The Indian stock market is expected to open lower on Friday, following weak global market cues on escalating in US-Iran war. The trends on Gift Nifty also signals a negative start for the frontline indices, Nifty 50 and Sensex today.
The Gift Nifty was trading around 24,261 level, a discount of nearly 122 points from the Nifty futures’ previous close.
In the previous session, the ended with minor losses amid volatility, with the Nifty 50 holding above 24,300 level.
The fell 114.00 points, or 0.15%, to close at 77,844.52, while the Nifty 50 settled 4.30 points, or 0.02%, lower at 24,326.65.
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 24,400 strike, while maximum Put OI is at 24,200 then 24,100 strike.
“Call writing is seen at 24,300 then 24,500 strike while Put writing is seen at 24,400 then 24,300 strike. Option data suggests a broader trading range in between 23,900 to 24,700 zones, while an immediate range between 24,100 to 24,500 levels,” said Taparia.
Nifty 50 Outlook
Nifty 50 index formed a bearish candle on the daily frame with longer upper shadow indicating some profit booking at higher zones.
“Now, has to hold above 24,300 zones for an up move towards 24,500 then 24,700 zones, while supports have shifted higher to 24,200 then 24,100 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index gained 66.35 points, or 0.12%, to close at 56,047.40 on Thursday, forming a small bodied candle on daily scale as buying interest is visible at lower levels but is hovering below its 200 DEMA.
“Now index has to hold above 56,000 zones for an up move towards 56,500 then 56,750 zones, while on the downside, support is seen at 55,750 then 55,500 levels,” said Taparia.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 8 May 2026. Taparia recommends buying , and RBL Bank shares.
Bharat Dynamics | Buy | Target Price: ₹1,550 | Stop Loss: ₹1,420
Bharat Dynamics share price has given consolidation breakout on daily chart and managed to close above the same. It has formed a strong bullish candle and base is shifting higher. Buying is visible across Defence theme which may support the ongoing up move. Mechanical indicator RSI is positively placed, Taparia said.
He recommends buying Bharat Dynamics shares for a target price of ₹1,550 apiece, while maintaining a stop loss at ₹1,420 level.
CG Power | Buy | Target Price: ₹910 | Stop Loss: ₹830
CG Power share price is in overall uptrend and holding gains at higher levels. It has given Flag breakout on daily chart with noticeable volumes which has bullish implications. The MACD indicator is rising which confirms the bullish momentum.
Taparia suggests buying CG Power shares for a target price of ₹910 apiece, and keeping a stop loss at ₹830 level.
RBL Bank | Buy | Target Price: ₹365 | Stop Loss: ₹333
share price has given range breakout on daily chart and formed a strong bullish candle. It is trading above all crucial moving averages and supports are gradually shifting higher. ADX is rising which implies that ongoing uptrend has strength, said Taparia.
He has a ‘Buy’ call and RBL Bank share price target of ₹365 apiece, and a stop loss of ₹333.
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.