F&O Strategy: Buy Godrej Properties, IndiaMART, Endurance Tech, suggests Rupak De in rising stock market

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, opened higher on Monday, reflecting a positive market sentiment ahead of the oath ceremony of new US President Donald Trump.

Analysts highlighted that the markets are likely to respond to Trump's inaugural speech and his first executive order, as these will provide insights into the policy direction his administration will take in the coming term. Investors are keenly watching for any signals that could impact both domestic and global economic conditions.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, noted that stock markets around the world are likely to adopt a wait-and-see approach as the Trump administration begins its second term today. He anticipates that the President will take numerous executive actions, especially concerning immigration, right from his first day in office. Investors will be closely monitoring these developments to gauge their implications for the market.

Technical views by Rupak De, Senior Technical Analyst, LKP Securities on F&O market

Nifty 50

The Nifty 50 continued to face bearish pressure for another session, reflecting weak market sentiment. The index retreated after hitting resistance at a key moving average, and this bearish outlook could persist in the near term or as long as it trades below 23,400. On the downside, the index may slide toward 23,000, with a decisive break below this level potentially triggering a broader market correction. Meanwhile, 23,400 is expected to act as a formidable resistance level.

Open Interest Analysis: The net addition to CALL open interest stood at 1.78 crore, compared to a net addition of 1.44cr in PUT open interest. Substantial CALL open interest addition was observed at the 23,700 strikes on Friday. Maximum PUT open interest is concentrated at 22,700, while maximum CALL open interest is seen at 23,500, defining a broader range for the market.

Strategy: Sellers have created huge shorts at 23200 strike for both CALL and PUT. A Decisive deviation from 23200 might set a direction in the market.

Trade: Buy Nifty 50 23rd Jan 23,300CE Above 135 TGT 180 SL 114.

Technical stock recommendations for the week

Buy Godrej Properties at ₹1,187 | Target: ₹1,270 | Stop Loss: ₹1,147

The stock has broken out of a downward consolidation phase on the daily chart and is now trading above the 50 EMA. Additionally, the RSI shows a bullish crossover, signaling a positive outlook. In the short term, the stock is likely to move toward 1270, with support at 1147 on the downside.

Buy IndiaMART InterMESH at ₹2,285 | Target: ₹2,600 | Stop Loss: ₹2,184

The stock has shown early signs of a reversal after pausing its recent downward correction. A positive divergence on the daily chart indicates the potential for short-term recovery. The stock could advance toward 2600, with downside support at 2184.

Buy Endurance Technologies at ₹2,116 | Target: ₹2,250 | Stop Loss: ₹2,058

The stock has broken out of a consolidation phase on the daily chart. A positive divergence also suggests the possibility of a short-term recovery. The stock may move toward 2250, with support at 2058 on the lower end.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.