The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open on a cautious note on Monday, tracking mixed global market cues.
The benchmark Nifty 50 is facing resistance around 24,000 level and has slipped below that level, forming a gravestone doji sort of a candle on the daily frame. The index formed a bearish candle on the weekly frame indicating profit booking at higher levels.
According to Chandan Taparia Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd, if Nifty 50 crosses and holds above 24,000 zones, then upside could be seen towards 24,100 then 24,200 zones, while support can be seen at 23,800 then 23,700 zones.
“On option front, maximum Call Open Interest (OI) is at 24,000 then 24,100 strike, while maximum Put OI is at 23,900 then 23,950 strike. Call writing is seen at 24,000 then 23,950 strike, while Put writing is seen at 23,900 then 23,950 strike,” said Taparia.
Option data suggests a broader trading range in between 23,400 to 24,300 zones, while an immediate range between 23,600 to 24,100 levels, he added.
Bank Nifty Outlook
Bank Nifty index has formed a small-bodied candle on daily scale as buying is visible at lower levels but momentum is missing at higher zones. On the weekly scale it formed a Doji sort of a candle with long upper and lower shadows as it has got stuck in a wider range of 1,000 points.
“Now, the Bank Nifty index has to cross and hold above 57,500 zones for a bounce towards 57,750 then 58,000 levels, while a hold below the same could see weakness towards 57,000 then 56,750 levels,” said Taparia.
Stocks To Buy Today
Chandan Taparia has recommended five stocks to buy today, 7 September 2026. These stock picks are ACME Solar Holdings, Hindustan Aeronautics, Balaji Amines, Engineers India and JSW Steel shares.
ACME Solar | Buy | Target Price: Rs 444 | Stop Loss: Rs 405
ACME Solar Holdings share price has given an inverse head and shoulders breakout and is trading in the all-time high territory, highlighting strong relative outperformance against the broader market. Volumes have remained above the 10-day average, indicating strong participation and buying interest, Taparia said.
He recommends buying ACME Solar Holdings shares for a target price of Rs 444 apiece, while maintaining a stop loss at Rs 405 level.
HAL | Buy | Target Price: Rs 5,150 | Stop Loss: Rs 4,700
Hindustan Aeronautics share price has negated its sequence of lower lows and has successfully retested its previous breakout zone near the Rs 4,700 level, indicating improving price structure. It has also reclaimed its 20 DEMA, reflecting renewed buying interest.
According to Taparia, a sustained move above the Rs 4,950 level could trigger the next leg of the up move. The RSI is inching higher and has given a bullish crossover, further supporting the positive momentum.
He has a ‘Buy' call with HAL share price target of Rs 5,150 and a stop loss of Rs 4,700.
JSW Steel | Target Price: Rs 1,400 | Stop Loss: Rs 1,290
JSW Steel share price is respecting its 20 DEMA and witnessing a bounce from the same indicating buying interest at lower levels. It has formed a bullish candle, suggesting positive price action. The Nifty Metal index is also showing signs of a reversal, which could provide further support to the stock. Sustaining above the recent swing high could trigger fresh buying momentum, said Taparia.
He suggests buying JSW Steel shares for a target price of Rs 1,400 and keeping a stop loss of Rs 1,290.
Balaji Amines | Buy | Target Price: Rs 2,660 | Stop Loss: Rs 2,450
Balaji Amines stock price has given a consolidation breakout above the Rs 2,450 level from a range formed over the last 40 sessions accompanied by a strong bullish candle. On the weekly scale, stock has been forming higher lows for the last four weeks and is now trading near its 52-week high, highlighting a strong bullish structure. Sustaining above the breakout zone could trigger further upside and continuation of the uptrend.ly
Taparia has a ‘Buy' call on Balaji Amines shares, with a target price of Rs 2,660 apiece, and a stop loss of Rs 2,450.
Engineers India | Buy | Target Price: Rs 295 | Stop Loss: Rs 270
Engineers India share price has given a consolidation breakout above the Rs 270 level and is holding well above the breakout zone, indicating sustained buying interest. Post-breakout, the stock is consolidating in a narrow range, suggesting a healthy pause before the next move. Volumes remain supportive, while momentum indicators are positively placed, strengthening the bullish setup, noted Taparia.
He recommends buying Engineers India shares for a target price of Rs 295 and a stop loss of Rs 270.
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