The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher and extend gains on Monday as sentiment seem to turn positive amid fall in crude oil prices after renewed diplomatic efforts to de-escalate the US–Iran war. The trends on Gift Nifty also signal a gap-up start for the benchmark indices.
In the previous session, the domestic equity indices ended half a percent higher, with the Nifty 50 closing above 23,000 level.
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The Sensex gained 308.49 points, or 0.42%, to close at 74,459.53, while the Nifty 50 settled 116.35 points, or 0.51%, higher at 23,053.10.
Nifty 50 index formed a bullish candle on the daily frame while the weekly frame also formed a bullish candle as bulls defended crucial support zones on larger timeframe and drove a recovery from the lower levels.
According to Chandan Taparia Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd, Nifty 50 now has to hold above 23,000 zones for an up move towards 23,150 then 23,250 zones, while support can be seen at 22,900 then 22,800 zones.
“On the options front, maximum Call Open Interest (OI) is at 23,500 then 23,100 strike, while maximum Put OI is at 23,000 then 22,800 strike. Call writing is seen at 23,100 then 23,200 strike, while Put writing is seen at 23,000 then 22,900 strike. Option data suggests a broader trading range in between 22,700 to 2,3500 zones, while an immediate range between 22,900 to 23,300 levels,” said Taparia.
Bank Nifty Outlook
Bank Nifty index underperformed the frontliners, and ended 222.70 points, or 0.41%, lower at 54,686.95 on Friday, forming a bearish bodied candle on the daily scale with a slight upper, shadow indicating rejection at higher levels and selling pressure towards the end of the session.
“Bank Nifty also formed a bullish bodied candle on the weekly scale with long upper and lower shadows indicating buying interest at lower levels while resistance remains intact at higher levels. Now, it has to hold above 54,500 zones for a bounce towards 55,000 then 55,250 levels, while on the downside, support is seen at 54,500 then 54,000 zones,” said Taparia.
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Stocks To Buy Today
Chandan Taparia has recommended four stocks to buy today, 2 November 2026. These stock picks are Ather Energy, Divi's Laboratories, BSE and Eternal shares.
Ather Energy | Buy | Target Price: Rs 1,850 | Stop Loss: Rs 1,700
Ather Energy share price is in an overall uptrend and is trading near its all-time high zone, highlighting strong bullish momentum. It has given a fresh NR3 breakout with a strong bullish candle, indicating renewed buying interest and potential for further upside. The RSI is also inching higher and is currently near the 70 mark reflecting strong momentum and supporting the positive price structure, Taparia said.
He recommends buying Ather Energy shares for a target price of Rs 1,850, while maintaining a stop loss at Rs 1,700 level.
Divi's Laboratories | Buy | Target Price: Rs 10,300 | Stop Loss: Rs 9,500
Divi's Laboratories stock price has been forming higher lows over the last four sessions and continues to trade in a strong uptrend, indicating sustained buying interest.
According to Taparia, the stock has given a fresh consolidation breakout above the Rs 9,750 zone, supported by notable volumes highlighting strong bullish momentum. Sustaining above this breakout zone could pave the way for the stock to cross the Rs 10,000 mark and enter five-digit territory.
He suggests buying Divi's Laboratories shares for a target price of Rs 10,300 and keeping a stop loss of Rs 9,500.
BSE | Buy | Target Price: Rs 3,700 | Stop Loss: Rs 3,400
BSE share price has already given a fresh cup-and-handle breakout and is sustaining comfortably above its neckline, indicating strong bullish momentum. Holding above the Rs 3,470 zone will keep the breakout intact and support the continuation of the uptrend, with potential for further upside.
Taparia has a ‘Buy' call on BSE shares with a target of Rs 3,700 and a stop loss of Rs 3,400.
Eternal | Buy | Target Price: Rs 363 | Stop Loss: Rs 331
Eternal share price has given a fresh inside-bar breakout and is respecting its 100 DEMA, indicating strong support at lower levels as dips are being absorbed by buyers. It has also broken above its 52-week high of 344, signalling a fresh bullish breakout and the potential for the next leg of the upmove, Taparia said.
He believes the broader positive momentum across new-age companies could provide additional support to the stock and strengthen its bullish outlook.
Taparia has a ‘Buy' call and Eternal share price target of Rs 363 with a stop loss of Rs 331.
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