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Indian market expected to consolidate following weak global cues. Nifty futures closed down at 22731 levels. Options data indicates a trading range of 22500 to 23000. Experts recommend buying Jubilant FoodWorks, Torrent Pharma, Hindalco, Dr. Reddy's Labs, Asian Paints, and Exide Industries with specified targets and stop losses.
On the weekly options front, the maximum Call OI is placed at 22500 and then towards 22300 strikes while the maximum Put OI is placed at 22000 and then towards 22200 strikes.
The Nifty future closed positive with gains of 0.14% at 22546 levels on Wednesday. India VIX was down by 2.40% from 11.65 to 11.37 levels. Volatility has been cooling off from the last three sessions.
The market may go sideways after a sharp rise and that may be considered as healthy from the long run perspective, suggest experts.
Positive setup was seen in stocks like Trent, Canara Bank, AB Capital, SBI, DLF, Indian Hotels, PFC, GMR Infra, Motherson, REC Ltd, UltraTech Cements, Alkem and Ipca Laboratories.