Indian Market Expected to Open Higher on Monday Amid Positive Global Trends

The Indian stock market is poised for an upward trajectory on Monday, buoyed by encouraging global cues. The Nifty futures ended Friday with a notable gain of 0.78%, closing at the 23,382 mark. The India VIX, a measure of market volatility, also displayed a slight decline of 0.2%, settling at 12.58 during the previous trading session.

Options Market Insights

On the options front, significant activity was observed. The highest Call Open Interest (OI) is concentrated at the 24,000 strike, followed closely by the 24,100 level. In contrast, the maximum Put OI has been identified at the 23,000 strike, with additional support at the 23,200 level. Notably, Call writing has been prevalent at the 23,600 and 23,700 strikes, while Put writing is taking place at the 23,300 and 23,200 strikes.

Chandan Taparia, a derivatives analyst at Motilal Oswal Financial Services Limited, commented on the options data, suggesting that the market may experience a broader trading range between 22,900 and 23,800. He specified an immediate trading range between 23,200 and 23,600 levels, indicating potential movements traders should watch closely.

Bullish Momentum in Nifty

Taparia highlighted a significant bullish trend in the Nifty index, noting the formation of a bullish Marubozu candle on the weekly chart. This pattern suggests a continuation of strong bullish momentum, with the index achieving higher highs and higher lows over the past five trading sessions. For the current week, he emphasized that the index needs to maintain its position above the 23,200 mark to facilitate further movements towards 23,500 and potentially to 23,700. He also pointed out that support levels are progressively shifting higher, now positioned at 23,200 and then 23,000. ## Stock Recommendations from Top Analysts

In light of the current market trends, several stock recommendations have emerged from leading brokerage firms, providing insights into potential investment opportunities. Notable recommendations include:

From Aakash Hindocha, Technical Analyst at Nuvama Wealth:

• APL Apollo Tubes: Buy with a target of Rs 1,625; Stop Loss set at Rs 1,475.
• Amara Raja Batteries: Buy with a target of Rs 1,220; Stop Loss at Rs 1,011.
• Bharti Airtel: Buy with a target of Rs 1,825; Stop Loss at Rs 1,690. ### From Kunal Bothra, Market Expert:
• NTPC: Buy with a target of Rs 366; Stop Loss at Rs 344.
• AB Capital: Buy with a target of Rs 195; Stop Loss at Rs 180.
• BSE: Buy with a target of Rs 5,000; Stop Loss at Rs 4,550. ### From Nooresh Merani, Independent Technical Analyst:
• Axis Bank: Buy with a target of Rs 1,150; Stop Loss at Rs 1,050.
• NHPC: Buy with a target of Rs 95; Stop Loss at Rs 82.
• Nykaa: Buy with a target of Rs 190; Stop Loss at Rs 167. ### Disclaimer
  Investors are advised to approach these recommendations with caution, as the views expressed by the experts are their own and do not necessarily reflect those of The Economic Times.

As the market opens on Monday, traders and investors are encouraged to keep an eye on these insights and adjust their strategies accordingly, navigating the evolving landscape of the Indian market.