The Nifty Future closed negative with losses of 2.50% at 24,094 levels on Monday. India VIX was up 42.63% from 14.40 to 20.42 levels.
On the options front, the maximum Call OI is placed at 26,000 and then towards 25,000 strikes while the maximum Put OI is placed at 24,000 and then towards 23,000 strikes.
Call writing is seen at 24,400 and then towards 25,000 strikes while Put writing is seen at 22,600 and then towards 22,550 strikes.
“Options data suggests a broader trading range in between 23,500 to 24,700 zones while an immediate range between 23,700 to 24,500 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Bearish candle on the daily frame on Monday and closed with losses of around 660 points,” he said.“Now till Nifty holds below 24,200 zones, weakness could continue towards 23,750 then 23,500 zones whereas hurdles are placed at 24,200 then 24,500 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: Dharmesh Shah, Head – Technical, ICICI Securities told ETBureau
ITC: Buy| Target Rs 512| Stop Loss Rs 468
HPCL: Buy| Target Rs 410| Stop Loss Rs 374
DLF: Sell| Target Rs 764| Stop Loss Rs 838
Expert: Kunal Bothra, Market Expert told ETNow
Tata Motors: Buy| Target Rs 1040| Stop Loss Rs 1000
Dixon Technologies: Buy| Target Rs 11330| Stop Loss Rs 11030
PCBL: Buy| Target Rs 400| Stop Loss Rs 370
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)