Stock market news: The domestic benchmark indices, the Nifty 50 and the Sensex, snapped a four-session losing streak on Monday, supported by post-earnings gains in key constituents such as Dr Reddy’s Laboratories, JSW Steel and Kotak Mahindra Bank.
However, gains remained capped as Brent crude futures traded around $115 a barrel, fuelling inflation concerns. Investors also awaited the US Federal Reserve’s policy decision on Wednesday, with the central bank widely expected to keep interest rates unchanged.
The Nifty 50 rose 0.68% to close at 22,753.20, while the Sensex gained 0.66% to 73,606.75. Both indices had fallen around 0.9% earlier in the session before recovering.
Chandan Taparia, Head of Derivatives and Technicals, Wealth Management, at Motilal Oswal Financial Services Ltd., has recommended buying Laurus Labs with a target price of ₹2,180 and a stop-loss of ₹1,990. He also recommended MCX with a target of ₹3,300 and a stop-loss of ₹3,020, and Coforge with a target price of ₹2,120 and a stop-loss of ₹1,930. These are technical trading calls, and investors should consider their risk appetite and market conditions before taking positions.
On the Nifty options front, Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd, said the maximum call OI is at 23,000 then 22,800 strike, while maximum put OI is at 22,500 then 22,700 strike.