F&O Strategy: Buy Godfrey Phillips India, Colgate-Palmolive suggests Rupak De in a subdued stock market today

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, experienced a drop on Monday as investor sentiment remained subdued due to elevated stock valuations, weak corporate earnings, and uncertainty in global trade.

As of 11:53 IST, the Nifty 50 decreased by 0.38% to 22,842.60, while the Sensex fell by 0.33% to 75,685.25. The volatility index surged by 8% to reach its highest point in two weeks.

The Nifty 50 has declined by 3.2% over the past eight sessions, with analysts pointing to a mix of factors such as slowing earnings, high valuations across broader markets, and concerns regarding US tariffs as contributing to the decline.

Analysts noted that the market drop is linked to ongoing selling pressure from foreign investors, with disappointing corporate earnings being the main driver of the downturn.

Technical views by Rupak De, Senior Technical Analyst, LKP Securities on F&O market

Nifty 50

The Nifty 50 remains under bearish pressure, slipping below 23,000 after briefly holding above this level for a few days. Market sentiment stays fragile, even as the index rebounded 155 points from its intraday low, continuing to trade below a key short-term moving average. A clear breakdown below 22,800 could spark further panic, while on the upside, 23,100 serves as the immediate resistance. A breakout above this level could offer some relief.

Open Interest Analysis: Heavy call writing was observed in Nifty 50 on the first day of the weekly expiry. Significant open interest additions were seen in 23,300 CE. On the put side, 22,500 saw a decent rise in open interest. Among the near-the-money options, both CE and PE of 23,000 strike had the highest OI concentration.

Strategy: Sentiment remains weak with a possibility of further correction.

Trade: Buy Nifty 50 13FEB 22700PE ABOVE 80 TGT 150 SL 49.

Buy Godfrey Phillips India Ltd around ₹5,700 | Target: ₹6,300 | Stop Loss: ₹5,450

The Godfrey Phillips has broken out of a falling channel on the daily chart, signaling increasing optimism. It is holding above a key short-term moving average and has also exited a consolidation phase on the daily timeframe. In the near term, it may move toward 6,300. However, given the recent 20% surge in a single session, a buy-on-dip approach would provide a better risk-reward setup. Key support is at 5,450.

Swing Buy Colgate-Palmolive at ₹2,478 | Target: ₹2,700 | Stop Loss: ₹2,355

Following an extended correction over the past few months, the Colgate-Palmolive has reached a historical ongestion zone, which could trigger demand. A positive divergence is forming on the daily RSI, awaiting a bullish crossover for confirmation. Additionally, a tweezer bottom pattern has emerged on the daily chart. In the short term, the stock may move toward 2,700, with a stop loss placed at 2,355.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.