Indian Stock Market Braces for Weak Opening on Friday
The Indian stock market is expected to open lower on Friday, influenced by mixed global market cues and weak signals from Gift Nifty. This anticipated decline follows a three-day rally that saw benchmark indices posting gains in the previous session.
Thursday's Market Performance Recap
On Thursday, the equity market extended its upward momentum for the third consecutive session. The benchmark Nifty 50 reclaimed the 25,400 level, closing at 25,418.90 with a gain of 76.15 points, or 0.30%. Meanwhile, the Sensex advanced by 221.69 points, or 0.27%, to settle at 82,566.37.
Options Data and Trading Range Analysis
Chandan Taparia, Head of Derivatives & Technicals at Motilal Oswal Financial Services Ltd., provided insights into the Nifty options front. He noted that the maximum Call Open Interest (OI) is positioned at the 26,000 strike, followed by the 25,500 strike. On the Put side, maximum OI is at the 25,000 strike, then the 25,300 strike.
Taparia observed significant Call writing at the 26,000 and 25,450 strikes, while Put writing was seen at the 25,300 and 25,400 strikes. Based on this option data, he suggested a broader trading range between 24,900 and 25,800 zones, with an immediate range of 25,200 to 25,600 levels.
Nifty 50 Technical Outlook
The Nifty 50 formed a bullish candle on the daily chart with a longer lower shadow, indicating support-based buying. The index has been forming higher highs over the last two sessions.
Taparia emphasized that Nifty 50 needs to hold above the 25,350 level to rebuild strength towards 25,600 and then 25,850 zones. Support levels are identified at 25,250 and 25,150 zones.
Bank Nifty Performance and Outlook
Bank Nifty index ended Thursday's session with a gain of 359.05 points, or 0.60%, closing at 59,957.85. It formed a big bullish candle on the daily scale, reflecting strong buying at lower zones and outperforming the benchmark index.
For Bank Nifty to continue its upward move, Taparia stated it must hold above the 59,750 zones, targeting 60,250 and then 60,437 marks. Downside support is seen at 59,750 and 59,500 zones.
Stock Recommendations for Today
Chandan Taparia has recommended three stocks for purchase on Friday, 30 January 2026:
- Muthoot Finance: Buy recommendation with a target price of ₹4,350 and stop loss at ₹3,960. The stock is in an overall uptrend, respecting its 20 DEMA support zones, with the ADX line rising to confirm trend strength.
- NTPC: Buy recommendation with a target price of ₹375 and stop loss at ₹349. The stock has broken out from a bullish "Pennant" pattern on the daily chart, supported by a rising RSI momentum indicator.
- JSW Steel: Buy recommendation with a target price of ₹1,300 and stop loss at ₹1,200. The stock has broken out from a consolidation zone with a strong bullish candle and higher-than-average traded volumes, backed by a rising MACD line.
Disclaimer: The views and recommendations provided are those of individual analysts or broking companies and not of Mint. Investors are advised to consult certified experts before making any investment decisions.
