Indian Market Trends: Due to encouraging comments made by the US Federal Reserve, which voted to keep interest rates at a 22-year high for a second consecutive meeting, the Indian market opened higher on Thursday. Several market indicators were impacted by this release, as will be explained below.
Indian Market Trends Volatility and Options Data
Indian Market Trends, The market volatility indicator known as the India VIX increased by 1.84% on Wednesday, moving from 11.82 to 12.03 levels. The market indices’ rising potential has been limited due to investor uneasiness caused by the recent spike in volatility over the past three sessions.
Within the weekly options market, there is a strong concentration of Call open interest (OI) at 19100 and 19200 strikes, and a notable concentration of Put OI at 18800 and 18900 strikes. This information sheds light on the market’s anticipated trading range.
Options Data and Market Analysis
The options data analysis was provided by Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited. He said that a wider range of 18500 to 19600 zones is probably where the market will trade. It is anticipated that the immediate trading range would be in the 18800–19200 zone.
Taparia observed that the pattern of higher highs and higher lows that had been built during the previous three sessions was broken on Wednesday when Nifty formed a bearish candle on the daily chart. He said that weakness may continue and lead to levels of 18888 and 18800, with possible resistance between 19050 and 19150 zones, as long as Nifty is below the 19050 zone.
Expert Stock Recommendations
Several experts have offered short-term trading recommendations for specific stocks. Here are the stock suggestions from Nooresh Merani, an independent technical analyst:
- LIC Housing Finance: Buy, with a target price of Rs 490 and a stop loss at Rs 450.
- BPCL (Bharat Petroleum Corporation Limited): Buy, with a target price of Rs 380 and a stop loss at Rs 350.
- RBL Bank: Buy, with a target price of Rs 245 and a stop loss at Rs 214.
These recommendations, which are based on the analysis and opinions of the relevant specialists, are meant for traders with a short-term trading horizon. Before making any investing decisions, investors must do their homework and evaluate their risk tolerance.