Motilal Oswal's Chandan Taparia Identifies Three Stocks for Potential Buy in Early March 2026

Indian Stock Market Report - March 2, 2026

Market Overview

The Indian stock market experienced a decline on March 2, 2026, due to rising tensions in the Middle East and global market volatility. The Nifty 50 index fell 1.24% to close at 24,865, while the S&P BSE Sensex declined 1.29% to settle at 80,238.

Sector Performance

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Broader markets were also impacted, with the Nifty Midcap 100 and Nifty Smallcap 100 indices each dropping more than 1.5%. The Nifty options front saw significant activity, with the Maximum Call OI at 25,500 and 25,000 strike prices, and the Maximum Put OI at 24,500 and 24,000 strike prices.

Technical Analysis

The Nifty 50 index opened with a gap down of around 520 points but managed to recover in the last hour, closing near 24,900 zones with losses of around 310 points. The index formed a bullish candle on the daily frame but has started to form lower highs and lower lows from the last three sessions. Support levels are seen at 24,600 and 24,400, while resistance levels are at 25,100 and 25,250.

Bank Nifty Outlook

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The Bank Nifty index opened with a gap down of more than 1,200 points but recovered towards 60,100 zones in the initial hour. However, it failed to hold at higher zones and drifted lower towards 59,350 levels. The index formed a bullish candle on the daily scale with a long upper shadow, indicating buying interest at lower zones. Support levels are seen at 59,250 and 59,000, while resistance levels are at 60,250 and 60,500.

Stock Recommendations

Chandan Taparia, Head Derivatives & Technicals at Motilal Oswal Financial Services Ltd, has recommended three stocks to buy on March 4, 2026:

• Tube Investments of India: Buy with a target price of ₹2,837 and a stop loss of ₹2,750.
• MCX: Buy with a target price of ₹2,501 and a stop loss of ₹2,350.
• BEL: Buy with a target price of ₹454 and a stop loss of ₹440.

These recommendations are based on technical analysis, including breakout patterns, moving averages, and momentum indicators.