The Indian stock market is likely open on a muted note amid cautiousness over persistently elevated crude oil prices and geopolitical uncertainty. The trends on Gift Nifty also signal a flat start for the Indian benchmark indices, Nifty 50 and Sensex, today.
In the previous session, the benchmark indices ended higher, with the Nifty 50 closing above 23,100 level.
The Sensex gained 0.56% to close at 74,729.27, while the Nifty 50 ended 0.65% higher at 23,146.15 on Friday.
Nifty 50 formed a bullish candle on the daily frame while the weekly frame also formed a bullish candle as the index bounced from its crucial support zones and sustained its recovery at higher levels.
According to Chandan Taparia Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd, now Nifty 50 has to hold above 23,100 zones for an up move towards 23,250 then 23,350 zones, while support can be seen at 23,000 then 22,900 zones.
“On option front, maximum Call Open Interest (OI) is at 23,100 then 23,500 strike while maximum Put OI is at 23,000 then 22,700 strike. Call writing is seen at 23,100 then 23,150 strike while Put writing is seen at 23,100 then 23,000 strike. Option data suggests a broader trading range in between 22,700 to 23,500 zones while an immediate range between 22,900 to 23,400 levels,” Taparia said.
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Bank Nifty Outlook
Bank Nifty ended 0.06% higher at 55,844.00 on Friday, forming an Inside bar pattern on the daily scale and is holding above its 20 DEMA.
“On weekly scale, it formed a small bullish candle with long lower shadow as buying is visible at lower levels. Now, it has to hold above 55,750 zones for an up move towards 56,250 then 56,500 levels, while on the downside support is seen at 55,500 then 55,250 zones,” Taparia said.
Stocks To Buy Today
Chandan Taparia has recommended four stocks to buy today, 19 October 2026. These stock picks are Hindustan Aeronautics Ltd (HAL), Kotak Mahindra Bank, Indian Hotels Company and Lloyds Engineering Works shares.
HAL | Buy | Target Price: Rs 5,260 | Stop Loss: Rs 4,840
HAL share price has been forming higher tops and higher bottoms on the daily chart over the last four sessions and has also given a trendline breakout, indicating improving bullish momentum. It is trading above its short-term moving averages, highlighting sustained buying interest, said Taparia.
According to him, sustaining above the Rs 4,950 zone could accelerate momentum towards the Rs 5m100 zone and beyond.
He recommends buying HAL shares for a target price of Rs 5,260 apiece, while maintaining a stop loss at Rs 4,840 level.
Kotak Mahindra Bank | Buy | Target Price: Rs 475 | Stop Loss: Rs 433
Kotak Mahindra Bank share price is in an overall uptrend and is trading near its all-time high zone, highlighting sustained bullish momentum. It has been forming higher highs on the weekly scale over the last two weeks, accompanied by good volumes, indicating strong buying interest. A decisive breakout above the previous high near the Rs 460 zone could trigger the next leg of the up move and lead to fresh highs.
Taparia has a ‘Buy' call on Kotak Mahindra Bank shares, with a target price of Rs 475 and a stop loss of Rs 433.
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Indian Hotels | Buy | Target Price: Rs 815 | Stop Loss: Rs 750
Indian Hotels stock price has formed a strong base around its 200 DEMA and has witnessed a sharp bounce over the last few sessions indicating renewed buying interest. It has now given a one-year range breakout above the Rs 750 level, signalling a significant improvement in its price structure.
Taparia believes Indian Hotels stock has formed a bullish candle, while the RSI is also inching higher, further supporting the positive momentum. Sustaining above the breakout zone could trigger the next leg of the up move.
He suggests buying Indian Hotels shares for a target price of Rs 815 and keeping a stop loss of Rs 750.
Lloyds Engineering | Buy | Target Price: Rs 102 | Stop Loss: Rs 93
Lloyds Engineering share price has successfully retested its previous breakout zone near Rs 90 and is now giving a fresh range breakout above Rs 95, closing above the same and indicating sustained buying interest. The stock is showing improving price momentum, with the breakout suggesting the potential for continuation of the uptrend, Taparia said.
He has a ‘Buy' call on Lloyds Engineering shares, with a target price of Rs 102 and a stop loss of Rs 93.
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