Stocks to buy: Havells, Biocon among top 6 trading ideas

Indian markets are likely to open lower on Wednesday, tracking muted global cues.

The Nifty futures closed with marginal losses of 0.10% at 24,429 on Tuesday. Meanwhile, India VIX rose over 2% to end at 17.37 in the previous session, indicating a rise in market volatility.

On the options front, the highest Call open interest (OI) is at the 24,500 and 25,000 strike prices, while the maximum Put OI is seen at 24,300 and 24,000 strikes.

Call writing is active at the 24,400 and 24,500 strikes, whereas Put writing is evident at 24,300 and 24,400 levels.

“Options data suggests a broader trading range between 23,800 to 24,800, with an immediate range of 24,100 to 24,500,” said Chandan Taparia, Analyst–Derivatives at Motilal Oswal Financial Services.

“Nifty formed a small-bodied bearish candle on the daily chart on Tuesday but has been forming higher lows for the past two sessions,” he added.

“Now, the index needs to hold above the 24,200 level to move towards 24,500 and then 24,650. Support has shifted higher to 24,200 and 24,050,” Taparia said.
Stock Recommendations for Short-Term Traders
Expert: Gajendra Prabhu, Technical & Derivative Analyst, HDFC Securities (to ET Bureau)
Care Ratings Ltd: Buy | Target: Rs 1,312–1,371 | Stop Loss: Rs 1,105
Patanjali Foods Ltd: Buy | Target: Rs 2,033–2,145 | Stop Loss: Rs 1,770
Alkem Laboratories Ltd: Buy | Target: Rs 5,500–5,704 | Stop Loss: Rs 4,920
Expert: Kunal Bothra, Market Expert (to ET Now)
Havells India: Buy | Target: Rs 1,660 | Stop Loss: Rs 1,600
Biocon: Buy | Target: Rs 332 | Stop Loss: Rs 315
Engineers India: Buy | Target: Rs 194 | Stop Loss: Rs 181

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of The Economic Times)