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The Indian stock market is expected to open with modest gain on Friday amid mixed global market cues. The trends on Gift Nifty also signal a marginally higher start for the Nifty 50 and Sensex today.

The equity market succumbed to heavy selling pressure on Thursday amid concerns over the impact of 50% US tariffs on the Indian economy.

The Sensex crashed 705.97 points, or 0.87%, to close at 80,080.57, while the Nifty 50 settled 211.15 points, or 0.85%, lower at 24,500.90.

On the Nifty options front, Chandan Taparia, Head – Derivatives and Technicals, Wealth Management, MOFSL said that the maximum Call OI (Open Interest) is at 25,000 then 24,800 strike, while maximum Put OI is at 24,500 then 24,000 strike.

“Call writing is seen at 24,600 then 24,800 strike, while Put writing is seen at 24,500 then 24,000 strike. Option data suggests a broader trading range in between 24,000 to 25,000 zones, while an immediate range between 24,300 to 24,700 levels,” Taparia said.

Nifty 50 index formed a bearish candle on the daily frame and has been making lower highs from the last four sessions. Now, till Nifty 50 holds below the 24,650 zone weakness could extend towards 24,350 and then 24,200 zones, while hurdles are placed at 24,700 and 24,850 zones.

Bank Nifty index closed 630.10 points, or 1.16%, lower at 53,820.35 on Thursday, forming a bearish candle on daily scale and is forming lower highs – lower lows from the last few sessions as bears are holding a tight grip at higher zones.

“The rate sensitive Bank Nifty index has corrected by almost 2,000 points in the last few sessions. Now, till the index holds below 54,250 zones weakness could be seen towards 53,500 then 53,250 levels, while on the upside, hurdle is seen at 54,250 then 54,500 zones,” Taparia said.

Chandan Taparia has recommended two stocks to buy today, 29 August 2025, and one stock to sell. Taparia recommends buying UNO Minda and Polycab India shares, and selling Canara Bank shares.

UNO Minda share price has broken out of a consolidation zone with higher than average traded volumes. The ADX line has been rising which suggests the uptrend has strength, Taparia said.

He recommends buying UNO Minda shares for a target price of ₹1,375 apiece, while maintaining a stop loss at ₹1,255 level.

Polycab India share price has formed a bullish “Pole & Flag” pattern on the daily scale which suggests a continuation of the up move. The RSI indicator is rising which suggests a continuation of the uptrend.

Taparia has a ‘Buy’ call on Polycab India shares with a target price of ₹7,625 apiece, and a stop loss at ₹6,870 level.

Canara Bank share price has broken down from a “Descending Triangle” pattern with a strong bodied bearish candle. The MACD indicator has given a negative crossover to confirm the negative momentum, Taparia said.

He recommends selling Canara Bank 25th September Futures for a target price of ₹99, while keeping a stop loss at ₹108 level.\

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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