In a rapidly evolving financial landscape, investors and traders often seek insights from market experts to navigate their trading strategies effectively. In this regard, we have compiled recommendations from several seasoned analysts aimed at traders with a short-term investment horizon.

Rajesh Palviya, the Vice President of Technical & Derivative Research at Axis Securities, recently shared his outlook on the Indian markets with the ETBureau. He emphasized the importance of keeping an eye on market trends and technical indicators to make informed decisions.

In addition, Kunal Bothra, a prominent market expert, provided further insights into current market dynamics during his appearance on ETNow. His commentary reflects the sentiment of many traders who are adjusting their strategies based on fluctuating market conditions.

As we look ahead to Thursday, the Indian stock market is expected to maintain a consolidation phase, driven by a mixture of global cues that have emerged recently. On Wednesday, the Nifty futures index concluded on a positive note, posting a gain of 0.57%, closing at 24,306 points. This increase signifies a modest upward movement that traders are keen to build upon.

Furthermore, the India VIX, a measure of market volatility, saw an uptick of nearly 5%, closing at 15.96 in the previous session. This rise in volatility often indicates market uncertainty, compelling traders to reassess their risk management strategies.

Delving into options trading, analysts noted that the highest Call Open Interest (OI) is positioned at the 24,300 and 24,500 strike levels. Conversely, the maximum Put OI lies at the 24,000 and 24,200 strikes. This distribution suggests traders are preparing for potential fluctuations within these ranges.

Call writing was observed at the 24,300 and 24,350 strike levels, while Put writing was identified at the 24,200 and 24,300 levels. Chandan Taparia, a Derivatives Analyst at Motilal Oswal Financial Services Limited, remarked that the options data indicates a wider trading range anticipated between 23,800 and 24,700. He also highlighted a more immediate trading range expected between 24,100 and 24,500, suggesting traders remain vigilant.

Reflecting on the recent technical patterns, Taparia noted that Nifty formed a small-bodied candle on the daily chart, characterized by a longer lower shadow. This pattern indicates that the index has been making higher lows over the last nine trading sessions, showcasing a gradual upward momentum.

For a potential upward move towards 24,500 and then 24,650, it is crucial for the index to maintain its position above the 24,250 levels. Support is seen at 24,200 and subsequently at 24,100 levels, providing traders with critical points to monitor in the coming days.

In terms of stock recommendations, analysts have provided a range of targets and stop-loss points. Here are a few key buy recommendations:

  • Buy with a target of Rs 157 and a stop loss of Rs 128.
  • Buy with a target of Rs 3,650 and a stop loss of Rs 3,230.
  • Buy with a target of Rs 1,560 and a stop loss of Rs 1,295.
  • Buy with a target of Rs 1,440 and a stop loss of Rs 1,340.
  • Buy with a target of Rs 1,160 and a stop loss of Rs 1,115.
  • Buy with a target of Rs 320 and a stop loss of Rs 290.

As the markets continue to evolve, traders are encouraged to stay informed and adapt their strategies accordingly to mitigate risks and seize opportunities.