1 week Ago
The Indian market is likely to open higher on Friday, tracking positive global cues.Nifty futures closed in the red on Wednesday, slipping 1.72% to 22,646.
On the options front, the highest Call open interest (OI) is seen at the 23,500 and 23,000 strike prices, while the maximum Put OI is placed at 22,500 and 22,000 strikes. Call writing is observed at 22,400 and 22,500, whereas Put writing is concentrated at 22,400 and 22,000 levels.“Options data suggests a broader trading range between 21,800 to 23,000 zones, with an immediate range between 22,100 to 22,700,” said Chandan Taparia, Analyst – Derivatives at Motilal Oswal Financial Services.
“Nifty formed a small-bodied bearish candle on the daily chart on Wednesday with a long lower wick, indicating support-based buying. However, the upside remains capped due to global tensions and elevated volatility,” he added.“Unless Nifty sustains above the 22,500 zone, weakness could persist towards 22,350 and then 22,222.
On the other hand, a hold above 22,500 may trigger the next leg of the rally toward 22,700 and 22,850,” Taparia advised.Stocks to Watch for Short-Term Trading(As recommended by market experts)Expert: Rajesh Palviya, VP – Technical & Derivatives Research, Axis Securities (to ETBureau)Dr Lal PathLabs: Buy | Target: Rs 2,950 | Stop Loss: Rs 2,550Godrej Consumer Products: Buy | Target: Rs 1,365 | Stop Loss: Rs 1,195HPCL: Buy | Target: Rs 435 | Stop Loss: Rs 360Expert: Kunal Bothra, Market Expert (to ETNow)Tata Motors: Buy | Target: Rs 620 | Stop Loss: Rs 570BEML: Buy | Target: Rs 3,050 | Stop Loss: Rs 2,850Deepak Fertilisers: Buy | Target: Rs 1,175 | Stop Loss: Rs 1,135(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times).
