Indian market expected to trade higher on positive global cues

Indian market expected to trade higher on positive global cues

Indian market is likely to trade higher on Wednesday tracking positive global cues. The Nifty future closed positive with gains of 0.50% at 22312 levels on Tuesday. India VIX was down by 1.94% from 20.60 to 20.20 levels. Options data suggests a broader trading range in between 21700 to 22700 zones while an immediate range between 22000 to 22400 levels. Call writing is seen at 22600 and then towards 22500 strikes while Put writing is seen at 22100 and then towards 22000 strikes. FIIs sold to the tune of Rs 4065.52 cr while DIIs bought to the tune of 3527.86 cr on Tuesday in the cash segment. The Nifty PCR is currently at 0.88. The zone of 22200-22150 will act as crucial support for the index. As long as this support zone holds, the index is likely to test the level of 22350, followed by 22430 levels. While, on the downside, if the index slips below 22150, the next support is placed at 22050-22000 levels. Expert recommendations for traders who have a short-term trading horizon include buying IRFC, Firstsource Solutions, and BF Utilities according to Nagaraj Shetti. Kunal Bothra suggests buying Biocon, TVS Motor Company, and Amara Raja Energy & Mobility. Nooresh Merani recommends buying Hindalco, Ashok Leyland, and Container Corp.

TIS Staff

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