Global Markets
Home›Global Markets›India›India stocks expected to open flat as Nifty ends seven…
India stocks expected to open flat as Nifty ends seven-day slide
The Nifty 50 closed at 24,231.85 after snapping a seven-session losing streak, with options data pointing to a trading band between 23,800 and 24,700.
India’s Nifty 50 is expected to open flat on Friday, August 21, tracking mixed global cues, with Gift Nifty indicating a muted start for both the Nifty 50 and the Sensex. Gift Nifty was seen around 24,326.5, about 34 points above the Nifty futures’ prior close, according to LiveMint Markets.
In the previous session, domestic indices ended higher and reversed losses, with the Sensex gaining 628.04 points, or 0.82%, to close at 77,537.72, while the Nifty 50 settled 153.55 points, or 0.64% lower, at 24,231.85. The report also said the Nifty reclaimed the 50 EMA support during the session and broke a 13-day streak of lower highs.
On the Nifty options front, LiveMint Markets cited Motilal Oswal Financial Services derivatives technical views from Chandan Taparia, who said the maximum call open interest was at the 24,500 then 24,300 strikes, while maximum put open interest was at 24,200 then 24,000. Taparia noted call writing around 24,250 then 24,350 and put writing around 24,200 then 24,250, with options suggesting a broader range between 23,800 and 24,700.
The same analysis recommended three stocks to buy, including Dixon Technologies (India), Glenmark Pharmaceuticals, and Eternal shares, based on their recent price action and bullish trends outlined by Taparia. The report also described Bank Nifty’s intraday behavior, including a move toward 57,700 before drifting toward 57,450 later in the session.
Latest closeSensex 78,079.96 ▲0.1%