The S&P BSE Sensex rose nearly 1,400 points, while the Nifty50 rose to a fresh record high above 20,700 levels on Monday.
The Nifty future closed positive with gains of over 2% at 20,804 levels on Monday. India VIX was up by 4.95% from 12.38 to 12.99 levels. Volatility slightly rose which created momentum for the bulls to show strength at a new price territory.
Positive setup was seen in HPCL, Ambuja Cement, Eicher Motors, BPCL, ICICI Bank, IOC, GAIL, Canara Bank, REC, L&T, HDFC Bank, DLF, Bajaj Auto, Bharti Airtel, etc, among others.
Since it is the beginning of the new expiry, Options data is scattered at various strike prices. On the weekly options front, the maximum Call OI is placed at 21,000 and then towards 20,700 strikes.
The maximum Put OI is placed at 20,500 and then towards 20,600 strikes. Call writing is seen at 21,500 and then towards 21,200 strikes while meaningful Put writing is seen at 20,500 and then towards 20,600 strikes.
“Options data suggests a broader trading range in between 20,200-21,200 zones, while an immediate trading range in between 20,400 to 21,000 zones,” said Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited.“Nifty has formed a Bullish candle on the daily frame with a longer lower shadow, indicating buying on any small dips on Monday. The index has been making higher lows from last five trading sessions and supports are gradually shifting higher,” he said.
“Now, the index has to hold above 20,500 zones, for an up move towards 20,800 then 21,000 zones, whereas supports are placed at 20,500 then 20,300 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
SBI: Buy | Target: Rs 639 | Stop Loss: Rs 569
L&T: Buy | Target Rs 3,490 | Stop Loss: Rs 3,197
EIL: Buy | Target: Rs 170 | Stop Loss: Rs 149
Expert: Nooresh Merani, an independent technical analyst told ETNow
IndusInd Bank: Buy | Target: Rs 1,650 | Stop Loss: Rs 1,470
Oil India: Buy | Target: Rs 360 | Stop Loss: Rs 310
NHPC: Buy | Target: Rs 65 | Stop Loss: Rs 55
Expert: Kunal Bothra, Market Expert told ETNow
ICICI Bank: Buy | Target: Rs 1,020 | Stop Loss Rs 974
Kotak Mahindra Bank: Buy | Target Rs 1,880| Stop Loss: Rs 1,780
CESC: Buy | Target: Rs 116| Stop Loss: Rs 105
(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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