The Indian stock market is likely to see a muted opening on Thursday, tracking mixed global cues after the US Federal Reserve kept interest rates unchanged, while geopolitical tensions remain elevated.
In the previous session, benchmark indices ended lower, with the Nifty 50 slipping below the 22,700 mark.
Jay Thakkar, Vice President and Head of Derivatives and Quant Research at ICICI Securities, said the Nifty 50 has found support at the 22,500 strike, which has the highest put base. The next major support is at 22,200, while the index has struggled to sustain gains above 22,800 in recent sessions.
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India VIX has eased from 18–18.50 levels but remains above 15. Thakkar expects the volatility index to trade in the 15–20 range, while the Nifty 50 is likely to remain range-bound between 22,500 and 22,800. The broader trading range is 22,200–23,000.
The Bank Nifty has managed to close above the crucial 54,000 level, which is supported by a strong put base. However, resistance persists around 56,000. Thakkar expects the index to trade between 54,000 and 56,000 in the near term, with a broader range of 53,000–56,000.
Stocks To Buy Or Sell Today
Jay Thakkar has recommended three stocks to buy today. He suggests buying Fortis Healthcare, LTM and BSE stock futures.
Fortis Healthcare | Buy
> Buy Range: Rs 755–760
> Stop Loss: Below Rs 735
> Targets: Rs 790 and Rs 820
Fortis Healthcare share price has witnessed a sharp correction and recent short build-up, with hospital stocks broadly underperforming. However, the recent reversal in the Nifty Pharma and Healthcare indices could trigger short covering, offering an attractive risk-reward opportunity, Thakkar said.
Options data indicates significant put additions at strikes between Rs 700 and Rs 750, suggesting support at lower levels. The Rs 800 strike has the highest call base and could act as resistance. The stock has also closed above its max pain level of Rs 740, providing a positive near-term signal.
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LTM | Buy
> Buy Range: Rs 4,080–4,110
> Stop Loss: Below Rs 4,000
> Targets: Rs 4,200 and Rs 4,260
LTM share price has witnessed short covering over the past few trading sessions, increasing the possibility of a further recovery. Despite underperforming its peers during the recent rally in the Nifty IT index, the stock's price action suggests that its 52-week lows could hold.
Options data shows significant put additions between the Rs 3,800 and Rs 4,200 strikes. The Rs 4,100 strike has the highest call base, and the stock's close above this level is a positive technical signal, he added.
BSE | Buy
> Buy Range: Rs 3,480–3,510
> Stop Loss: Below Rs 3,430
> Targets: Rs 3,600–3,640
BSE share price has broken above multiple swing resistance levels, triggering short covering and improving its near-term outlook. The Nifty Capital Markets index has also witnessed short covering following a sharp correction across the sector.
Options data indicates significant put additions between the Rs 3,300 and Rs 3,500 strikes, while substantial call unwinding suggests improving bullish momentum. The stock is also trading above its max pain level, supporting the positive near-term outlook, Thakkar said.
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Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.
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