The S&P BSE Sensex rose more than 600 points while the Nifty50 reclaimed 21,700 levels, a day ahead of the Interim Budget.
The Nifty future closed positive with gains of 0.72% at 21786 levels on Wednesday. India VIX was down by 0.31% from 16.10 to 16.05 levels. Volatility spiked above 16.5 zones during the session and created swings in the market ahead of the event.
Positive setup was seen in stocks like Voltas, Exide Industries, Syngene, PNB, Dr Reddy’s, Bank of Baroda, L&T Finance, Colgate Palmolive India, Tata Motors, Grasim, Lupin, SBI, DLF, TVS Motor etc. among others.
On the options front, the maximum Call OI is placed at 22,000 and then towards 21,900 strikes while the maximum Put OI is placed at 21,500 and then towards 21,600 strikes.Call writing is seen at 21,900 and then towards 22,000 strikes while some Put writing is seen at 21,700 and then towards 21,600 strikes.“Options data suggests a broader trading range in between 21300 to 22200 zones while an immediate trading range in between 21500 to 21850 zones,” Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Bullish candle on the daily scale on Wednesday but negated its higher lows formation of the last three sessions,” he said.
“Now the index has to hold above 21650 zones for a bounce towards 21850 and 22000 zones while on the downside supports are placed at 21550 and 21450 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: Rajesh Palviya, VP-Technical & Derivative Research, Axis Securities told ETBureau
Voltas: Buy| Target Rs 1350| Stop Loss Rs 1000
Usha Martin: Buy| Target Rs 455| Stop Loss Rs 350
Delhivery: Buy| Target Rs 525| Stop Loss Rs 430
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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