Indian Markets Reach Eight-Month High Ahead of Diwali Closure

Indian equity benchmarks closed at their highest levels in over eight months on Monday as crude oil prices eased and markets consolidated following a recent rally. Brent crude futures fell 1% to around $97 per barrel after comments regarding Iran negotiations.

Market Performance

The Nifty 50 gained 0.23% to close at 25,044.65, while the Sensex rose 0.13% to 81,106.65. Both indices settled at their highest levels since February 27, 2026. Domestic stock markets will remain closed on Tuesday for Diwali and resume trading on Wednesday.

Stock Recommendations

Chandan Taparia, Head of Derivatives & Technicals at Motilal Oswal Financial Services, recommended buying shares of Union Bank of India, Ather Energy and Laurus Labs. For Union Bank of India, he set a target price of ₹208 with a stop loss of ₹191. Ather Energy has a recommended target of ₹1,970 and a stop loss of ₹1,800, while Laurus Labs carries a target price of ₹2,600 and a stop loss of ₹2,380.

Context

Stock markets often see consolidation and shifts in trading ranges driven by global commodity prices like crude oil and upcoming holiday closures. Technical analysts use indicators such as open interest and chart patterns to project near-term support and resistance levels for major indices.