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Nifty 50 holds near 24,600 as options point to 24,100-25,000 range
Motilal Oswal technical analyst Chandan Taparia says the Nifty must hold above 24,600 for a move toward 24,800 and 25,000.
Indian equities are set to open flat on Tuesday, 4 August, with mixed global cues and muted signals from Gift Nifty, which was trading around 24,640.5, about 9 points below the prior Nifty futures close, LiveMint Markets reported. In the prior session, the Sensex rose 544.39 points, or 0.70%, to close at 78,639.03, while the Nifty 50 gained 390.70 points, or 1.60%, to end at 24,774.30.
On the options front, Motilal Oswal derivatives and technicals head Chandan Taparia highlighted call open interest concentrated at the 24,600 and 24,700 strikes, with put open interest at 24,500 and 24,600 strikes. He said call writing appeared at 24,600 and 24,650, while put writing was seen at 24,600 and 24,500, implying a broader trading band between 24,100 and 25,000, with an immediate range between 24,400 and 24,900.
Taparia said the Nifty 50 has been making higher highs and higher lows over the last seven sessions and needs to hold above the 24,600 zone for an up move toward 24,800 and 25,000. He placed near-term support at 24,500 and 24,400 zones, while noting the Bank Nifty bullish candle still faces resistance at higher levels and needs to hold above 57,000 for potential gains toward 58,500 and 58,750.
The analyst also recommended three stock buys for 4 August, including Shriram Finance, Info Edge (India), and One 97 Communications (Paytm), citing bullish technical setups such as trendline breakouts and strong daily candles, according to LiveMint Markets. For Shriram Finance specifically, Taparia pointed to a target of ₹1,150 and a stop-loss at ₹1,060.
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