Stock Market Thursday: Nifty eyes 24,050; 23,550 'put writing' provides support

The Nifty remained rangebound and closed slightly lower, with support seen at 23,700 and resistance at 23,800. Despite the limited movement, the short-term trend remains bullish as the index stays above its key moving average. Traders are eyeing a potential target of 24,050, while support is expected at 23,500, where maximum put writing is observed.

Open Interest Data: The latest open interest (OI) data reveals the highest OI for calls at strike prices 23,800 and 23,750, while the highest OI for puts is at 23,500, followed by 23,600.

Trade Strategy: According to Satish Chandra Aluri from Lemonn Markets Desk, the benchmark indices closed slightly lower after a rangebound session, with broader mid and small-cap stocks continuing their upward trend. The immediate resistance for Nifty is at 23,800, with 23,600 acting as the near-term support. Traders may look for trading opportunities within this range while keeping an eye on broader market trends.

US Market Update: The Nasdaq led losses among major Wall Street indexes due to disappointing earnings forecasts from Alphabet and AMD. The Dow Jones rose slightly by 7.6 points, while the S&P 500 and Nasdaq dropped by 0.29% and 0.62%, respectively.

India's AI Landscape: OpenAI CEO Sam Altman highlighted India as a key player in the AI industry, with a significant increase in ChatGPT users in the country. He views India as a crucial market for AI advancements, including future collaborations with industry leaders.

Stock-specific Highlights:

Harley-Davidson forecasts a weak 2025 due to faltering consumer spending, impacting its motorcycle revenue growth.

Welspun Corp reported a significant rise in its Q3 profit to Rs 672 crore, driven by lower expenses.

Swiggy reported a widening of its consolidated losses to Rs 799 crore, despite a 31% jump in revenue for the quarter.

NSE Clearing faced a liquidity shortfall of Rs 176.65 crore due to pending dues from BSE, failing to meet SEBI’s required liquidity norms.

Currency Update: The Indian rupee hit a record low of 87.4650 against the US dollar, weighed down by bearish sentiment, foreign outflows, and expectations of domestic rate cuts. The currency is currently the worst-performing in Asia for 2025.