Amid positive sentiment surrounding the India–US trade deal, market expert Chandan Taparia has recommended three stocks to buy today, February 3, 2026. According to Taparia, investors can consider buying Hindustan Petroleum Corporation Ltd (HPCL), Ashok Leyland, and Jindal Steel based on strong technical indicators.
The Indian stock market is expected to open on a strong note on Tuesday, supported by optimism over tariff reductions announced by former US President Donald Trump. Trends on Gift Nifty also indicate a gap-up opening for benchmark indices.
India–US Trade Deal Boosts Market Sentiment
Donald Trump announced a reduction in reciprocal tariffs on Indian goods to 18%, adding that India would also lower tariffs and non-tariff barriers on US products. This development has lifted investor confidence and improved global risk appetite.
In the previous trading session, the Indian equity market rebounded sharply after two days of losses.
- Sensex surged 943.52 points (1.17%) to close at 81,666.46
- Nifty 50 gained 262.95 points (1.06%) to settle at 25,088.40
Nifty 50 Outlook Today
On the derivatives front, Chandan Taparia noted that maximum Call Open Interest is placed at 25,500 and 25,200 strikes, while maximum Put Open Interest is seen at 24,500 and 24,800 strikes.
“Option data suggests a broader trading range between 24,700 to 25,700, while the immediate range is 24,900 to 25,300 levels,” Taparia said.
From a technical perspective, Nifty 50 has formed a bullish candle with an inside bar pattern and is currently hovering near its 200-day moving average (DMA).
- Above 25,000: Upside likely towards 25,250 – 25,350
- Below 25,000: Weakness may drag the index to 24,900 – 24,700
Bank Nifty Outlook
The Bank Nifty index gained 201.80 points (0.35%) to close at 58,619.00, forming a bullish candle with a long lower wick, indicating buying interest at lower levels.
According to Taparia:
- Above 58,750: Bounce possible towards 59,000 – 59,250
- Below 58,750: Weakness could extend to 58,250 – 58,000
Stocks to Buy Today – Chandan Taparia’s Top Picks
🔹 Hindustan Petroleum Corporation Ltd (HPCL)
- Call: Buy
- Target Price: ₹480
- Stop Loss: ₹438
HPCL has bounced from its 200 DEMA support zone and formed a bullish hammer candlestick on the daily chart. The RSI indicator confirms positive momentum, indicating potential upside.
🔹 Ashok Leyland
- Call: Buy
- Target Price: ₹206
- Stop Loss: ₹189
Ashok Leyland remains in an overall uptrend, respecting its 20 DEMA support. Rising ADX suggests strengthening trend momentum, with dips being bought consistently.
🔹 Jindal Steel
- Call: Buy
- Target Price: ₹1,200
- Stop Loss: ₹1,090
Jindal Steel is retesting its breakout from a consolidation zone with above-average volumes. A rising MACD indicator supports the bullish outlook, according to Taparia.
Disclaimer
The views and recommendations mentioned above are those of individual analysts and brokerage firms and do not represent the views of this website. Investors are advised to consult certified financial advisors before making any investment decisions. Stock market investments are subject to market risk