Motilal Oswal Analyst Suggests Three Stocks for Monday Buy Recommendations

Indian Stock Market Plunges on Thursday Amid Global Uncertainty

The Indian stock market ended sharply lower on Thursday, weighed down by selling across most sectors. The 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.

Nifty 50 Outlook

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The 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. On the weekly frame, the Nifty 50 formed a small bodied bullish candle and negated its higher highs from the last three weeks. According to Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services, till the index 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.

Bank Nifty Outlook

The 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 is making lower highs from the last few sessions as selling pressure was seen at higher zones. On the weekly scale, the Bank Nifty formed a bearish candle as multiple hurdles are intact at higher zones and it is relatively underperforming the benchmark index. According to Taparia, 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.

Stocks to Buy

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

Taparia recommends buying Reliance shares for a target price of ₹1,515 apiece, while maintaining a stop loss at ₹1,387 level. 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 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. He recommends buying BSE shares for a target price of ₹3,850 apiece, while keeping a stop loss of ₹3,530.