The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to see a muted trend on Monday, tracking weakness in global markets. The Nifty 50 remains below the 24,400 level, and had formed a bearish candle on the weekly scale. The index closed below previous week's lows on Friday, indicating short term profit booking. According to reports from NDTV Profit, the Gift Nifty was trading around 24,436 level, a discount of nearly 32 points from the Nifty futures' previous close. The domestic equity indices ended mixed in the previous session, with the benchmark Nifty 50 closing 40.10 points lower at 24,395.85, while the Sensex gained 113.61 points to close at 78,079.96.
On the Nifty options front, Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd, provided key insights on market positioning. As reported by NDTV Profit, the maximum Call OI is at 24,500 then 24,400 strike while Maximum Put OI is at 24,300 then 24,400 strike. "Call writing is seen at 24,400 then 24,500 strike, while Put writing is seen at 24,350 then 24,300 strike," Taparia noted. The option data suggests a broader trading range in between 24,100 to 24,700 zones, while an immediate range between 24,200 to 24,600 levels. According to LiveMint, the immediate range between 24,300 to 24,600 levels.
According to Taparia's analysis reported by NDTV Profit, the Nifty 50 index had formed a bearish candle on the weekly scale and closed below previous week's lows on Friday, indicating short term profit booking. If the Nifty 50 index crosses and holds above 24,400 zones, upside could be seen towards 24,550 then 24,650 zones, while support can be seen at 24,300 then 24,200 zones. As reported by LiveMint, the Nifty 50 index opened on a flattish note and remained confined in a range of 100 points throughout the session with volatile swings. The index formed a bearish candle on the daily frame and has been making lower highs from the last eight sessions.
As reported by NDTV Profit, the Bank Nifty index had formed a small bodied candle on weekly scale as momentum is missing on either sides. "Now, Bank Nifty index has to hold above 57,500 zones for a bounce towards 58,000 then 58,250 levels, while a hold below the same could see some weakness towards 57,250 then 57,000 zones," said Taparia. According to LiveMint, the Bank Nifty index opened on a negative note and gradually drifted towards 57,500 zones in the first half of the session, remaining consolidative in a narrow range of 200 points with an overall negative bias.
According to Taparia's recommendations reported by NDTV Profit, four stocks are recommended for buying today, 17 August, 2026. Paras Defence and Space Technologies is recommended at CMP ₹1,460 with a stop loss at ₹1,335 and target price at ₹1,460, as the stock is in an overall uptrend trading near all-time high zone forming higher highs and higher lows for the last four weeks. Eicher Motors is suggested at CMP ₹8,550 with stop loss at ₹7,830 and target price at ₹8,550, having formed higher tops and higher bottoms on both daily and weekly charts with buying interest near the 10 EMA. Dixon Technologies is recommended at CMP ₹14,200 with stop loss at ₹13,700 and target price at ₹14,800, as the stock is consolidating in a tight range for the last 3-4 weeks and is on the verge of a flag breakout above the ₹14,200 zone. Devyani International is recommended at CMP ₹152 with stop loss at ₹138 and target price at ₹152, as the stock has formed a strong bullish candle with above average volumes and reclaimed its 200 DEMA after a prolonged period.
