Laurus Labs and Canara Bank Recommended for Short-Term Trades by Motilal Oswal Analyst

The Indian rupee weakened to ₹96.3150 against the US dollar, its lowest level in two months, pressured by rising global bond yields, crude oil prices near $100 a barrel, and sustained foreign portfolio outflows.

On the derivatives front, Chandan Taparia, Head of Derivatives Technicals at Motilal Oswal Financial Services Ltd, noted that maximum call open interest is concentrated at the 22,500 and 22,700 strikes, while maximum put open interest is at 22,000 and 22,300 strikes. He indicated a broader trading range for Nifty between 22,000 and 22,800, with an immediate range of 22,200 to 22,600.

Taparia added that if Nifty holds below 22,500, weakness could extend to 22,300 and 22,200, while upside hurdles may appear at 22,650 and 22,750. For Bank Nifty, he said resistance remains at 55,000 and 55,250, with potential downside to 54,250 and 54,000 if the index fails to hold above 54,500.

Based on technical analysis, Taparia recommended buying Laurus Labs and Canara Bank via their 27 October futures contracts. He noted Laurus Labs is in a strong uptrend, consolidating near its all-time high, respecting the 20 DEMA and showing steady buying interest, outperforming benchmarks despite broader weakness. Conversely, Canara Bank has broken below the 125 level, is trading below short-term moving averages, and showing bearish candle formation, suggesting near-term weakness if the breakdown zone is sustained.

The analysis is provided for educational purposes only and does not constitute investment advice. Readers are advised to consult certified experts before making any investment decisions.