Indian stock markets witnessed a sharp decline on Monday, with the BSE Sensex falling 1,124.02 points (1.52%) to 72,771.72 and the NSE Nifty dropping 360.25 points (1.56%) to 22,780.25. This marked the lowest closing level since March 30, 2026 for the Sensex and nearly six months for the Nifty. The sell-off was attributed to rising crude oil prices following the US-Iran stalemate over the reopening of the Strait of Hormuz, continued foreign fund outflows, spike in US bond yields and weakness across Asian markets. Despite the market crash, Chandan Taparia, Head Derivatives & Technicals at Motilal Oswal Financial Services Ltd, has recommended four new stocks to buy for September 29, 2026: Laurus Labs, Indus Towers, Paytm, and Sona BLW Precision Forgings.
The Nifty 50 index opened negative and witnessed intense selling throughout the session, forming a big bearish candle on the daily frame and giving the lowest daily close of the last 121 sessions. The index failed to see any substantial retracement and continued to make lower highs for the fifth consecutive session, breaking its crucial 22,800 support zones. According to Taparia, the index has been making lower highs - lower lows from the last five weeks. The Nifty 50 index has to cross and hold above 22,900 zones for an up move towards 23,000 then 23,150 levels, while a hold below the same could see weakness towards 22,650 then 22,500 zones. On option front, maximum Call Open Interest is at 22,900 then 22,800 strike, while maximum Put OI is at 22,800 then 22,700 strike. Call writing is seen at 23,000 then 22,900 strike while Put writing is seen at 22,800 then 22,700 strike. Option data suggests a broader trading range in between 22,400 to 23,200 zones, while an immediate range between 22,600 to 23,000 levels.
Bank Nifty index opened on a negative note and remained under selling pressure for most part of the session, drifting towards 54,400 zones and forming a big bearish Marubozu candle on the daily scale. This indicates complete dominance by the bears and the index closed with losses of more than 1,000 points. According to Taparia, Bank Nifty has to cross and hold above 54,500 zones for an up move towards 54,750 then 55,000 zones, while a hold below the same could see weakness towards 54,000 then 53,750 levels.
Laurus Labs is recommended with a target price of ₹2,130 and stop loss at ₹1,950. The stock is in a strong uptrend and consolidating near its all-time high territory, respecting the 20 DEMA and witnessing steady buying interest. Even amid weakness in the benchmark indices, the stock continues to outperform, indicating relative strength. Indus Towers is suggested with a target price of ₹340 and stop loss at ₹372. The stock has given a fresh breakdown as it breached the two-month swing low of 365 zones, forming a bearish candle while RSI has also given a bearish crossover, indicating weakening momentum. Sustaining below 365 can keep the pressure intact. Paytm is recommended with a target price of ₹1,770 and stop loss at ₹1,630. The stock has negated its lower-top sequence of the last 4-5 sessions and formed a bullish candle, showing signs of a bounce towards the previous swing high. Sustaining above ₹1,700 zones can trigger a fast move on the upside. Sona BLW Precision Forgings is suggested with a target price of ₹860 and stop loss at ₹790. The stock is in an overall uptrend and continues to respect its 50 DEMA, indicating sustained buying interest on dips. It is now on the verge of ATH breakout above ₹840 zones, with RSI also inching higher.
