Indian Market Expected to Consolidate Amid Mixed Global Cues
As the Indian stock market approaches Friday, analysts predict a period of consolidation based on the mixed signals from global markets. The Nifty futures experienced a decline, closing at 25,478, reflecting a loss of 1.89% on Thursday.
Nifty Futures and Options Insights
Market analysts are monitoring Nifty futures closely, particularly since Thursday’s bearish trend has raised concerns among investors. Chandan Taparia, a derivatives analyst at Motilal Oswal Financial Services Limited, noted that the Nifty has been creating lower highs and lower lows over the past three sessions, resulting in the formation of a bearish candle on the daily frame. The stock index is reportedly facing pressure at higher levels, and Taparia indicates that unless Nifty holds above the 25,300 mark, additional declines could be anticipated towards 25,100 and possibly 24,950.
On the options market front, significant activity has been observed. The maximum Call Open Interest (OI) is positioned at the 26,000 and subsequently at 27,000 strikes, while the maximum Put OI is concentrated at 25,000 and then 24,000 strikes. The analysis also suggests a broader trading range between 24,800 and 25,800, with an immediate range identified as 25,000 to 25,500.
Recommendations for Short-Term Traders
In light of current market conditions, experts have compiled a list of stocks suitable for short-term trading. Below are recommendations from various analysts:
- Pritesh Mehta, Lead Technical Analyst at YES Securities:
- Dalmia Bharat: Buy with a target of ₹2080 and a stop loss of ₹1890.
- Angel One: Buy with a target of ₹2980 and a stop loss of ₹2580.
- Granules India: Buy with a target of ₹655 and a stop loss of ₹560.
- Kunal Bothra, Market Expert:
- Cipla: Buy with a target of ₹1700 and a stop loss of ₹1640.
- TCS: Buy with a target of ₹4340 and a stop loss of ₹4160.
- Jubilant Pharmova: Buy with a target of ₹1200 and a stop loss of ₹1060.
- Nooresh Merani, Independent Technical Analyst:
- HDFC Bank: Buy with a target of ₹1780 and a stop loss of ₹1640.
- Vijaya Diagnostic Centre: Buy with a target of ₹1100 and a stop loss of ₹950.
Market Activity
This mixed outlook for the Indian market sets the stage for potential consolidation as traders gauge their positions in light of the aforementioned recommendations. Market participation will be critical in navigating the upcoming trading sessions.
As always, investors are reminded that these recommendations are based on individual analysts’ perspectives and do not represent the consensus of all market participants.
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