Stock market news: The domestic benchmark indices, Nifty 50 and Sensex recorded their strongest weekly gains in six months on Friday, led by a rally in IT stocks following better-than-expected quarterly earnings. A selloff in global AI-related stocks also encouraged investors to seek value in other sectors.
The Nifty 50 climbed 2.8% over the week to 23,146.15, while the Sensex advanced 3.1% to 74,729.27, marking their best weekly performance since April 10. In Friday’s session, the Nifty gained 0.7%, while the Sensex rose 0.6%.
Chandan Taparia of Motilal Oswal Financial Services, has recommended buying Mphasis, Hindustan Aeronautics (HAL) and Indian Hotels Company. He has set a target price of ₹2,650 for Mphasis with a stop loss at ₹2,425. For HAL, the target is ₹5,260, with a stop loss at ₹4,840. Indian Hotels has a target price of ₹815 and a stop loss at ₹750.
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 23,100 then 23,500 strike, while maximum put OI is at 23,000 then 22,700 strike.
“Call writing is seen at 23,100 then 23,150 strike while Put writing is seen at 23,100 then 23,000 strike. Option data suggests a broader trading range in between 22,700 to 23,500 zones while an immediate range between 22,900 to 23,400 levels,” said Taparia.