The Indian stock market is likely to see a strong opening on Thursday amid improving global risk sentiment, supported by a sharp fall in crude oil prices.
In the previous session, the benchmark indices extended rally to the fifth consecutive day, with the Nifty 50 closing above 23,900.
According to Jay Thakkar, Vice President and Head of Derivatives and Quant Research at ICICI Securities, the Put-Call Ratio (PCR) has improved and remains comfortably above 1, indicating a bullish market setup.
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However, the 24,000 strike has the highest call base, suggesting potential resistance at this level. The Nifty 50 could consolidate between 23,500 and 24,000 until a sustained breakout above 24,000 triggers another round of short covering. Thakkar believes the market remains favourable for buying on dips as long as the index holds above 23,200.
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He recommends buying the Nifty in the 23,500-23,800 range, with a stop loss below 23,200 and a target of 24,500 for the November series.
Bank Nifty has lagged the broader market recovery, although private sector banks, particularly HDFC Bank, have witnessed fresh buying interest. Thakkar expects further gains to push the index above 56,000 towards 57,500.
Stocks To Buy Today
Jay Thakkar has recommended three stocks to buy today. He suggests buying Hindustan Aeronautics Ltd (HAL), Indian Railway Finance Corporation (IRFC) and Torrent Pharmaceuticals stock futures for short-term trading.
HAL | Buy
> Buy Range: Rs 5,090-5,110
> Stop Loss: Below Rs 5,020
> Targets: Rs 5,250-5,350
HAL share price has broken out of a short-term consolidation range and continues to outperform both its sector and the broader market. Options data indicates strong put writing between the 4,800 and 5,000 strikes, suggesting a strong support base.
With the stock trading above the 5,100 strike, sustained momentum above this level could trigger another leg of upside, Thakkar said.
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IRFC | Buy
> Buy Range: Rs 77-78
> Stop Loss: Below Rs 74
> Targets: Rs 82-84
IRFC share price has witnessed significant selling pressure following long unwinding and fresh short positions in the railway sector. However, the recent market recovery has triggered short covering in several beaten-down sectors, creating opportunities for a rebound.
According to Thakkar, IRFC stock has established a short-term base around Rs 74-75, while options data indicates limited resistance until Rs 82.
Torrent Pharmaceuticals | Buy
> Buy Range: Rs 4,720-4,740
> Stop Loss: Below Rs 4,640
> Targets: Rs 4,900-5,000
Torrent Pharmaceuticals stock price has broken out of its short-term consolidation above Rs 4,700, indicating improving momentum. The pharma and healthcare indices have also shown relative strength during the recent market recovery.
Options data indicates call unwinding at the 4,600-4,700 strikes, with positions shifting towards 4,800, which remains a near-term resistance. Trading above its max pain level of Rs 4,600 further supports the positive outlook, Thakkar added.
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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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