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Market Insight: Nifty Consolidation Ahead Amid Positive Global Trends – Expert Stock Picks for Short-Term Trading

March 21, 2025
Smart Money

Indian Stock Market Expected to Consolidate Amid Positive Global Signals

As global markets show encouraging signs, the Indian stock market is anticipated to consolidate on Thursday. This follows a somewhat lackluster performance from the Nifty future, which closed down by 0.17% at 22,527 levels on Wednesday.

Market Indicators and Trends

In the previous trading session, the India VIX, a gauge of market volatility, experienced a decline of 2.7%, settling at 13.69. This drop in volatility suggests a more stable environment for market participants heading into Thursday’s trading.

On the options front, the data reveals significant activity with the maximum Call Open Interest (OI) positioned at the 23,000 and 22,500 strike prices, highlighting key levels for traders to monitor. Conversely, maximum Put OI stands at 22,300 and 22,400 strikes, indicating areas of strong potential support.

Call writing has been notably observed at the 22,600 and 22,500 strike levels, while Put writing is concentrated at the 22,300 and 22,400 strikes. Chandan Taparia, an Analyst in Derivatives at Motilal Oswal Financial Services Limited, pointed out that "Options data suggests a broader trading range in between 21,800 to 22,800 zones while an immediate range between 22,200 to 22,600 levels.”

Nifty’s Performance and Predictions

Analyzing the recent performance of Nifty, Taparia noted that the index formed a bearish candle on the daily frame on Wednesday, indicating intact support-based buying at lower levels due to its longer lower shadow. He recommended that Nifty50 needs to maintain above the 22,330 mark to pave the way for an upward movement towards the 22,650 and 22,800 levels. Supports can be observed at the 22,300 and 22,222 zones.

Recommendations for Traders

In light of these developments, a selection of stocks has been curated by various market experts for traders focusing on a short-term horizon.

Recommendations from Rajesh Palviya, VP-Technical & Derivative Research at Axis Securities:

  • Narayana Hrudayalaya: Buy with a target of ₹1,785 and a stop loss at ₹1,513.
  • Kaveri Seed Company: Buy with a target of ₹1,213 and a stop loss at ₹1,015.
  • Avanti Feed: Buy with a target of ₹985 and a stop loss at ₹770. #### Insights from Kunal Bothra, Market Expert:
  • Bajaj Finance: Buy with a target of ₹8,750 and a stop loss at ₹8,350.
  • Jio Financial Services: Buy with a target of ₹234 and a stop loss at ₹221.
  • Hikal: Buy with a target of ₹406 and a stop loss at ₹383. #### Recommendations from Nooresh Merani, Independent Technical Analyst:
  • ICICI Bank: Buy with a target of ₹1,300 and a stop loss at ₹1,225.
  • GMR Airport: Buy with a target of ₹85 and a stop loss at ₹72.
  • AB Capital: Buy with a target of ₹175 and a stop loss at ₹158. ### Disclaimer

It is important to note that the recommendations provided by the experts are their own and do not represent the views of The Economic Times. Traders are advised to conduct their own research and analysis before making any investment decisions.

As the day unfolds, market participants will be keenly observing how global cues and technical patterns impact the Indian stock market’s trajectory.