The Indian benchmark indices, Sensex and Nifty 50, are tracking key technical pivots closely after facing resistance at higher levels in previous sessions. The Nifty index opened on a positive note in the prior session but remained confined within a narrow range during the first half amid rangebound momentum.
The benchmark index attempted to sustain above 23,350 in the last hour but failed to hold higher levels, ultimately closing below that crucial zone. On the daily chart, Nifty formed a Doji-like candle, while printing a bearish candle on the weekly timeframe, signaling persistent selling pressure at higher levels over a broader time horizon.
According to Chandan Taparia, Head of Derivatives & Technicals, Wealth Management at Motilal Oswal Financial Services Ltd., if the Nifty 50 holds above the 23,350 zone, an upside move could materialize towards 23,500 and then 24,600 levels. Conversely, failure to sustain below 23,350 could invite weakness towards 23,200, followed by 23,100 zones.
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"On the option front, maximum Call Open Interest (OI) is placed at 23,400 strike, while maximum Put OI stands at 23,300, followed by 23,200 strike. Call writing is visible at 23,400 followed by 23,350 strikes, while Put writing is active at 23,300 and 23,350 strikes," Taparia noted.
Option data indicates a broader trading band between the 22,800 and 23,800 zones, with an immediate trading range between 23,100 and 23,600 levels, he added.
Stocks To Buy Today
Chandan Taparia has recommended four stocks to buy today, 21 September 2026: Neogen Chemicals, Lenskart Solutions, Sona BLW Precision Forgings (Sonacom), and ASK Automotive.
Neogen Chemicals | Buy | Target Price: Rs 2,630 | Stop Loss: Rs 2,400 | CMP: Rs 2,488
Neogen Chemicals share price is registering a consolidation breakout around the Rs 2,480 zone. The breakout is backed by a strong bullish candle, signaling renewed buying interest. The stock continues to trade above its short-term moving averages, preserving its positive price setup.
According to Taparia, holding above the Rs 2,500 zone can trigger fresh momentum, with previous swing highs acting as the next key reference point. Strong momentum in the specialty chemicals sector provides an additional tailwind to the counter.
He recommends buying Neogen Chemicals shares at a CMP of Rs 2,488 for a target price of Rs 2,630, with a stop loss at Rs 2,400.
Lenskart Solutions | Buy | Target Price: Rs 750 | Stop Loss: Rs 685 | CMP: Rs 707
Lenskart shares have negated their recent lower-top formation and shaped a strong bullish candle, reflecting renewed accumulation. The stock is hovering near its all-time-high territory, underscoring notable relative strength compared to the broader market.
Taparia points out that sustaining above the Rs 700-707 zone can pave the way for continued upward momentum towards higher price bands.
He advises buying Lenskart at Rs 707 apiece, targeting Rs 750, while keeping a stop loss at Rs 685.
Sona BLW Precision Forgings (Sonacom) | Buy | Target Price: Rs 855 | Stop Loss: Rs 785 | CMP: Rs 808
Sonacom stock price has respected its 50-day exponential moving average (DEMA) and is witnessing a rebound from this key indicator. Following a healthy corrective phase, the stock has resumed its primary uptrend with a robust bullish candle.
The Relative Strength Index (RSI) has also flashed a bullish crossover, confirming improving momentum. Furthermore, the recent bounce is backed by noticeable volume expansion, indicating solid buying interest.
He has a 'Buy' rating on Sonacom shares at Rs 808, with a target price of Rs 855 and a stop loss placed at Rs 785.
ASK Automotive | Buy | Target Price: Rs 700 | Stop Loss: Rs 630 | CMP: Rs 656
ASK Automotive share price recently completed a consolidation phase within an ongoing uptrend, carving out a 'Bullish Flag' pattern on both daily and weekly frames. The stock has now staged a breakout from this formation, indicating a strong likelihood of upward continuation.
The scrip is trading comfortably above its 20 and 50 DEMAs. Meanwhile, the RSI oscillator has generated a positive crossover after a brief cool-off, marking the resumption of bullish momentum.
Taparia recommends buying ASK Automotive shares at Rs 656, setting a target price of Rs 700 and maintaining a stop loss at Rs 630.
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