The Indian market is likely to consolidate on Monday, tracking mixed global cues.
Nifty futures closed marginally higher on Friday with gains of 0.01%, settling at 25,081. Meanwhile, India VIX declined over 2% to close at 16.55, indicating a drop in market volatility.
On the options front, the highest Call open interest (OI) is seen at the 25,500 and 25,100 strike prices, while the maximum Put OI is placed at 25,000 and 24,500 strikes.
Call writing is observed at 25,500 and 25,000 strikes, whereas Put writing is active at 25,000 and 24,700 levels.
“Options data suggests a broader trading range between 24,500 and 25,500, with an immediate range seen between 24,850 and 25,250,” said Chandan Taparia, Analyst–Derivatives at Motilal Oswal Financial Services.
“On the daily chart, Nifty50 formed a small-bodied candle on Friday, indicating a pause after the recent sharp up-move,” he added.
Taparia recommends that Nifty must hold above the 24,900 zone to advance towards 25,200 and then 25,400 levels. On the downside, support is seen at 24,850 and then 24,700.
Nifty closed above its previous range at 24,400, boosted by news of a ceasefire between India and Pakistan, propelling the index to a fresh 6-month high.
“After last week's 4.2% rally, the index is now headed towards 25,230 and 25,440 levels, provided it sustains above 24,750,” said Aakash Hindocha, Technical Analyst – Research, Nuvama Wealth.
“Any dips near 24,850 should be viewed as a buy-on-dips opportunity for the above-mentioned targets,” he added.
Bank Nifty closed at a record high on the weekly charts on Friday and also registered a short-term bullish flag breakout on the daily chart.
“Dips below 55,000 are likely to attract buying interest, with an immediate upside target of 56,200. Key support is seen at 54,400,” Hindocha recommended.
Stocks to Watch for Short-Term Traders
Expert: Aakash Hindocha, Technical Analyst – Research, Nuvama Wealth (as told to ETBureau)
D-Mart: Buy | Target: Rs 4,550 | Stop Loss: Rs 4,040
DLF: Buy | Target: Rs 777 | Stop Loss: Rs 685
Exide Industries: Buy | Target: Rs 424 | Stop Loss: Rs 381
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of The Economic Times)
Nifty futures closed marginally higher on Friday with gains of 0.01%, settling at 25,081. Meanwhile, India VIX declined over 2% to close at 16.55, indicating a drop in market volatility.
On the options front, the highest Call open interest (OI) is seen at the 25,500 and 25,100 strike prices, while the maximum Put OI is placed at 25,000 and 24,500 strikes.
Call writing is observed at 25,500 and 25,000 strikes, whereas Put writing is active at 25,000 and 24,700 levels.
“Options data suggests a broader trading range between 24,500 and 25,500, with an immediate range seen between 24,850 and 25,250,” said Chandan Taparia, Analyst–Derivatives at Motilal Oswal Financial Services.
“On the daily chart, Nifty50 formed a small-bodied candle on Friday, indicating a pause after the recent sharp up-move,” he added.
Taparia recommends that Nifty must hold above the 24,900 zone to advance towards 25,200 and then 25,400 levels. On the downside, support is seen at 24,850 and then 24,700.
Nifty closed above its previous range at 24,400, boosted by news of a ceasefire between India and Pakistan, propelling the index to a fresh 6-month high.
“After last week's 4.2% rally, the index is now headed towards 25,230 and 25,440 levels, provided it sustains above 24,750,” said Aakash Hindocha, Technical Analyst – Research, Nuvama Wealth.
“Any dips near 24,850 should be viewed as a buy-on-dips opportunity for the above-mentioned targets,” he added.
Bank Nifty closed at a record high on the weekly charts on Friday and also registered a short-term bullish flag breakout on the daily chart.
“Dips below 55,000 are likely to attract buying interest, with an immediate upside target of 56,200. Key support is seen at 54,400,” Hindocha recommended.
Stocks to Watch for Short-Term Traders
Expert: Aakash Hindocha, Technical Analyst – Research, Nuvama Wealth (as told to ETBureau)
D-Mart: Buy | Target: Rs 4,550 | Stop Loss: Rs 4,040
DLF: Buy | Target: Rs 777 | Stop Loss: Rs 685
Exide Industries: Buy | Target: Rs 424 | Stop Loss: Rs 381
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of The Economic Times)
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