Indian equities are expected to start cautiously on Monday as Gift Nifty remains near flat, with traders watching critical support levels and short-term buy signals emerging amid volatile market conditions.
Indian equities are set for a cautious start on Monday, with Gift Nifty trading close to flat and signalling little direction at the open. At about 7:20 a.m., the contract was around 24,390, broadly in line with Friday’s Nifty close of 24,366 but below the previous Gift Nifty finish of 24,431, according to live market trackers. That leaves traders watching for whether the benchmark can hold up after a soft spell in recent sessions.
Vaishali Parekh, vice-president of technical research at Prabhudas Lilladher, said the Nifty has been drifting between 24,300 and 24,400 and now looks vulnerable after slipping below the key 24,400 area. She said the next important floor is at 24,000, while the 200-day moving average near 24,700 remains the main barrier on the upside. On Bank Nifty, Parekh said the index is still compressed around the 200-day moving average near 57,500, with a decisive move above 58,600 needed to improve the trend and support around 56,000 likely to be closely watched.
Against that backdrop, Parekh picked three intraday buy ideas: Arvind at ₹571.85 with a target of ₹600 and a stop-loss at ₹560; Man Industries (India) at ₹599.45 with a target of ₹630 and a stop-loss at ₹588; and Sumitomo Chemical India at ₹564.95 with a target of ₹580 and a stop-loss at ₹552. The calls reflect a trading strategy focused on short-term momentum rather than a broader market view, as traders await a clearer break in either direction.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
