The S&P BSE Sensex fell more than 500 points while the Nifty50 closed below 19200 levels on Wednesday.
India VIX was up by 3.78% from 10.90 to 11.31 levels in the previous trading session. Volatility spiked to 12.17 zones during the day and paved the way for the bears to take over the market.
On the monthly options front, the maximum Call OI is placed at 19500 and then towards 19300 strikes while the maximum Put OI is placed at 19000 and then towards 18900 strikes.
Meaningful Call writing is seen at 19200 and then towards 19300 strikes while Put writing is seen at 19000 and then towards 19050 strikes.
“Options data suggests a broader trading range in between 18950 to 19300 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a Bearish candle on the daily frame on Wednesday and has been making lower highs from the last five sessions,” he said.“Now till Nifty holds below 19222 zones, weakness could be seen towards 19000 then 18888 zones whereas hurdles are placed at 19250 then 19333 zones,” recommends Taparia.
We have collated a list of stocks from various experts for traders who have a short-term trading horizon:
Expert: Rajesh Palviya, VP-Technical & Derivative Research, Axis Securities told ETBureau
Ramco Industries: Buy| Target Rs 250| Stop Loss Rs 194
Aster DM Healthcare: Buy| Target Rs 435| Stop Loss Rs 329
Persistent Systems: Buy| Target Rs 6300| Stop Loss Rs 5775
Prestige Estate: Buy| Target Rs 910| Stop Loss Rs 713
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(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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