Market Update: Nifty Hits Eight-Month High; Analyst Picks
Indian equity markets concluded Monday at their highest levels since February 27, 2026, as indices maintained momentum following a recent rally. The Nifty 50 advanced 0.23% to finish at 25,044.65, while the Sensex increased by 0.13% to reach 81,106.65. Market sentiment was bolstered by easing crude oil prices, with Brent crude futures declining 1% to approximately $97 per barrel, following comments from US President Donald Trump regarding the unlikelihood of new strikes on Iran.
Trading activity on Monday was characterized by rangebound movement and volatile swings, though support-based buying helped the Nifty 50 sustain its position above the 25,000 mark. The index formed a hammer-like candle on the daily chart, suggesting resilience. Meanwhile, the Bank Nifty index recovered from early pressure to close near its daily high, forming a bullish candle that indicates sustained buying interest.
Chandan Taparia, Head of Derivatives & Technicals at Motilal Oswal Financial Services, has identified three stocks for investors to watch this week. For Union Bank of India, the analyst set a target price of ₹208 with a stop loss of ₹191. Ather Energy has been assigned a target of ₹1,970 with a stop loss of ₹1,800. Finally, Laurus Labs carries a target price of ₹2,600 and a stop loss of ₹2,380.
Regarding broader market positioning, option data points to a trading range between 24,700 and 25,400, with an immediate range of 24,900 to 25,200 for the Nifty. Maximum call open interest is concentrated at the 25,000 and 25,500 strikes, while maximum put open interest sits at 25,000 and 24,500. Indian markets are scheduled to remain closed on Tuesday for Diwali, with trading resuming on Wednesday.
For investors, the current market consolidation and the focus on key support levels like 25,000 for the Nifty and 59,500 for the Bank Nifty suggest a period of cautious optimism. As the market resumes trading after the Diwali holiday, monitoring whether these indices can hold above their respective support zones will be critical for determining if the current bullish momentum can extend toward higher resistance targets.
Why it matters
Investors should monitor these technical support levels and analyst-recommended stocks as the market resumes trading post-holiday, as they provide potential indicators for near-term trend continuation.
FAQ
What are the recommended target prices for the suggested stocks?
The recommended targets are ₹208 for Union Bank of India, ₹1,970 for Ather Energy, and ₹2,600 for Laurus Labs.
When will Indian stock markets resume trading?
Indian stock markets will be closed on Tuesday for Diwali and will resume trading on Wednesday.
What is the current trading range for the Nifty 50 index?
Option data suggests a broader trading range between 24,700 and 25,400, with an immediate range between 24,900 and 25,200.
Source: Mint Markets. See the original source for full details.
Scan with your phone
Scan with your phone