The Indian stock market is likely to see a cautious start on Monday as renewed geopolitical tensions over the US-Iran war and elevated crude oil prices dent investor risk-appetite. The trends on Gift Nifty also signal a negative start for the Indian benchmark indices, Nifty 50 and Sensex, today.
In the previous session, the Sensex gained 0.4% and the Nifty 50 added 0.3%, closing above 23,100 level.
The Nifty 50 index formed a bullish candle on the daily frame but a bearish candle on the weekly frame. The index has been making lower highs - lower lows from the last five weeks.
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According to Chandan Taparia Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd, the Nifty 50 index has to cross and hold above 23,200 zones for an up move towards 23,350 then 23,450 levels, while a hold below the same could see weakness towards 2,3000 then 22,900 zones.
“On option front, maximum Call Open Interest (OI) is at 23,500 then 23,300 strike, while maximum Put OI is at 23,000 then 23,100 strike. Call writing is seen at 23,100 then 23,150 strike while Put writing is seen at 23,100 then 23,000 strike,” said Taparia.
Option data suggests a broader trading range in between 22,800 to 23,500 zones, while an immediate range between 23,000 to 23,300 levels, he added.
Bank Nifty Outlook
Bank Nifty index formed a small- bodied candle with long upper shadow on Friday, as selling pressure is seen at higher zones. On the weekly scale, it formed a bearish candle as multiple hurdles are intact.
“Now, it has to cross and hold above 55,750 zones for an up move towards 56,000 then 56,250 zones, while a hold below the same could see weakness towards 55,250 then 55,000 zones,” said Taparia.
Stocks To Buy Today
Chandan Taparia has recommended four stocks to buy today, 28 September 2026. These stock picks are Divis Laboratories, Man Infraconstruction, Sona BLW Precision Forgings and Welspun Corp shares.
Divis Laboratories | Buy | Target Price: Rs 10,000 | Stop Loss: Rs 9,330
Divis Laboratories share price is in overall uptrend and holding gains in spite of broader market weakness. It is on the verge of giving range breakout on daily chart and trading near life highs. It is perfectly respecting 20 DEMA & ADX is rising which implies that ongoing up move has strength, Taparia said.
He recommends buying Divis Laboratories shares for a target price of Rs 10,000 apiece, while maintaining a stop loss at Rs 9,330 level.
Man Infraconstruction | Buy | Target Price: Rs 140 | Stop Loss: Rs 125
Man Infraconstruction share price has formed a strong base around the Rs 122 zone and is witnessing a bounce from the same, indicating buying interest at lower levels.
According to Taparia, it has formed a bullish candle with notable volumes, while momentum indicators are positively placed, supporting the improving price structure. Sustaining above the Rs 130 zone could trigger a fast move and accelerate the uptrend.
He has a ‘Buy' call on Man Infraconstruction shares, with a target price of Rs 140 apiece, and a stop loss of Rs 125.
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Sona BLW Precision Forgings | Buy | Target Price: Rs 870 | Stop Loss: Rs 800
Sona BLW Precision Forgings share price is in an overall uptrend and is consolidating near its all-time high zone around Rs 840, indicating sustained strength at higher levels.
It has been able to hold its gains despite weakness in the broader market, highlighting strong underlying buying interest. The RSI is positively placed, further supporting the bullish momentum and potential for a fresh breakout, Taparia said.
He suggests buying Sona BLW Precision Forgings shares for a target price of Rs 870 and keeping a stop loss of Rs 800.
Welspun Corp | Buy | Target Price: Rs 3,000 | Stop Loss: Rs 2,750
Taparia said Welspun Corp is giving a range breakout from the consolidation of the last few sessions and continues to respect its 20 DEMA, indicating sustained buying interest on dips. It has formed a bullish candle, and sustaining above the Rs 2,830 level could trigger the next leg of the up move.
He believes the broader engineering sector is also witnessing strong momentum, providing a supportive backdrop for the stock.
Taparia has a ‘Buy' call on Welspun Corp shares with a target price of Rs 3,000 and a stop loss of Rs 2,750.
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