The Indian stock market is expected to open higher on Tuesday, following positive cues from global markets. On Monday, Nifty futures ended down by 0.77%, settling at 24,757 points.
In the options market, the highest Call Open Interest (OI) is seen at the 25,000 and 25,500 strike prices. On the other hand, the maximum Put OI is at 24,000 and 24,500 strike prices. There has been some Call writing at the 25,000 and 24,800 levels, while Put writing is observed at 24,750 and 24,000 levels.
According to Chandan Taparia, an Analyst in Derivatives at Motilal Oswal Financial Services Limited, the options data indicates that the Nifty is likely to trade within a broader range of 24,500 to 25,300 points, with an immediate range between 24,600 and 25,000 points. Taparia notes that the Nifty formed a bearish pattern on the daily chart and closed below 24,800 points. As long as the Nifty remains below 24,850 points, it may experience weakness, with support levels at 24,650 and 24,500 points. Resistance is expected at 24,850 and 25,000 points.
Here’s a roundup of stock recommendations from various experts for traders looking for short-term opportunities:
Expert: Ajit Mishra, SVP – Technical Research, Religare Broking Ltd
- Dr. Reddy’s Laboratories: Buy | Target: ₹7,180 | Stop Loss: ₹6,590
- National Aluminum Company: Buy | Target: ₹246 | Stop Loss: ₹222
- Coal India: Sell | Target: ₹465 | Stop Loss: ₹495
- REC Ltd: Sell | Target: ₹510 | Stop Loss: ₹540
Expert: Kunal Bothra, Market Expert
- SBI: Buy | Target: ₹850 | Stop Loss: ₹794
- Maruti Suzuki: Buy | Target: ₹12,500 | Stop Loss: ₹11,900
- CRISIL: Buy | Target: ₹5,200 | Stop Loss: ₹4,750
Expert: Nooresh Merani, Independent Technical Analyst
- Dr. Reddy’s Laboratories: Buy | Target: ₹7,100 | Stop Loss: ₹6,660
- Siemens: Sell | Target: ₹7,100 | Stop Loss: ₹7,600
- HDFC Life: Buy | Target: ₹790 | Stop Loss: ₹730
These insights should help traders navigate the market effectively as they look to make informed decisions today.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
