Indian Stock Market Witnesses Upside Bounce After Massive Sell-Off
After a tumultuous day of trading on Wednesday, the Indian stock market saw a significant rebound on Thursday. The Nifty 50 index surged by 148 points to close at the 22,146 level, while the BSE Sensex gained 335 points to end at 73,097. The Bank Nifty index, however, finished 191 points lower at 46,789.
Market experts are optimistic about the outlook for Nifty today, with Nagaraj Shetti of HDFC Securities noting that a sustained upside bounce could lead to further gains, potentially pushing Nifty towards the 22,450 to 22,500 levels. Similarly, Vaishali Parekh of Prabhudas Lilladher highlighted the importance of the Bank Nifty index surpassing the 47,300 levels to improve the overall bias.
In terms of options data, Chinmay Barve of Profitmart Securities pointed out key levels for both Nifty and Bank Nifty. The Nifty Call open interest was concentrated at the 22,400 and 22,500 strikes, while the Put open interest was highest at the 22,000 strike. For Bank Nifty, the Call open interest was significant at the 47,000 and 47,500 strikes, with the Put open interest concentrated at the 46,500 and 46,000 strikes.
Looking at day trading stocks, experts like Sumeet Bagadia, Ganesh Dongre, and Drumil Vithlani recommended various stocks for investors to consider. From Tech Mahindra to Zydus Lifesciences, Tata Consultancy Services to Wipro, and Cigniti Technologies to HEG, these stocks present opportunities for traders to capitalize on potential price movements.
As always, investors are advised to conduct their own research and consult with financial experts before making any investment decisions. The stock market remains volatile, and careful consideration is essential to navigate the current market conditions effectively.
