The Indian stock market is expected to open lower on Monday, tracking weakness in global peers, weighed down by the escalation in the US-Iran war in the Middle East and rising crude oil prices. According to reports from Motilal Oswal Financial Services, the Nifty 50 index took support around 24,100 levels on Friday and closed higher by 84.80 points, or 0.35%, at 24,175.65. The index formed a bullish candle on the daily frame while marking the fourth consecutive bearish candle on the weekly frame as profit booking remained visible at higher levels.
As reported by Motilal Oswal's Chandan Taparia, Head Derivatives & Technicals, if Nifty 50 crosses and holds above 24,200 zones, then upside could be seen towards 24,350 then 24,450 zones, while support can be seen at 24,050 then 23,900 zones. On the option front, maximum Call Open Interest is at 24,300 then 24,500 strike, while maximum Put OI is at 24,200 then 24,100 strike. Call writing is seen at 24,100 then 24,300 strike, while Put writing is seen at 24,000 then 24,100 strike. Option data suggests a broader trading range in between 23,800 to 24,600 zones, while an immediate range between 24,000 to 24,400 levels.
According to Motilal Oswal's analysis, Bank Nifty index has formed a Doji sort of a candle on the daily scale indicating indecisive price action and lack of directional strength. The Bank Nifty index formed a bearish bodied candle on the weekly scale with slight upper and lower shadows indicating resistance remains intact at higher zones while buying interest is still visible at lower levels. If it crosses and holds above 57,750 zones, then upside could be seen towards 58,000 then 58,250 zones, while support can be seen at 57,000 then 56,750 zones.
Motilal Oswal has identified its preferred sectors and stocks across capital goods, defence and electronics manufacturing services (EMS) for FY27. The brokerage continues to prefer Larsen & Toubro, Cummins India, and GE Vernova T&D India among large caps, with Kalpataru Projects International in the mid-cap space, Bharat Electronics in defence, and Dixon Technologies in EMS. The firm expects Dixon to maintain FY27 volume guidance of around 30-33 million units, excluding Vivo, despite an expected contraction in the broader mobile industry. Revenue growth was stronger than expected across the brokerage's coverage universe in Q1FY27, with execution growing 11% year-on-year compared with its estimate of 5%.
According to Motilal Oswal's latest report, data centres emerge as the strongest near-term demand driver, with enquiries and execution remaining healthy during the June quarter. Companies including ABB India, Siemens Energy India, KEC International, CG Power and Industrial Solutions, and Techno Electric & Engineering reported improving activity. The brokerage expects transmission ordering to improve from the second quarter as the Transmission System Strengthening through Tariff Based Competitive Bidding (TBCB) pipeline has started improving from June-July 2026. Private-sector ordering improved across industrials, transmission, power generation and data centres, with Larsen & Toubro noting that private-sector projects formed 40% of its overall order book and 45% of its prospective pipeline.
