The Indian stock market is expected to go up this Thursday, following good news from other global markets. On Tuesday, the Nifty futures ended slightly higher, by 0.01%, reaching 23,772 points.
In options trading, lots of people are betting on the Nifty reaching 24,000 points and then 25,000 points. On the downside, there seems to be strong betting on support at 23,500 and 23,000 points. There’s also been some trading activity around the 23,800 points mark.
Chandan Taparia, who studies market trends at MOFSL, mentioned that the Nifty may trade between 23,200 to 24,200, with an immediate focus on 23,500 to 23,900 points. He noted that the Nifty formed a special candle pattern on Tuesday, suggesting uncertainty in market direction.
To gain momentum, the Nifty should ideally stay above 23,700 points to move towards 23,900 and 24,000 points. There seems to be support around 23,600 and 23,500 points.
Here are some stock picks from various experts for short-term traders:
– InterGlobe Aviation: Buy with a target of Rs 4,900 and a stop-loss at Rs 4,400.
– Solar Industries: Buy with a target of Rs 10,800 and a stop-loss at Rs 9,600.
From Kunal Bothra:
– ICICI Prudential Life: Buy with a target of Rs 690 and a stop-loss at Rs 640.
– ITC: Buy with a target of Rs 488 and a stop-loss at Rs 466.
– Jubilant FoodWorks: Buy with a target of Rs 720 and a stop-loss at Rs 694.
From Nooresh Merani:
– ITC: Buy with a target of Rs 510 and a stop-loss at Rs 470.
– NTPC: Buy with a target of Rs 360 and a stop-loss at Rs 325.
– Lemon Tree: Buy with a target of Rs 180 and a stop-loss at Rs 145.
Note: Expert opinions are personal and do not represent the views of Niftystat.
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