The Indian stock market is expected to stabilize on Monday, following a quiet performance from global markets. On Friday, the Nifty futures dipped by 0.28%, closing at 23,622 points. The India VIX, which measures market volatility, fell by 3% to 13.68.
When looking at the options data, many traders are interested in certain price levels. The highest number of “Call” options (bets that the market will go up) is at the 24,000 and 23,800 levels. On the other hand, the most “Put” options (bets that the market will go down) are placed at the 23,000 and 23,500 levels. Traders are also writing more Call options at 24,000 and 23,800, while more Put options are being written at 23,200 and 23,500.
Expert Chandan Taparia from Motilal Oswal suggests that the Nifty could trade between 23,000 and 24,000 points, with an immediate range of 23,200 to 23,800.
Recently, the Nifty formed a bearish candle on Friday, suggesting it pulled back smartly from key support levels. However, it showed positive signs on the weekly chart, continuing to make higher points for three consecutive weeks.
To see more upward movement, the Nifty needs to stay above the 23,500 level, aiming to reach 23,750 and 23,900. If it drops, the supports are at 23,500 and 23,400 levels.
Stock Recommendations: Here are some short-term trading ideas from experts:
– Aakash Hindocha from Nuvama Wealth suggests buying Kotak Mahindra Bank with a target of Rs 2,056 and a stop loss at Rs 1,876. He also recommends:
– Concord Biotech: Target Rs 2,610, Stop Loss Rs 2,233
– Narayana Hrudayalaya: Target Rs 1,595, Stop Loss Rs 1,331
– Kunal Bothra suggests buying:
– PFC: Target Rs 430, Stop Loss Rs 398
– IndusInd Bank: Target Rs 1,100, Stop Loss Rs 1,060
– Ujjivan Small Finance Bank: Target Rs 44, Stop Loss Rs 36
– Nooresh Merani recommends:
– Bharti Airtel: Target Rs 1,750, Stop Loss Rs 1,650
– Eicher Motors: Target Rs 5,700, Stop Loss Rs 5,300
– Redington Ltd: Target Rs 275, Stop Loss Rs 215
Disclaimer: These recommendations are based on expert opinions and do not reflect the views of NiftyStat.
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