The Nifty future closed positive with gains of 1.90% at 23334 levels on Friday. India VIX was slightly up by 0.48% from 16.55 to 16.88 levels.
On the options front, the weekly maximum Call OI is placed at 24,000 and then towards 23,500 strikes while the maximum Put OI is placed at 23,000 and then towards 22,800 strikes.
Call writing is seen at 23,700 and then towards 23,500 strikes while Put writing is seen at 23,000 and then towards 23,200 strikes.
“Options data suggests a broader trading range in between 22,500 to 23,700 zones while an immediate range between 23,000 to 23,500 levels,” says Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited.“The Nifty formed a strong Bullish candle on the daily frame on Friday and recovered all its losses of earlier this week and closed with intraday gains of around 470 points,” he said.“It has formed a small-bodied candle on a weekly frame with a long lower shadow indicating super strong support-based buying,” highlighted Taparia.“Now it has to hold above 23,200 zones for an upside move towards 23,500 then 23,700 zones whereas supports are placed at 23,100 then 23,000 zones,” he recommends.
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, Analyst-Derivatives at Motilal Oswal Financial Services Limited told ETBureau
Bajaj Auto: Buy| Target Rs 10,160| Stop Loss Rs 9500
Bharti Airtel: Buy| Target Rs 1500| Stop Loss Rs 1385
Divi’s Laboratories: Buy| Target Rs 4730| Stop Loss Rs 4420
F&O Strategy:
M&M Future (27 June Expiry): Buy| Target Rs 3000| Stop Loss Rs 2785
Granules Future (27 June Expiry): Buy| Target Rs 505| Stop Loss Rs 467
Expert: Nooresh Merani, an independent technical analyst told ETNow
JSW Steel: Buy| Target Rs 950| Stop Loss Rs 900
Bharti Airtel: Buy| Target Rs 1500| Stop Loss Rs 1400
Bandhan Bank: Buy| Target Rs 220| Stop Loss Rs 190
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)