Stocks to buy today: L&T, Wipro among top 6 trading ideas for November 7, 2024
The India VIX dropped by 7.78%, closing at 14.87 on Wednesday, signaling reduced market volatility and potentially increased investor confidence.
Open Interest (OI) data shows the highest OI on the call side at the 24,600 and 24,800 strike prices, which are acting as significant resistance levels. On the put side, OI concentration at the 24,400 and 24,200 strike prices indicates key support levels.
«The Nifty index closed near the 24,500 mark, reinforcing a bullish outlook in the near term if it holds above this level,» said Hardik Matalia, Research Analyst at Choice Broking.
«If the index sustains above 24,500, it could potentially advance toward the 24,750 level. However, a break below the 24,200 mark could lead to further downside,» he added.
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