Shares to buy or sell: Chandan Taparia of Motilal Oswal recommends three stocks to buy on Monday

The Indian stock market ended sharply lower on Thursday, weighed down by selling across most sectors. Escalating US-Iran war and elevated crude oil prices dampened risk-appetite, while a hawkish US Federal Reserve policy, weak rupee and relentless FII outflows added to selling pressure.

The Sensex plunged 582.86 points, or 0.75%, to close at 76,913.50, while the Nifty 50 settled 180.10 points, or 0.74%, lower at 23,997.55 on April 30.

On the Nifty options front, Chandan Taparia Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services said that the maximum Call Open Interest (OI) was at 24,500 then 24,300 strike, while maximum Put OI was at 24,000 then 23,800 strike.

“Call writing is seen at 24,000 then 24,100 strike, while Put writing is seen at 23,900 then 23,600 strike. Option data suggests a broader trading range in between 23,600 to 24,400 zones, while an immediate range between 23,800 to 24,200 levels,” said Taparia.

Nifty 50 Outlook

Nifty 50 index formed a doji sort of a candle on the daily frame and broke its higher lows structure of the last three sessions.

“Nifty 50 formed a small bodied bullish candle on the weekly frame and negated its higher highs from the last three weeks. Now, till it holds below 24,000 zones weakness could be seen towards 23,800 then 23,700 zones, while hurdles are placed at 24,150 then 24,300 zones,” said Taparia.

Bank Nifty Outlook

Bank Nifty index ended 540.25 points, or 0.98%, lower at 54,863.35 on Thursday, forming a small bodied candle on daily scale. The index it is making lower highs from the last few sessions as selling pressure was seen at higher zones.

“On weekly scale, Bank Nifty formed a bearish candle as multiple hurdles are intact at higher zones and it is relatively underperforming the benchmark index. Now, till it holds below 55,000 zones some weakness could be seen towards 54,500 then 54,000 levels, while on the upside, hurdle is seen at 55,250 then 55,500 zones,” Taparia added.

Stocks to buy

Chandan Taparia has recommended three stocks to buy on Monday, 4 May 2026. Taparia recommends buying Reliance Industries, RBL Bank and BSE shares.

Reliance Industries | Buy | Target Price: ₹1,515 | Stop Loss: ₹1,387

Reliance share price has given a breakout from a consolidation zone with a strong bodied bullish candle and high traded volumes. The RSI indicator is rising which confirms the positive momentum, said Taparia.

He recommends buying Reliance shares for a target price of ₹1,515 apiece, while maintaining a stop loss at ₹1,387 level.

RBL Bank | Buy | Target Price: ₹355 | Stop Loss: ₹325

RBL Bank share price has given a range breakout at its 52 week high zones and a surge in traded volumes. The MACD indicator has given a bullish crossover to support the price action.

Taparia has a ‘Buy’ call on the stock and RBL Bank share price target ₹355 apiece, and stop loss of ₹325.

BSE | Buy | Target Price: ₹3,850 | Stop Loss: ₹3,530

BSE share price has broken out from a bullish “Pole and Flag” pattern suggesting a continuation of the uptrend. The ADX line is rising which confirms the strength of the bullish trend, Taparia said.

He recommends buying BSE shares for a target price of ₹3,850 apiece, while keeping a stop loss of ₹3,530.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.