sharp recovery of more than 300 points in the last hour and finally closed near 24900 zones with losses of around 310 points.
“It formed a bullish candle on the daily frame but has started to form lower highs – lower lows from the last three sessions. Now till it holds below 25000 zones, weakness could be seen towards 24600 then 24400 zones while hurdles have shifted lower to 25100 then 25250 zones,” he said.
Bank Nifty Outlook
Bank Nifty index opened gap down by more than 1200 points in line with global weakness, but a quick recovery was seen towards the 60100 zones in the initial hour of the session. However, it failed to hold at higher zones and drifted lower towards 59350 levels, but remained quite volatile in a wider range of 600 points with an overall negative bias, Taparia noted.
“It formed a bullish candle on the daily scale with a long upper shadow as buying interest is visible at lower zones, but multiple hurdles are intact at the higher levels. Now till it holds below 60000 zones, some weakness could be seen towards 59250 then 59000 levels, while on the upside, hurdle is seen at 60250 then 60500 zones,” Tapria added.
Stocks to buy
Chandan Taparia has recommended three to buy tomorrow, 4 March 2026. Taparia recommends buying – Tube Investments of India, MCX, and BEL.
Tube Investments of India | Buy | Target Price: ₹2837 | Stop Loss: ₹2750
Stock has broken out from a “Rounding bottom” pattern and closed above its 200 DEMA suggesting a bullish reversal. The MACD line is headed up to confirm the positive momentum.
MCX | Buy | Target Price: ₹2501 | Stop Loss: ₹2350
Stock is in an overall uptrend and is respecting its 50 DEMA support zones with slight dips being bought into. The ADX line is rising confirming the strength of the bullish trend.
BEL | Buy | Target Price: ₹454 | Stop Loss: ₹440
Stock has retested its breakout on the daily chart with a strong bodied bullish candle. It has also broken out from an Inside Bar pattern on the weekly scale. The RSI indicator is positively placed which has bullish implications.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.