The Indian stock market is poised for potential upside on Friday, fueled by upbeat global market cues. Despite an underlying cautious sentiment stemming from the fragile US-Iran ceasefire deal, market indicators suggest a positive trajectory for the Nifty 50 and Sensex.
Early Market Signals Point to Positive Open for Indian Indices
Trading activity visible in the Gift Nifty suggests underlying strength. The index was observing a premium of nearly 71 points, trading around the 23,932 level.This positive outlook follows a challenging session for the benchmark indices in the previous trading period. In that session, the Sensex had plummeted by 931.25 points, marking a 1.20% decline to close at 76,631.65. The Nifty 50 mirrored this weakness, settling 222.25 points lower, or 0.93%, at 23,775.10.
Expert View on Nifty 50 and Option Data Insights
Chandan Taparia of Motilal Oswal Financial Services analyzed the options data, noting significant maximum Open Interest levels. Maximum Call OI was observed at the 24,500 and 24,000 strikes. Maximum Put OI stood at 23,000 and 23,500 strikes.Taparia pointed out that call writing activity was noted at 24,000 and 23,900 strikes, while put writing activity was seen at 23,000 and 23,700 strikes. Based on this data, he suggested a potential broader trading range between 23,400 and 24,200 zones.
For immediate trading action, the option data suggests a more contained range between 23,500 and 24,000 levels. For the Nifty 50, the index formed a small bodied bearish candle on the daily chart, having broken its higher highs formation over the last three sessions. However, the presence of a longer lower wick suggests that support-based buying interest remains intact.
Bank Nifty Trajectory: Key Levels to Watch for Reversal
The Bank Nifty index experienced a notable downturn in the previous session, plunging 882.20 points, or 1.58%, to close at 54,821.70. This movement formed a bearish candle on the daily scale, attributed to profit booking at higher zones.According to Taparia, the Bank Nifty index is currently hovering above its 20 DEMA. While buying interest is visible at lower zones, several hurdles remain intact at higher levels. For an upward move, the index must cross and hold above the 55,000 zones, targeting levels up to 55,500 and 56,500. Conversely, a failure to maintain this level could signal weakness toward 54,500 and 54,000.
Top Three Stock Buys Recommended by Motilal Oswal Analysts
Chandan Taparia has provided a clear recommendation, singling out three stocks for potential purchase on April 10, 2026. The recommended buys are Bharat Dynamics, Multi Commodity Exchange of India (MCX), and Hindalco Industries.Bharat Dynamics: Strength Emerging Post-Correction
After enduring a sharp correction, Bharat Dynamics shares are reportedly forming a strong base near ₹ 1,100 and showing signs of a healthy pullback. The stock is exhibiting higher highs and higher lows, signaling a positive trend reversal. Improving trading volumes are supporting the upmove, indicating renewed buying interest. Motilal Oswal recommends a 'Buy' call on Bharat Dynamics with a target price set at ₹ 1,400, while maintaining a stop loss at ₹ 1,285.MCX: Cup and Handle Breakout Signals Bullish Continuation
The share price of MCX is positioned near what is described as a cup and handle breakout, suggesting a potential bullish continuation setup. The stock is forming higher highs and higher lows, supported by improving momentum that reflects underlying trend strength. Analysts advise a 'Buy' call on MCX shares, setting the target price at ₹ 2,810 with a stop loss at ₹ 2,575.Hindalco Industries: Range Breakout Triggers Upside Momentum
Hindalco Industries shares are showing signs of a range breakout from the ₹ 980 zone, suggesting a shift towards bullish momentum. This setup is bolstered by improving RSI readings and steady price action strength. A sustained move above the ₹ 980 level could trigger fresh upside traction. For Hindalco, the recommendation is to buy shares with a target price of ₹ 1,040, keeping a stop loss at ₹ 955.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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