Indian Market Set to Rally on Global Cues: Key Picks for August 14 – Titan, Oberoi Realty, and More

The Indian stock market is expected to trade higher on Wednesday, influenced by positive global trends. On Tuesday, foreign institutional investors (FIIs) sold shares worth ₹2,107.17 crore, while domestic institutional investors (DIIs) bought shares worth ₹1,239.96 crore.

FIIs and Market Indicators

FIIs’ long-short ratio for index futures is at 48.05, indicating that they sold 36,291 index futures. Significant open interest was observed in the 24,200 and 24,300 strike prices on the call side, and in the 24,100 and 24,000 strike prices on the put side.

Expert Insights

Sudeep Shah, Deputy Vice President and Head of Technical and Derivative Research at SBI Securities, noted that August futures dropped by 0.80% on Tuesday, and cumulative open interest across current, next, and far series increased by nearly 4%, indicating a short build-up. He highlighted the 50-day EMA zone of 24,050-24,000 as immediate support for the index. If the index moves below the 24,000 level, further selling pressure could push it down to 23,850. Resistance is expected in the 24,270-24,300 range.

Top Trading Ideas

Here are some stock recommendations from experts for traders with a short-term horizon:

Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

• Titan Company: Buy with a target price of ₹3,500 and a stop loss at ₹3,330.
• PolicyBazaar: Buy with a target price of ₹1,552 and a stop loss at ₹1,450.
• Tata Consumer: Buy with a target price of ₹1,225 and a stop loss at ₹1,160.

F&O Strategy

• Oberoi Realty (Aug Futures): Sell with a target price of ₹1,694 and a stop loss at ₹1,775.
• Tata Communication (Aug Futures): Sell with a target price of ₹1,783 and a stop loss at ₹1,890.

Nooresh Merani – Independent Technical Analyst

• Reliance Industries Limited (RIL): Buy with a target price of ₹3,050 and a stop loss at ₹2,900.
• Cipla: Buy with a target price of ₹1,750 and a stop loss at ₹1,550.
• Gujarat Pipavav Port Ltd (GPPL): Buy with a target price of ₹280 and a stop loss at ₹235.

These recommendations offer potential opportunities for traders looking to navigate the market on August 14, 2024.