The Indian stock market is expected to go up on Tuesday, thanks to positive signals from other global markets. On Monday, the Nifty futures (a part of the market) finished up 0.54% at 23,393 points, which is good news. However, the India VIX (a measure of market risk) increased by 4.2% to 16.42.
In options trading, many traders are focusing on the 24,000 and 24,500 levels for call options (bets that the market will go up) and the 23,000 and 23,200 levels for put options (bets that the market will go down). Traders have also shown interest in writing calls at 24,000 and 23,600, while put writing is observed at 23,000 and 23,300.
Experts say that the market will likely stay within the 22,900 to 23,800 range, but an immediate focus is on the 23,200 to 23,500 range. The Nifty50 struggled to go above 23,400 points but managed to gain around 140 points by the end of the day.
Chandan Taparia, Head of Equity Derivatives & Technicals at MOFSL, mentioned that the Nifty50 formed a bullish pattern on the daily chart, suggesting that buying may happen soon. He added that the Nifty50 should stay above 23,333 points to rise towards 23,500 and 23,700, with support levels at 23,150 and 23,050.
For short-term trades, experts recommend these stocks:
– Reliance Industries Ltd: Buy | Target Rs 1372 | Stop Loss Rs 1254
– Bajaj Finserv Ltd: Buy | Target Rs 1838 | Stop Loss Rs 1670
– Titan Company Ltd: Buy | Target Rs 3560 | Stop Loss Rs 3274
Kunal Bothra, another market expert, recommends:
– ONGC: Buy | Target Rs 280 | Stop Loss Rs 260
– Biocon: Buy | Target Rs 420 | Stop Loss Rs 390
– GICRE: Buy | Target Rs 480 | Stop Loss Rs 438
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