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The Indian market is likely to trade lower on Thursday, tracking muted global cues.The Nifty future closed positively with gains of 0.17% at 24,817 levels on Wednesday. India VIX rose nearly 1% to close at 17.55 in the previous trading session.On the options front, the maximum Call OI is placed at 26,000 and then towards 25,000 strikes, while the maximum Put OI is placed at 24,000 and then towards 24,800 strikes.Call writing is seen at 24,800 and then towards 24,850 strikes, while Put writing is seen at 24,800 and then towards 24,400 strikes.'Options data suggests a broader trading range in between 24,200 to 25,200 zones while an immediate range between 24,600 to 25,000 levels,' Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.Despite facing consistent selling pressure at higher levels, notable support-based buying was seen around the 24700 zone, which helped cap the downside.'On the daily chart, Nifty formed a small-bodied bullish candle on Wednesday with wicks on both ends, indicating buying interest at lower levels,' he added.'Now Nifty has to hold above 24,700 zones for an up move towards 25,000 then 25,100 zones while supports have placed at 24,700 then 24,550 zones,' recommended Taparia.Buy| Target Rs 170| Stop Loss Rs 156Buy| Target Rs 704| Stop Loss Rs 635Buy| Target Rs 1720| Stop Loss Rs 1598Buy| Target Rs 2180| Stop Loss Rs 2030: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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