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Market Insight: Nifty Futures Dip as Consolidation Looms Amid Global Cues – Expert Stock Picks to Watch!

February 12, 2025
Smart Money

Nifty Futures Close Lower Amid Mixed Market Sentiment

On Friday, the Nifty futures index ended in the red, experiencing a downward shift of 0.28% to close at 23,622 levels. This decline reflects a broader trend of uncertainty in the Indian markets, which are expected to continue consolidating on Monday amidst subdued signals from global markets. Concurrently, the India VIX, a measure of market volatility, decreased by 3%, concluding the trading session at 13.68.

Market Overview

The Indian equity market appears poised for a period of consolidation as it reacts to muted global cues. The recent performance of the Nifty futures suggests some resilience, despite the Friday downturn. According to Chandan Taparia, a derivatives analyst at Motilal Oswal Financial Services, a bearish candle formation was observed on the daily chart on Friday, although a bullish candle pattern was evident on the weekly chart, indicating a series of higher highs over the past three weeks.

Taparia emphasizes that for the Nifty to sustain its upward trajectory, it must maintain its position above the critical level of 23,500. Should this support level hold, there could be potential upward movement towards 23,750 and 23,900 zones. Conversely, if the index fails to hold above this threshold, supports are seen at levels of 23,500 and 23,400.

Options Market Insights

Calls and puts have significant interest at varying levels—maximum Call Open Interest (OI) is observed at the 24,000 and 23,800 strike prices, while maximum Put OI is positioned at 23,000 and then at 23,500. Options data suggests a broader trading range between 23,000 and 24,000, with a more immediate range between 23,200 and 23,800.

Stock Recommendations From Experts

In light of the current market situation, various experts have made specific stock recommendations for short-term traders:

  • Aakash Hindocha, Technical Analyst at Nuvama Wealth:
  • Kotak Mahindra Bank: Buy with a target of Rs 2056 and a stop loss at Rs 1876.
  • Concord Biotech: Buy with a target of Rs 2610 and a stop loss at Rs 2233.
  • Narayana Hrudayalaya: Buy with a target of Rs 1595 and a stop loss at Rs 1331.
  • Kunal Bothra, Market Expert:
  • PFC: Buy with a target of Rs 430 and a stop loss at Rs 398.
  • IndusInd Bank: Buy with a target of Rs 1100 and a stop loss at Rs 1060.
  • Ujjivan Small Finance Bank: Buy with a target of Rs 44 and a stop loss at Rs 36.
  • Nooresh Merani, Independent Technical Analyst:
  • Bharti Airtel: Buy with a target of Rs 1750 and a stop loss at Rs 1650.
  • Eicher Motors: Buy with a target of Rs 5700 and a stop loss at Rs 5300.
  • Redington Ltd: Buy with a target of Rs 275 and a stop loss at Rs 215.

(Disclaimer: The recommendations mentioned are the opinions of the respective experts and do not necessarily reflect the views of the Economic Times.)

Stay Updated

For ongoing updates on market trends, stock tips, and expert analysis, readers can track the latest news on Sensex and Nifty at ETMarkets.com. In addition, subscribers can join the ETMarkets Telegram channel for prompt alerts regarding financial markets and investment strategies.

In a landscape marked by volatility and uncertainty, staying informed is crucial for investors navigating the dynamic world of equity markets.