The Nifty future closed negative with losses of 0.22% at 19825 levels on Friday. India VIX was up by 0.09% from 11.31 to 11.33 levels. Volatility slightly cooled off and comforted the bulls, but momentum was clearly missing.
Positive setup was seen in BHEL, GMR Infra, HAL, Granules India, Lupin, Ipca Laboratories, Divi’s Laboratories, Bharat Forge, Hindalco, etc. among others.
On the weekly options front, the maximum Call OI is placed at 19900 and then towards 20000 strikes while the maximum Put OI is placed at 19800 and then towards 19700 strikes.
Call writing is seen at 19800 and then towards 19900 strikes while Put writing is seen at 19800 and then towards 19650 strikes.
“Options data suggests a broader trading range in between 19600 to 20000 zones while an immediate trading range in between 19700 to 19900 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a small-bodied Bullish candle on the weekly frame on Friday and has been making higher lows from the last four weeks,” he said.“Now the Nifty has to hold above 19800 zones, for an up move towards 19888 then 19950 zones whereas supports are placed at 19750 then 19650 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: Ajit Mishra, SVP – Technical Research, Religare Broking Ltd told ETBureau
Ashok Leyland: Buy| Target Rs 190| Stop Loss Rs 174
Bharat Forge: Buy| Target Rs 1230| Stop Loss Rs 1065
Divi’s Laboratories: Buy| Target Rs 4020| Stop Loss Rs 3640
Hindalco: Buy| Target Rs 535| Stop Loss Rs 494
Expert: Kunal Bothra, Market Expert told ETNow
HAL: Buy| Target Rs 2280| Stop Loss Rs 2212
Hindustan Copper: Buy| Target Rs 172| Stop Loss Rs 163
NMDC: Buy| Target Rs 188| Stop Loss Rs 166
Expert: Nooresh Merani, an independent technical analyst told ETNow
Bharat Forge: Buy| Target Rs 1200| Stop Loss Rs 1080
GMR Infra: Buy| Target Rs 66| Stop Loss Rs 59
Sun Pharma: Buy| Target Rs 320| Stop Loss Rs 260
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(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)