Nandish Shah of HDFC Securities recommends to Buy Vedanta 280 CALL and simultaneously sell 290 CALL of the January series.
On the broader market outlook, Vinay Rajani technical & derivative analyst of HDFC Securities expects Nifty to face resistance around 21,750.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index is seen consolidating in the 35,300 - 34,400 trading range.
Zee Entertainment is seen trading below its key moving averages on the daily scale following today's sharp intra-day fall of over 13 per cent, shows chart.
According to Ravi Nathani, an independent technical analyst, the Nifty PSU Bank index hints of a peak at 5,920, while the Financial Services Index faces stiff resistance at 21,625.
According to Ravi Nathani, an independent technical analyst, a breach of 21,500 could trigger a consolidation phase with a negative bias, with Nifty seeking support at 21,125, 20,700, and 20,350.
As talks of an impending market correction grow louder, here's a quick chart check on the Nifty 50 and key sectoral indices.
Barring Dr Lal Pathlabs, the other four healthcare related stocks listed below seem to be trapped in a range for now, charts suggest.
Shares of OMCs have rallied around 50 per cent in the last two months on the back of strong Q2 earnings. Can a fuel price hike derail the rally? Here's what the chart suggests.
According to Ravi Nathani, an independent technical analyst, traders can consider to short the Nifty PSU Bank index with a stop at 5,825.
According to Ravi Nathani, an independent technical analyst, the Nifty may swing in the range of 21,600 - 20,940.
The NSE Nifty50 has strong supports placed around at 20,920 and 20,750 levels. Meanwhile, the broader indices are seen testing support at respective 20-DMAs, show charts.
Angel One, Edelweiss Financial Services, Motilal Oswal Financial Services and IIFL Securities can potentially rally up to 24 per cent in 2024, suggest charts.
Unlike the benchmark Nifty 50, the Nifty IT index is still over 9 per cent shy from its summit. Among the frontline stocks, Infosys, TCS and Wipro look fairly placed on the charts.
A prudent trading strategy in the Nifty Realty index would involve booking profits, and adopting a cash position
In a bull market, stocks tend to remain in overbought zone for a longer period viz-a-viz a bearish phase. Presently, 18 stocks from the Nifty index were technically trading in overbought zone.
The recommended strategy in Nifty Auto index is to initiate sell positions at the prevailing market price or during upward movements
Broking industry has moved beyond pricing, additional exposure limits, and tips, says Gurpreet Sidana, chief executive officer at Religare Broking
The sharp run up in the markets in the last few sessions has made analysts cautious, who now expect the markets to consolidate before resuming their journey north
Reliance Industries is Nomura's biggest exposure where the research and broking house has a 4.5 per cent weight