The Indian market is likely to trade higher on Wednesday, tracking positive global cues.
The Nifty futures closed lower with a loss of 1.59% at the 24,646 level on Tuesday. Meanwhile, India VIX edged down by a little over 1% to close at 18.20 in the previous session.
On the options front, the maximum Call open interest (OI) is placed at the 25,000 strike, followed by 25,500, while the maximum Put OI is seen at 24,000, followed by 23,500.
Call writing was observed at the 25,000 and 24,800 strikes, while Put writing was seen at the 24,200 and 24,000 strikes.
“Options data suggests a broader trading range between 24,100 and 25,100 zones, with an immediate range between 24,400 and 24,800 levels,” said Chandan Taparia, Analyst–Derivatives at Motilal Oswal Financial Services.
In the second half of Tuesday’s session, the Nifty slipped below the 24,700 mark, indicating profit booking after a sharp 900-point rally in the previous session.
“The break below support suggests some cooling off in momentum, though the broader trend still remains positive above key support levels. It has formed a bearish candle on the daily chart and is starting to form higher lows over the last two sessions,” he added.
“Now it has to cross and sustain above the 24,750 zone for an up move towards 25,000 and then 25,200 levels, while supports are placed at 24,550 and then 24,444,” Taparia noted.
Stocks to Watch for Short-Term Trades
Expert: Gajendra Prabhu, Technical & Derivatives Analyst at HDFC Securities (shared with ET Bureau)
- Bharat Electronics – Buy | Target: Rs 365 | Stop Loss: Rs 321
- State Bank of India – Buy | Target: Rs 873 | Stop Loss: Rs 755
- Whirlpool of India – Buy | Target: Rs 1,350 | Stop Loss: Rs 1,220
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
The Nifty futures closed lower with a loss of 1.59% at the 24,646 level on Tuesday. Meanwhile, India VIX edged down by a little over 1% to close at 18.20 in the previous session.
On the options front, the maximum Call open interest (OI) is placed at the 25,000 strike, followed by 25,500, while the maximum Put OI is seen at 24,000, followed by 23,500.
Call writing was observed at the 25,000 and 24,800 strikes, while Put writing was seen at the 24,200 and 24,000 strikes.
“Options data suggests a broader trading range between 24,100 and 25,100 zones, with an immediate range between 24,400 and 24,800 levels,” said Chandan Taparia, Analyst–Derivatives at Motilal Oswal Financial Services.
In the second half of Tuesday’s session, the Nifty slipped below the 24,700 mark, indicating profit booking after a sharp 900-point rally in the previous session.
“The break below support suggests some cooling off in momentum, though the broader trend still remains positive above key support levels. It has formed a bearish candle on the daily chart and is starting to form higher lows over the last two sessions,” he added.
“Now it has to cross and sustain above the 24,750 zone for an up move towards 25,000 and then 25,200 levels, while supports are placed at 24,550 and then 24,444,” Taparia noted.
Stocks to Watch for Short-Term Trades
Expert: Gajendra Prabhu, Technical & Derivatives Analyst at HDFC Securities (shared with ET Bureau)
- Bharat Electronics – Buy | Target: Rs 365 | Stop Loss: Rs 321
- State Bank of India – Buy | Target: Rs 873 | Stop Loss: Rs 755
- Whirlpool of India – Buy | Target: Rs 1,350 | Stop Loss: Rs 1,220
(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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