Synopsis
The Indian market is expected to consolidate, with Nifty facing resistance at 24,850 and support at 24,400. Analysts suggest a trading range between 24,200 and 25,000. Several stocks are recommended for short-term trading, including Nippon Life, APL Apollo, and Jindal Steel.
Shutterstock.com Indian market is likely to consolidate on Wednesday tracking mixed global cues.
The Nifty future closed negative with losses of 0.04% at 24684 levels on Tuesday. Indian VIX closed at 13.78 in the previous session.
On the options front, the maximum Call OI is placed at 25,000 and then towards 24,700 strikes while the maximum Put OI is placed at 24,000 and then towards 23,500 strikes.
Call writing is seen at 24,600 and then towards 24,700 strikes while Put writing is seen at 24,300 and then towards 24,600 strikes.
“Options data suggests a broader trading range in between 24,200 to 25,000 zones while an immediate range between 24,400 to 24,800 levels,” Chandan Taparia, Head, Equity Derivatives & Technicals, Wealth Management, MOFSL, said.
“Nifty formed a small-bodied candle on the daily frame on Tuesday with longer lower shadow but has been making lower highs from the last three sessions,” he said.
“Now the index has to hold above 24,500 zones for an up move towards 24,700 then 24,850 zones whereas support can be seen at 24,500 and 24,400 zones,” recommended Taparia.
We have collated a list of stocks from the F&O basket along with cash market from various experts for traders who have a short-term trading horizon:
Expert: Vinay Rajani, CMT (Senior Technical & Derivative Analyst) at HDFC Securities told ETBureau
Nippon Life: Buy| Target Rs 890| Stop Loss Rs 750
APL Apollo: Buy| Target Rs 1820| Stop Loss Rs 1515
Action Construction Equipment: Buy| Target Rs 1520| Stop Loss Rs 1360
Expert: Kunal Bothra, Market Expert told ETNow
Jindal Steel: Buy| Target Rs 1030| Stop Loss Rs 970
PEL: Buy| Target Rs 1300| Stop Loss Rs 1235
Atul: Buy| Target Rs 7700| Stop Loss Rs 7390
Expert: Nooresh Merani, an independent technical analyst told ETNow
L&T: Buy| Target Rs 4200| Stop Loss Rs 3780
Wipro: Buy| Target Rs 330| Stop Loss Rs 300
LTIMindTree: Buy| Target Rs 7000| Stop Loss Rs 6500
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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