Synopsis
The Indian market is expected to consolidate on Tuesday, tracking muted global cues. Nifty Futures closed 0.65% higher at 22,589, while India VIX rose 1% to 13.42. Options data suggests a 22,000–23,000 range. Experts recommend Bajaj Finance, NTPC, Voltas, Axis Bank, Bajaj Finserv, and Jubilant FoodWorks for short-term trading. ETMarkets.com Nifty consolidates; experts pick key stocks for short-term gains. The Indian market is likely to consolidate on Tuesday, tracking muted global cues.
The Nifty Futures closed 0.65% higher at 22,589 on Monday. India VIX rose over 1% to 13.42 in the previous session.
On the options front, the maximum Call OI is placed at 23,000, followed by 22,800, while the maximum Put OI is at 22,000, followed by 22,500. Call writing was observed at 22,800 and 22,700, while Put writing was seen at 22,500 and 22,300.
“Options data suggests a broader trading range between 22,000 and 23,000, with an immediate range between 22,300 and 22,700,” said Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited.
“The Nifty index formed a bullish candle on the daily chart on Monday. It must hold above 22,400 for an up move toward 22,650, then 22,800, while support is seen at 22,330, then 22,222,” Taparia added.
Expert: Dharmesh Shah, Head – Technical, ICICI Securities (ET Bureau)
Bajaj Finance : Buy | Target: Rs 8,978 | Stop Loss: Rs 8,270
NTPC : Buy | Target: Rs 348 | Stop Loss: Rs 319
Voltas : Buy | Target: Rs 1,540 | Stop Loss: Rs 1,398
Expert: Kunal Bothra, Market Expert
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