Thakkar Suggests Buying Bajaj Auto and Info Edge as Indian Equities Tread Cautiously

Indian equities are expected to open on a muted note on Wednesday due to elevated crude oil prices and cautious global cues, according to Jay Thakkar of ICICI Securities. The Nifty 50 closed below 24,100 in the previous trading session, while BSE Sensex slipped by 12.99 points.

The India VIX has been rising, indicating a potential increase in volatility. If the Nifty continues to trade below 24,000, the next support level is at 23,500. Thakkar recommends being on the short side if the index trades below 23,950 levels and initiating longs above 24,200.

Thakkar suggests three stocks to buy or sell for the short-term: Bajaj Auto Futures, Info Edge Futures, and Aurobindo Pharma Futures. For Bajaj Auto, he recommends buying in the range of ₹12,300-12,400 with a stop loss below ₹11,500 and targets at ₹13,500-14,000.