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Stock market today: Domestic benchmark indices, currency and debt markets will remain closed on Friday, 2 October, on account of Gandhi Jayanti. Trading will resume on Monday, 5 October. Chandan Taparia recommends buying Laurus Labs with a target of ₹2,100, citing its strong uptrend and continued buying interest near its all-time high. Canara Bank is a sell with a target of ₹111, as the stock has broken below ₹125 and is showing signs of further downside momentum. The BSE Sensex fell 0.79% to 71,909.70 on Thursday, while the broader NSE index declined 0.88% to 22,421.95. The benchmarks extended their losing streak to an eighth consecutive week, marking their longest such run in 25 years. Record foreign selling, crude oil prices near $100 a barrel and a sharp rise in global bond yields weighed on investor sentiment. The Indian rupee also came under pressure, falling 0.5% to ₹96.3150 against the US dollar on Thursday, its weakest level in two months. The currency was hit by surging global bond yields and higher oil prices, adding to the pressure from continued foreign portfolio outflows. On the Nifty options front, Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd, said that the maximum call OI is at 22,500 then 22,700 strike while maximum put OI is at 22,000 then 22,300 strike. “Call writing is seen at 22,500 then 22,600 strike while Put writing is seen at 22,300 then 22,200 strike. Option data suggests a broader trading range in between 22,000 to 22,800 zones while an immediate range between 22,200 to 22,600 levels,” said Taparia. The Nifty 50 index opened negative and remained sideways in the first half before witnessing heavy selling pressure in the second half and it went towards 22200 zones. It witnessed a substantial recovery to 22400 zones towards the end amidst heightened volatility. It formed a bearish candle with a longer lower wick on the daily frame while the weekly chart formed a big bearish candle indicating sustained selling at higher levels. “Now till it holds below 22,500 zones weakness could extend towards 22,300 then 22,200 levels while on the upside hurdles can be seen at 22,650 then 22,750 zones,” said Taparia. Bank Nifty index opened slightly lower and witnessed buying interest from the initial tick which lifted the index towards 55,000 zones. However it failed to sustain at higher levels and selling pressure emerged which dragged the index below 54,100 zones. It formed a small bearish bodied candle on the daily scale with longer upper and lower shadows indicating volatility in the market with resistance visible at higher zones and buying interest at lower levels. It formed a bearish bodied candle on the weekly scale with a lower shadow indicating buying interest at lower levels. “Now till it holds below 54,500 zones weakness could be seen towards 54,250 then 54,000 zones while resistance is intact at 55,000 then 55,250 zones,” the MOFSL analyst added. Chandan Taparia has recommended two stocks to buy or sell next week. Taparia recommends buying Laurus Labs and Canara Bank 27th October Futures shares. Stock is in a strong uptrend and consolidating near its all-time high territory. It is respecting the 20 DEMA and witnessing steady buying interest from the same. Even amid weakness in the benchmark indices, the stock continues to outperform, indicating relative strength. Stock has given a range breakdown below the 125 level and is sustaining below the breakdown zone indicating increasing selling pressure. It has formed a bearish candle and is also trading below its short-term moving averages highlighting weakness in the near term price structure. Sustaining below the 125 level could lead to further downside momentum. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions. Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content. Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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