India VIX inched higher to close at 16.10 on Friday, reflecting heightened market caution and a slight uptick in volatility.
The options market reflects growing optimism as the index staged a strong recovery. Notable put-writing activity was recorded for the first time in two months, indicating a bullish stance among traders.
The 24,500-strike call saw the highest open interest at 64.67 lakh contracts, while the 23,500-strike put registered significant interest with 80.25 lakh contracts.
“Key positions were concentrated in the 23,800–24,000 call range and the 23,700–23,500 put range, highlighting immediate resistance at 24,000 and support near 23,500,” Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities, said.
“Rising put writing between 23,500 and 23,700 underscores strong buying interest, while subdued call writing reflects improving sentiment. The put-call ratio (PCR) rose to 1.15 from 0.85, hinting at growing bullish sentiment,” he said.Momentum indicators, including the daily RSI, have moved above the 40 level, reinforcing positive sentiment and suggesting further upside potential.“The immediate support for the Nifty50 lies at 23,500. A sustained movement above the psychological resistance of 24,000 is critical for confirming bullish continuation. A breakout above this level may trigger short covering, driving the index toward the next hurdle at 24,500,” recommended Dhameja.
We have collated a list of stocks from the F&O basket along with cash market from various experts for traders who have a short-term trading horizon:
Expert: Chandan Taparia, Head, Equity Derivatives & Technicals, Wealth Management, MOFSL told ETBureau
Indian Hotels: Buy| Target Rs 836| Stop Loss Rs 777
Laurus Labs: Buy| Target Rs 540| Stop Loss Rs 502
Federal Bank: Buy| Target Rs 220| Stop Loss Rs 205
Expert: Kunal Bothra, Market Expert told ETNow
TCS: Buy| Target Rs 4320| Stop Loss Rs 4160
DLF: Buy| Target Rs 836| Stop Loss Rs 788
BEL: Buy| Target Rs 295| Stop Loss Rs 275
Expert: Nooresh Merani, an independent technical analyst told ETNow
Axis Bank: Buy| Target Rs 1250| Stop Loss Rs 1120
Laurus Labs: Buy| Target Rs 570| Stop Loss Rs 505
PEL: Buy| Target Rs 1200| Stop Loss Rs 1050
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)