The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to see a muted trend on Monday, tracking weakness in global markets.
The Nifty 50 remains below the 24,400 level, and had formed a bearish candle on the weekly scale. The index closed below previous week's lows on Friday, indicating short term profit booking.
According to Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd, if the Nifty 50 index crosses and holds above 24,400 zones, then upside could be seen towards 24,550 then 24,650 zones, while support can be seen at 24,300 then 24,200 zones.
On the Nifty options front, maximum Call Open Interest (OI) is at 24,500 then 24,400 strike, while maximum Put OI is at 24,300 then 24,400 strike.
“Call writing is seen at 24,400 then 24,500 strike, while Put writing is seen at 24,350 then 24,300 strike. Option data suggests a broader trading range in between 24,100 to 24,700 zones, while an immediate range between 24,200 to 24,600 levels,” said Taparia.
Bank Nifty Outlook
Bank Nifty index had formed a small bodied candle on weekly scale as momentum is missing on either sides.
“Now, Bank Nifty index has to hold above 57,500 zones for a bounce towards 5,8000 then 58,250 levels, while a hold below the same could see some weakness towards 57,250 then 57,000 zones,” said Taparia.
Stocks To Buy Today
Chandan Taparia has recommended four stocks to buy today, 17 August, 2026. These stock picks are Paras Defence and Space Technologies, Eicher Motors, Dixon Technologies (India) and Devyani International shares.
Paras Defence and Space Technologies | Buy | Target Price: Rs 1,460 | Stop Loss: Rs 1,335
Paras Defence share price is in an overall uptrend and is trading near its all-time high zone forming higher highs and higher lows for the last four weeks.
“Paras Defence stock price has also given a breakout from its falling supply trendline indicating improving momentum. Sustaining above the breakout zone could open the door for further upside towards the Rs 1,450 level and beyond,” said Tapria.
He recommends buying Paras Defence and Space Technologies shares for a target price of Rs 1,460 apiece, while maintaining a stop loss at Rs 1,335 level.
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Eicher Motors | Buy | Target Price: Rs 8,550 | Stop Loss: Rs 7,830
According to Taparia, Eicher Motors share price is forming higher tops and higher bottoms on both daily and weekly charts, indicating a strong uptrend. It continues to witness buying interest near the 10 EMA, suggesting every minor dip is getting accumulated. Momentum remains supportive as RSI is positively placed with a bullish crossover, keeping the overall bias constructive.
He has a ‘Buy' call on Eicher Motors shares, with a target price of Rs 8,550 and a stop loss of Rs 7,830.
Dixon Technologies | Buy | Target Price: Rs 14,800 | Stop Loss: Rs 13,700
Dixon Technologies share price is consolidating in a tight range for the last 3-4 weeks and is now on the verge of a flag breakout above the Rs 14,200 zone. The stock continues to hold well above its key moving averages, indicating underlying strength. Sustained move above Rs 14,200 can trigger fresh momentum, said Taparia.
He suggests buying Dixon Technologies shares for a target price of Rs 14,800 and keeping a stop loss of Rs 13,700.
Devyani International | Buy | Target Price: Rs 152 | Stop Loss: Rs 138
Devyani International stock price has formed a strong bullish candle with above average volumes in recent sessions indicating renewed buying interest.
“Devyani International shares have reclaimed its 200 DEMA after a prolonged period which is a positive structural development. Strength in the QSR theme is likely to support further upside momentum,” said Taparia.
He recommends buying Devyani International shares for a target price of Rs 152 apiece, and keeping a stop loss at Rs 138.
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