The domestic market showed modest gains on Wednesday with the Sensex rising 130 points (0.17%) to close at 77,185.43 and the Nifty 50 gaining 26 points (0.11%) to settle at 24,078.50. According to Amol Athawale, VP - Technical Research at Kotak Securities, a Doji candle on daily charts and non-directional movement on intraday charts signal indecision between bulls and bears. Key resistance is positioned at 24,200, while 24,000 remains crucial support. Above 24,200, the market may rally towards 24,300-24,350, while a break below 24,000 could trigger fresh selling pressure, with potential retest of the 50-day SMA near 23,800-23,750. The market breadth turned positive with 1,845 advances against 1,444 declines and 114 unchanged stocks on the NSE, showing an advance-decline ratio of 1.28.
Amol Athawale recommends Swiggy as a buy with a target price of ₹290 and stop loss at ₹260. According to the analysis, Swiggy's share price is gaining further traction for a fresh up move after its incredible up move and a breather of the last few sessions. The structure of the chart formation indicates a bullish continuation pattern, which is likely to persist in the near term. For the next few trading sessions, ₹260 could be the trend decider level for the bulls. If it sustains above the same, we can expect further uptrend towards ₹290, as reported by Kotak Securities.
The second recommendation is PB Fintech (Policybazaar) with a target price of ₹1,730 and stop loss at ₹1,555. Athawale highlighted that after undergoing a correction from higher levels, PB Fintech share price had been trading in a range-bound mode. Recently, it witnessed a range breakout supported by decent volumes, indicating renewed buying interest. The RSI indicator is pointing towards strengthening momentum, suggesting the potential for further upside from current levels. The breakout above the resistance zone signals the possibility of continued bullish momentum towards ₹1,730, with ₹1,555 as the key support level.
The third recommendation is Bank of India with a target price of ₹155 and stop loss at ₹139. According to Athawale, Bank of India share price has formed an inverse head and shoulder chart pattern on the daily chart, trading near the neckline resistance zone. The rising volume activity and structure indicate a fresh leg of upward momentum from current levels. For positional traders, ₹139 would be the decisive level. Trading above the same uptrend formation will continue till ₹155, while if it closes below ₹139, traders may prefer to exit from trading long positions, as reported by Kotak Securities.
According to Univest's derivatives desk, the Sensex weekly expiry sits at 0.71 PCR OI, described as mildly bearish, with max pain at 77,200, just 15 points above Wednesday's spot close. The nearest call wall sits at 77,500, acting as the primary resistance, while the nearest put wall is at 76,500, providing a near floor. ATM implied volatility stands at 15.40 percent against an expected move of plus or minus 488 points, meaning option sellers carry the theta edge into settlement. The desk's preferred trade is the 76,200/76,500/77,500/77,800 iron condor for an 81.60 credit, about ₹1,632 a lot, with breakevens between 76,418 and 77,582. Fresh call writing was concentrated at the 77,600, 77,500 and 78,000 strikes, while fresh put writing came at 76,000, 76,500 and 76,200, suggesting the ceiling is being defended more aggressively than the floor heading into expiry.
