F&O Strategy: Bharti Hexacom to Asian Paints — Rupak De suggests buy or sell strategy for THESE stocks on Tuesday

Stock market news: The Indian stock exchanges are shut today in honor of Dr. B.R. Ambedkar Jayanti. The Indian equity markets concluded the previous week with gains following a week that started off quite volatile.

The week opened with a significant sell-off on Monday as global markets reacted unfavourably to the US government’s announcement of reciprocal tariffs. This decision sparked concerns of a potential trade war, leading to panic among investors. The situation worsened when China issued its own retaliatory measures, further affecting investor sentiment across the globe.

On the last trading day, Friday, the Sensex finished at 75,157.26 points, marking an increase of 1,310.11 points or 1.77 per cent, while the Nifty 50 closed at 22,828.55 points, up by 429.40 points or 1.92 per cent. The top performers among the sectoral indices included Nifty metal, consumer durables, and oil and gas.

Market analysts observed that during the week, the Nifty 50 hit an intra-week low of 21,743.65 before making a strong recovery. Among the sector indices, real estate lagged the most, whereas FMCG stocks performed notably well. Global market sentiment was affected after President Trump revealed substantial tariff hikes.

In response, China imposed tariffs of as much as 125% on American goods, prompting the US to increase its duties to 145%. Some relief emerged when the US granted a 90-day tariff extension to its trading partners, with China being the exception. In the bond market, the yield on US 10-year Treasuries climbed by 11.55% to reach 4.462%, while the US dollar index fell by 2.72%, dropping below the 100 threshold.

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

Nifty 50

The Nifty 50 encountered resistance near the 21-EMA on the daily chart, resulting in a close below the day’s high. The trend remains bearish unless the index convincingly crosses above 23,000, a level that has seen substantial open interest build up. On the downside, support lies at 22,750; a breach of this level could deepen the bearish outlook. However, a strong move above 23,000 might spark a rally towards 23,500, supported by a positive divergence in the RSI.

Open Interest Analysis: Significant open interest additions were observed in the 22,800 PE, indicating strong support around this level. Call writing was relatively subdued on Friday, with the highest activity on the Call side seen at the 23,000 strike. Meanwhile, substantial put writing at the 22,500 strike further reinforces the support in that zone.

Strategy: Sentiment is likely to remain strong unless it falls below 22,800.

Trade: Sell Nifty 50 17 Apr 22,800PE Below 180 TGT 120 SL 220.

Buy Bharti Hexacom above ₹1,515 | Target: ₹1,600 | Stop Loss: ₹1,480

Bharti Hexacom share price has recently broken out of a consolidation phase on the daily chart, signaling renewed buying interest and a positive shift in market sentiment.

Bharti Hexacom share price is trading above its key 21-day Exponential Moving Average (EMA), indicating strength in the current trend. Furthermore, the RSI has shown a bullish crossover, reinforcing the upward momentum. In the short term, Bharti Hexacom share price is expected to head towards 1,600, while immediate support lies at 1,480. A breach below this support may trigger downside pressure.

Sell Sun Pharmaceutical Industries below ₹1,685 | Target: ₹1,630 | Stop Loss: ₹1,715

Sun Pharma share price is showing signs of weakness after facing resistance near its 50-day EMA on the daily chart. Sun Pharma share price has also slipped below the 21-day EMA, accompanied by a bearish RSI crossover, further indicating downward momentum. In the near term, the stock may drift lower towards 1630. On the upside, resistance is seen at ₹1,715.

Sell Asian Paints below ₹2,390 | Target: ₹2,300 | Stop Loss: ₹2,446

Asian Paints share price has formed a bearish engulfing pattern on the daily chart, pointing to growing bearish sentiment and potential selling pressure. Asian Paints share price continues to trade below its 10-day EMA, and he RSI has confirmed a bearish crossover. Given these signals, the stock may decline towards ₹2,300 in the short term, with resistance pegged at ₹2,446 on the higher side.

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