The Indian stock market is anticipated to edge higher on Wednesday, buoyed by positive global cues. On Tuesday, Nifty futures closed on a positive note at 25,448, signaling an optimistic outlook for the day ahead.

In the options market, the maximum Call open interest (OI) is concentrated at the 26,000 strike price, followed by the 25,400 strike. Conversely, the highest Put OI is observed at the 25,000 strike, with significant interest also at the 25,400 strike. Call writing is prevalent at the 26,000 and 25,500 strikes, while Put writing is notable at the 25,400 and 25,300 strikes.

Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, indicated that options data suggests a broad trading range between 25,000 and 25,800, with a more immediate range of 25,200 to 25,600. Taparia noted that the Nifty formed a Doji candle on the daily chart on Tuesday and has been establishing higher lows over the past four sessions, suggesting that support levels are gradually rising. 

“Now, the index needs to stay above the 25,350 mark to target an upward movement towards 25,550 and then 25,750. Conversely, support levels have shifted to 25,300 and 25,200”, Taparia advised.

The Bank Nifty Index, on the other hand, formed a small-bodied candle on Tuesday, reflecting a lack of momentum at higher levels.

For short-term traders, experts have highlighted Cummins India and NTPC as top picks. A list of stocks from the F&O basket, along with cash market recommendations, has been compiled for those looking to capitalize on market opportunities in the near term.