Indian market opened higher on Monday tracking positive global cues. The S&P BSE Sensex rose more than 200 points while the Nifty50 reclaimed 18100 levels in the first 15 minutes of trade.
Sectorally, buying was seen in banks, telecom, metals, and oil & gas stocks.
The market is moving in a range ahead of the big event. A break above 18200 on the higher side will add momentum but sustained selling by foreign investors is a near-term negative, suggest experts.
“Nifty’s 17800-18200 range has been holding for some time now. To break the upper end of the range, the market needs positive triggers. Early Q3 results broadly have been positive with IT companies and banks delivering good results,” Dr. V K Vijayakumar, Chief Investment Strategist at
, said.
“This trend continues with the latest results from ICICI and . , too, has delivered a decent set of numbers. Positive news from the Fed meeting outcome and the Union Budget on 1st February can break the upper band of the Nifty range and take the market higher,” he said.
He further added that sustained FII selling is a near-term negative. Investors may wait for and watch these crucial numbers.
India VIX was down by 0.28% from 14.08 to 13.40 levels on Friday. Volatility has been hovering at lower levels from the last nine weeks and supporting the bulls to hold the overall command.On the options front, the maximum Call OI is placed at 19000 and then towards 20000 strikes while the maximum Put OI is placed at 18000 and then towards 18500 strikes.
“Options data suggests a broader trading range in between 18400 to 19200 zones while an immediate trading range in between 18400 to 18800 zones,” Chandan
, Analyst-Derivatives at Limited, said.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited told ETBureau
Ltd: Buy| Target Rs 1736| Stop Loss Rs 1624
The stock came out of its consolidation range of the last few weeks and it is making higher highs from the last three sessions.: Buy| Target Rs 93| Stop Loss Rs 84
The stock surpassed its hurdle of 86 zones and is making higher highs-higher lows from the last 3 weeks.
Expert: Nooresh Merani, an independent technical analyst told ETNow
Also Watch
Buy or Sell: Stock ideas by experts for January 23, 2023
ET Now spoke to various experts and here’s what they have to recommend for today’s trading session. Nooresh Merani has a buy/sell recommendation on ONGC and GAIL while Rajesh has a buy/sell recommendation on Dabur India and Persistent for today’s trading session. Check out the targets and stoploss.
: Buy| Target Rs 170| Stop Loss Rs 146: Buy| Target Rs 110| Stop Loss Rs 96
Expert: Rajesh Palviya, VP – Technical & Derivatives Research Axis Securities told ETNow
: Buy| Target Rs 580| Stop Loss Rs 555: Buy| Target Rs 1260| Stop Loss Rs 1155
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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