The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to start on a slightly stronger note on Tuesday, as indicated by GIFT Nifty trading at 23,521 as of 8:00 am IST. According to Chandan Taparia, Head Derivatives & Technicals at Motilal Oswal Financial Services Ltd, the trends on GIFT Nifty signal a mildly positive start for the benchmark indices. However, Nifty 50 has formed a bearish candle on the weekly scale and continues to form lower highs, indicating that the broader trend remains under pressure. The index needs to cross and hold above 23,500 zones for an up move towards 23,600 then 23,700 zones, while a hold below could see weakness towards 23,300 then 23,200 zones. The Nifty 50 index formed a bullish candle on the daily chart on Friday but continues to form lower highs from the last six sessions, with the broader trend remaining under pressure due to renewed US-Iran war tensions and surging crude oil prices that continue to dent risk-appetite.
Chandan Taparia has recommended four stocks to buy today, 15 September 2026: TD Power Systems, VA Tech Wabag, Laurus Labs and One 97 Communications (Paytm). TD Power Systems is recommended with a target price of ₹850 and stop loss at ₹780, having given a consolidation breakout above the ₹800 level from a range formed over the last four weeks and is now trading in all-time high territory, indicating strong bullish momentum. VA Tech Wabag carries a target price of ₹2,400 with stop loss at ₹2,200, having given a cup-and-handle breakout and is sustaining well above the breakout zone, with volumes picking up over the last few sessions supporting the strength. Laurus Labs has a target price of ₹2,080 with stop loss at ₹1,910, showing strong uptrend and respecting its 20 DEMA, having given a fresh inside-bar breakout at all-time high levels. Paytm is recommended with a target price of ₹1,915 and stop loss at ₹1,755, having given a range breakout above the ₹1,750 zone and is holding well above the breakout level, with declines consistently being bought into, highlighting clear relative outperformance compared to the broader market.
The Bank Nifty index formed a strong bullish candle on daily scale with good buying interest visible at lower levels, relatively outperforming the benchmark index. According to Taparia, the banking index formed a small bearish candle on the weekly scale with longer lower shadow as multiple supports are intact at lower levels, but momentum is missing at higher zones. Bank Nifty needs to hold above 56,500 zones for a bounce towards 57,000 then 57,250 levels, while on the downside support is seen at 56,250 then 56,000 zones. The Nifty Pharma index continues to provide supportive backdrop for stocks like Laurus Labs, with the continued strength in the pharma sector supporting the stock's uptrend and potential for further upside.
Option data suggests a broader trading range in between 23,000 to 23,900 zones, while an immediate range between 23,200 to 24,700 levels. According to Taparia, maximum Call Open Interest is at 23,500 then 24,000 strike, while maximum Put OI is at 23,300 then 23,200 strike. Call writing is seen at 23,400 then 23,300 strike, while Put writing is seen at 23,300 then 23,250 strike. The renewed US-Iran war tensions and surging crude oil prices continue to dent risk-appetite, with these factors contributing to the cautious market sentiment and mixed trend in global markets.
