Vodafone Idea, Paytm, MCX, RIL, Infosys, TCS, Zydus Life, Sona BLW, Radico Khaitan: Expert shares technical view

Indian equity benchmarks have remained under pressure in recent weeks, with the Nifty's weekly structure continuing to show weakness. Chandan Taparia, Head of Derivatives and Technical Research at Motilal Oswal, in a recent interaction with Business Today Television (BTTV), said the 22,800-22,500 zone is seen as an important support area for the index, while 23,333 needs to be reclaimed for signs of stability.

Amid the weak market setup, the market expert shared his technical outlook on several stocks, including Vodafone Idea Ltd, One 97 Communications Ltd (Paytm's parent), Multi Commodity Exchange of India Ltd (MCX), Reliance Industries Ltd (RIL), Infosys Ltd and Tata Consultancy Services Ltd (TCS). He also highlighted Zydus Lifesciences Ltd, Sona BLW Precision Forgings Ltd and Radico Khaitan Ltd as stocks showing relative technical strength.

Vodafone Idea

On Vodafone Idea, Taparia said some buying interest had emerged at lower levels. He identified Rs 15.50-16 as the immediate hurdle for the stock.

"If that level is taken out, buying will come," he said.

Taparia identified Rs 12.50 as an important support level and said the stock could move towards Rs 20 if it sustains above the Rs 16 level.

Paytm

Taparia said Paytm has formed a strong technical setup, although the stock witnessed a corrective move of around 9-10 per cent last week.

He said the stock could be accumulated on declines and identified Rs 1,550-1,600 as a strong support zone. On the upside, he sees the stock moving towards Rs 1,800-1,850 on a positional basis.

MCX

Taparia maintained a positive technical view on MCX, saying the stock's structure has improved.

He identified Rs 3,200 as a major support level and said the stock could move towards Rs 3,550-3,700 from a positional perspective.

Reliance Industries

On Reliance Industries, Taparia said the stock's structure remains weak. He noted that a recent bounce failed to cross the Rs 1,333 level, following which the stock slipped towards Rs 1,200.

According to Taparia, Rs 1,250 could now act as a hurdle, while Rs 1,180 is the downside level to watch.

Infosys and TCS

Taparia also remained cautious on IT stocks, including Infosys and TCS, citing a lower-top and lower-bottom formation.

Meanwhile, he highlighted Zydus Lifesciences, Sona BLW Precision Forgings and Radico Khaitan as stocks showing relative technical strength.

Taparia also identified Nifty Pharma as a relatively stronger pocket of the market, with selective pharmaceutical stocks showing positive price action.