The Indian stock market is expected to see a muted opening on Tuesday, following mixed cues from global markets amid cautiousness over the US-Iran peace talks.
The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 24,040 level, a discount of nearly 23 points from the Nifty futures’ previous close.
In the previous session, the Indian witnessed a stellar rally, with the benchmark Nifty 50 closing above 24,000 level.
The jumped 1,073.61 points, or 1.42%, to close at 76,488.96, while the Nifty 50 settled 312.40 points, or 1.32%, higher at 24,031.70.
On the Nifty options front, Chandan Taparia Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd said that the maximum Call Open Interest (OI) is at 24,000 then 24,500 strike, while maximum Put OI is at 24,000 then 23,900 strike.
“Call writing is seen at 24,000 then 24,050 strike, while Put writing is seen at 24,000 then 23,900 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 on the daily frame and has been making higher lows from the last three sessions.
“Now, has to hold above 24,000 zones for an up move towards 24,200 then 24,400 zones, while on the downside, support can be seen at 23,900 then 23,800 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index rallied 1,238.30 points, or 2.29%, to close at 55,293.65 on Monday, forming a big bullish candle on the daily scale as strong buying interest was visible at lower levels.
“The index has finally given a range breakout on the daily scale after nine sessions above 54,500 levels. Now, it has to hold above 55,250 zones for an up move towards 55,750 then 56,000 zones, while on the downside, support is seen at 55,000 then 54,750 levels,” said Taparia.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 26 May 2026. Taparia recommends buying , Adani Power and (BHEL) shares.
PNB Housing Finance | Buy | Target Price: ₹1,150 | Stop Loss: ₹1,050
PNB Housing Finance share price has broken out from a bullish “Pennant” pattern suggesting a continuation of the uptrend. It is respecting its 20 DEMA support zones. The ADX line is rising which confirms the strength of the uptrend, Taparia said.
He recommends buying PNB Housing Finance shares for a target price of ₹1,150 apiece, while maintaining a stop loss at ₹1,050 level.
Adani Power | Buy | Target Price: ₹245 | Stop Loss: ₹226
Adani Power share price has given a pole and flag breakout on the daily chart indicating continuation of the ongoing uptrend. The stock formed a strong bullish Marubozu candle backed by robust volumes highlighting aggressive buying interest at higher levels. RSI has also witnessed a bullish crossover adding further strength to the positive momentum setup.
Taparia suggests buying shares for a target price of ₹245, and keeping a stop loss of ₹226.
BHEL | Buy | Target Price: ₹444 | Stop Loss: ₹406
BHEL share price is in an overall uptrend and is respecting its 20 DEMA support zone with slight dips being bought into. The RSI indicator is rising which confirms the bullish momentum, Taparia said.
He has a ‘Buy’ call on the stock with BHEL share price target of ₹444 apiece, and a stop loss of ₹406.
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.