2 weeks Ago
Indian market is likely to consolidate on Thursday tracking mixed global cues.India VIX, the market’s volatility barometer, eased by 1.61% to 15.
86, reflecting cooling nerves around geopolitical risks on Wednesday.Derivative data reflects a guarded sentiment with a slightly bearish bias. Call writers retained the upper hand, outpacing put writing and maintaining a grip on upside levels.
The 24,000 strike saw substantial call writing, with open interest swelling to 1.12 crore contracts, marking it as a formidable resistance zone.On the flip side, aggressive put writing at the 23,000 strike (93.
42 lakh contracts) reflects bullish confidence at lower levels.“While bulls are gradually accumulating positions, clear conviction is still in the making. The 23,500–23,700 region remains a pressure zone for now.
Interestingly, call writing is inching toward higher strikes, subtly hinting at improving sentiment,” Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities, said.“The Put-Call Ratio (PCR) edged up from 0.81 to 0.
84, indicating a neutral-to-cautious tone among market participants. With Max Pain anchored at 23,300, option writers appear to be capping aggressive upside moves, maintaining a watchful eye on the downside risks,” he added.We have collated stocks from various experts for traders who have a short-term trading horizon:Expert: Jaynit Vora, CMT - Research Analyst, IIFL told ETBureauCholamandalam Investment & Finance Ltd: Buy| Target Rs 1680| Stop Loss Rs 1575PNB Housing Ltd: Buy| Target Rs 1054| Stop Loss Rs 966Dixon Technologies: Buy| Target Rs 15900| Stop Loss Rs 14,800Expert: Kunal Bothra, Market Expert told ETNowICICI Bank: Buy| Target Rs 1388| Stop Loss Rs 1340Indus Tower: Buy| Target Rs 396| Stop Loss Rs 376Union Bank of India: Buy| Target Rs 137| Stop Loss Rs 121(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own.
These do not represent the views of the Economic Times).
