The Indian market is anticipated to consolidate on Thursday, influenced by mixed global signals. On Wednesday, the Nifty futures closed with a gain of 0.57% at 24,306 points. India VIX saw an increase of nearly 5%, closing at 15.96 during the previous session.
In terms of options, the maximum Call Open Interest (OI) is observed at the 24,300 level, followed by the 24,500 strike. Conversely, the maximum Put OI is seen at the 24,000 level, with additional activity at the 24,200 strike. Call writing activity is noted at 24,300 and extends to the 24,350 strike, while Put writing is evident at 24,200 and extends to the 24,300 level.
Chandan Taparia, an Analyst-Derivatives at Motilal Oswal Financial Services Limited, indicates that options data suggest a broader trading range between 23,800 to 24,700 points, with an immediate range of 24,100 to 24,500 levels. Taparia also remarked that the Nifty formed a small-bodied candle with a longer lower shadow on the daily chart on Wednesday and has been establishing higher lows over the past nine sessions. He advised that the index needs to maintain levels above 24,250 for it to advance towards 24,500 and potentially 24,650, while support levels are identified at 24,200 and subsequently at 24,100.
Several stock recommendations were collated from various experts for traders with a short-term focus. Rajesh Palviya, Vice President of Technical & Derivative Research at Axis Securities, suggested the following stocks:
– IRFC: Buy with a target of Rs 157 and a stop loss of Rs 128.
– Torrent Pharma Ltd: Buy with a target of Rs 3,650 and a stop loss of Rs 3,230.
– CDSL Ltd: Buy with a target of Rs 1,560 and a stop loss of Rs 1,295.
Market expert Kunal Bothra provided additional recommendations:
– CDSL Ltd: Buy with a target of Rs 1,440 and a stop loss of Rs 1,340.
– Bharat Forge Ltd: Buy with a target of Rs 1,160 and a stop loss of Rs 1,115.
– Delhivery Ltd: Buy with a target of Rs 320 and a stop loss of Rs 290.
Disclaimer: The recommendations, suggestions, views, and opinions expressed by the experts are their own and do not necessarily reflect those of the Economic Times.
