New Delhi, October 31, 2025 — The Indian stock market is expected to open on a cautious note on Friday, following mixed global cues and heightened volatility. After sharp declines in the previous trading session, analysts anticipate a range-bound movement in the benchmark indices — Nifty 50 and Sensex — as investors weigh global economic signals and domestic earnings.
Chandan Taparia, Head of Derivatives & Technicals at Motilal Oswal Financial Services, has identified three stocks to buy today — Bharat Petroleum Corporation Ltd (BPCL), Housing & Urban Development Corporation Ltd (HUDCO), and NBCC (India) — each showing signs of bullish technical patterns that could yield short-term gains.
Market Overview
The previous trading session ended with significant losses for Indian equities. The Sensex declined by 592.67 points (0.70%) to close at 84,404.46, while the Nifty 50 slipped 176.05 points (0.68%) to finish at 25,877.85.
According to Taparia, the Gift Nifty trends suggest a slightly positive opening for the day, but overall volatility may continue due to weak global sentiment and profit booking at higher levels.
Nifty Options Data: Key Resistance and Support Levels
Taparia pointed out that on the Nifty options front, the maximum Call Open Interest (OI) stands at the 26,000 and 26,100 strike levels, while maximum Put OI is visible at the 25,900 and 25,500 strikes.
“Call writing has been active around 26,000 and 25,900 strikes, while Put writing is seen near 25,900 and 25,950 strikes,” Taparia noted.
This pattern, he said, suggests that the broader trading range for Nifty could remain between 25,400 to 26,300, with an immediate range of 25,600 to 26,100 levels.
Nifty 50 Outlook
Taparia highlighted that the Nifty 50 formed a bearish candle on the daily chart, breaking its three-day higher-high formation. For the index to regain momentum, it must sustain above the 25,900 zone, which could trigger a move towards 26,100 and 26,277 levels.
On the downside, Taparia expects support near 25,700 and 25,600 zones, indicating limited downside risk unless those levels are breached.
Bank Nifty Outlook
The Bank Nifty index also mirrored the weak sentiment, slipping 354.15 points (0.61%) to close at 58,031.10 on Thursday. Taparia observed that the index formed a small-bodied candle, signaling that momentum was missing at higher levels.
He described the index as consolidating within a 700-point range, adding that multiple supports remain intact at lower levels.
“Bank Nifty has to hold above 58,000 zones for an upward move towards 58,350 and 58,577 levels. On the downside, support exists at 57,750 and 57,500 zones,” he explained.
Chandan Taparia’s Stock Picks for October 31, 2025
1. Bharat Petroleum Corporation Ltd (BPCL) — Buy
- Target Price: ₹385
- Stop Loss: ₹345
Taparia noted that BPCL shares have broken out from a consolidation zone on the daily chart with strong trading volumes, indicating renewed buying interest.
The MACD indicator has given a bullish crossover, confirming positive momentum.
“The breakout above the consolidation pattern shows potential for a sustained uptrend. As long as BPCL remains above ₹345, the next target could be around ₹385,” Taparia said.
2. Housing & Urban Development Corporation Ltd (HUDCO) — Buy
- Target Price: ₹255
- Stop Loss: ₹230
According to Taparia, HUDCO has broken above a falling supply trendline on the daily chart, supported by a strong bullish candle.
The RSI indicator is moving upward, suggesting improving strength and buying momentum.
“HUDCO looks poised for further upside after this technical breakout. The overall trend is now positive as long as the price stays above ₹230,” he added.
3. NBCC (India) — Buy
- Target Price: ₹125
- Stop Loss: ₹114
Taparia also sees buying potential in NBCC (India) shares. The stock has breached key resistance zones on the daily chart and rebounded from its 50-day exponential moving average (DEMA) — a sign of renewed strength.
The RSI indicator is rising, confirming bullish momentum.
“NBCC has given a clear breakout with volume support, indicating potential to move towards ₹125 in the near term, while ₹114 will act as a crucial support,” Taparia explained.
Overall Market Sentiment
Market experts expect volatility to persist as traders adjust their positions ahead of key economic data and global market cues. The short-term trend for Nifty remains cautious, but selective buying opportunities exist in stocks showing strong technical setups — such as BPCL, HUDCO, and NBCC.
The broader outlook for the market remains constructive as long as key support zones are maintained. However, investors are advised to stay selective and maintain strict stop losses to manage risk amid the ongoing volatility.
Disclaimer
The stock recommendations and views presented above are those of Chandan Taparia and Motilal Oswal Financial Services, and not of this publication. Investors are strongly advised to consult with certified financial advisors before making any investment decisions.
