2 weeks Ago
The Indian market is likely to consolidate on Tuesday, tracking muted global cues.Nifty futures closed higher on Monday, gaining 1.17% to settle at 24,131.
Meanwhile, India VIX edged up 0.3% to close at 15.52 in the previous session.
On the options front, the maximum Call OI is seen at the 24,200 and 24,500 strike prices, while the maximum Put OI is placed at 24,000 and 23,500 strikes. Call writing is observed at 24,200 and 24,300, while Put writing is seen at 24,000 and 24,100.“Options data suggests a broader trading range between 23,500 and 24,500, with an immediate range of 23,800 to 24,300,” said Chandan Taparia, Analyst – Derivatives, Motilal Oswal Financial Services.
“Nifty formed a bullish candle on the daily chart on Monday and closed near the higher band, signifying bullish strength over the last few sessions,” he added.“Now, the Nifty50 needs to hold above the 24,000 mark for a move towards 24,250 and then 24,400, while support has shifted higher to 24,000 and 23,850,” Taparia recommended.Stocks for short-term trading (as per experts):Expert: Ajit Mishra, SVP – Technical Research, Religare Broking Ltd (to ET Bureau)Bajaj Finserv: Buy | Target: Rs 2,275 | Stop Loss: Rs 2,020BHEL: Buy | Target: Rs 247 | Stop Loss: Rs 217Cholamandalam Investment & Finance: Buy | Target: Rs 1,795 | Stop Loss: Rs 1,595GAIL India: Buy | Target: Rs 212 | Stop Loss: Rs 187Expert: Kunal Bothra, Market Expert (to ET Now)Federal Bank: Buy | Target: Rs 209 | Stop Loss: Rs 195IREDA: Buy | Target: Rs 185 | Stop Loss: Rs 170IDFC First Bank: Buy | Target: Rs 70 | Stop Loss: Rs 63(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own.
These do not represent the views of The Economic Times).
