The Indian stock market is poised for a positive opening on Tuesday, July 23, 2025, with key indices likely to extend the previous session's robust gains. The upbeat sentiment is fueled by a strong close on Wall Street and positive signals from Asian equity markets.
Market Outlook and Technical Levels
On Monday, the domestic market ended with solid gains, supported by a recovery in the Indian rupee and favourable geopolitical developments. The S&P BSE Sensex surged 638 points, or 0.75%, to close at 85,567.48. Similarly, the Nifty 50 index rose 206 points, or 0.79%, to settle at 26,172.40. This performance helped recoup losses from the preceding two weeks.
For Tuesday's session, the GIFT Nifty, an early indicator, was trading around 26,237—up 26 points or 0.10% from the previous close of Nifty futures—signalling a strong start.
Chandan Taparia, Head of Derivatives and Technicals at MOFSL Wealth Management, analyzed the options data. He noted that the maximum Call open interest (OI) is at the 26200 strike, followed by 26150. The maximum Put OI is at the 26100 strike, then 26000. "Option data suggests a broader trading range between 25800 to 26500 zones, with an immediate range between 26000 to 26300 levels," Taparia stated.
Nifty 50 and Bank Nifty Analysis
Taparia provided a detailed technical outlook for the Nifty 50. The index opened with a gap-up of nearly 90 points and maintained momentum throughout Monday's session, touching 26180 zones. It formed a bullish candle on the daily chart and has been establishing higher highs and higher lows over the last two sessions. The analyst said Nifty now needs to hold above 26150 to aim for an upward move towards 26250 and then 26325 levels. Supports have shifted higher to 26050 and 25950 zones.
The Bank Nifty index opened positively near 59200 and extended gains to 59350 early in the session. It later consolidated in a narrow 200-point range. The index formed a small bullish candle, indicating buying interest at lower levels, and closed above its 20-day Exponential Moving Average (DEMA). "It has to hold above 59250 zones for a bounce towards 59500 and then 59750 zones. Downside support is seen at 59000 and then 58750 levels," Taparia added.
Stocks to Buy Today: Analyst Recommendations
Chandan Taparia has recommended three stocks for purchase on Tuesday, July 23, 2025. Here are the details of his picks:
UPL | Buy | Target Price: ₹822 | Stop Loss: ₹752
The stock has broken out from a consolidation zone with a significant bullish candle on the daily chart. It has also rebounded from its 50 DEMA. The Relative Strength Index (RSI) is in a positive position, suggesting bullish momentum.
Hindalco | Buy | Target Price: ₹918 | Stop Loss: ₹837
Hindalco has given a range breakout near its all-time high zones, accompanied by higher-than-average trading volumes. The Moving Average Convergence Divergence (MACD) indicator is rising, confirming the positive trend.
TVS Motor | Buy | Target Price: ₹3950 | Stop Loss: ₹3610
This stock has broken out from a bullish 'Flag & Pole' pattern, indicating a continuation of the existing uptrend. The RSI momentum indicator is also rising, supporting the case for further upward movement.
Disclaimer: This information is for educational purposes only. The views and recommendations are those of the individual analyst and not of Mint. Investors are strongly advised to consult with certified experts before making any investment decisions.
