The Nifty future closed positive with gains of 0.41% at 22635 levels on Thursday. India VIX was down by 1.34% from 11.37 to 11.22 levels.
Volatility has been cooling off from the last four sessions and supporting the buy on decline stance in the market.
On the weekly options front, the maximum Call OI is placed at 23,000 and then towards 22,600 strikes while the maximum Put OI is placed at 22,300 and then 22000 strikes.
Minor Call writing was seen at 23,000 and then towards 22,600 strikes while some Put writing is seen at 22,500 and then towards 22,300 strikes.
“Options data suggests a broader trading range in between 22000 to 23000 zones while an immediate trading range in between 22300 to 22700 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a bearish candle on the daily scale on Thursday with long lower indicating buying at support zones,” he said.“Now the index has to continue to hold above 22350 zones to witness an up move towards 22650 and 22750 zones while on the downside support exists at 22400 and 22300 zones,” recommended Taparia.
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: Pritesh Mehta, Lead Technical Analyst at YES Securities told ETBureau
Bajaj Finserv: Buy| Target Rs 1850| Stop Loss Rs1570
Coal India: Buy| Target Rs 489| Stop Loss Rs 434
Titan Company: Buy| Target Rs 4250| Stop Loss Rs 3630
Expert: Kunal Bothra, Market Expert told ETNow
ITC: Buy| Target Rs 440| Stop Loss Rs 415
Asian Paints: Buy| Target Rs 3100| Stop Loss Rs 2840
CESC: Buy| Target Rs 143| Stop Loss Rs 132
Expert: Nooresh Merani, an independent technical analyst told ETNow
UPL: Buy| Target Rs 525| Stop Loss Rs 480
Hindalco: Buy| Target Rs 620| Stop Loss Rs 565
Capacite: Buy| Target Rs 350| Stop Loss Rs 275
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)