The Indian stock market is predicted to consolidate on Wednesday, taking cues from a globally muted trend. The S&P BSE Sensex and Nifty50 displayed a flat yet positive trend on Tuesday.
Market Indicators Show Positive Bias
The India VIX rose slightly by 0.28%, from 12.57 to 12.60 on Tuesday. While the volatility showed a small increase, it remains at a lower level overall, encouraging bullish sentiments. In terms of options, the highest call open interest (OI) for the month is at 18400, followed by 18500 strikes. Conversely, the maximum put OI stands at 18200, followed by 18300 strikes.
Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, notes, “Options data suggests an immediate trading range between 18150 to 18500 zones.”
Expert Stock Recommendations
Several experts have offered stock recommendations for short-term traders:
Jay Thakkar, Head Alternate Research at Sharekhan by BNP Paribas, recommends:
- Balkrishna Industries: Buy| Target Rs 2750| Stop Loss Rs 2150
- Mastek: Buy| Target Rs 2320| Stop Loss Rs 1818
- United Spirits: Buy| Target Rs 925| Stop Loss Rs 770
Nooresh Merani, an independent technical analyst, suggests:
- ICICI Bank: Buy| Target Rs 1050| Stop Loss Rs 930
- Varroc Engineering: Buy| Target Rs 360| Stop Loss Rs 300
Kunal Bothra, Market Expert, proposes:
- Tata Communications: Buy| Target Rs 1300| Stop Loss Rs 1200
- Bajaj Finserv: Buy| Target Rs 1500| Stop Loss Rs 1400
- Astra Microwave: Buy| Target Rs 360| Stop Loss Rs 339
Summary
- The Indian market is expected to consolidate due to muted global cues.
- Volatility in the India VIX was slightly up but remains at lower levels overall, creating a comfortable environment for bulls.
- Expert stock recommendations suggest buying Balkrishna Industries, Mastek, United Spirits, ICICI Bank, Varroc Engineering, Tata Communications, Bajaj Finserv, and Astra Microwave for short-term trading.
(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own)
