The Nifty50 witnessed a breakdown on Wednesday from the important support level placed at 22050 zone after consolidating for 2 sessions. The selling was broad-based with midcap and smallcap indices losing nearly 2% each.
India VIX achieved a fresh swing high as it ended the day up 3.83% at 16.30 levels after marking a high of 16.74 levels intraday.
“In the past 2-3 weeks, India VIX is trading in the range between 14.50 and 16.50. If VIX moves above 16.50-16.70 levels, a cautious stance should be exercised from a trading standpoint,” Sudeep Shah, Deputy Vice President, Head of Technical and Derivative Research, SBI Securities, said.
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“Going forward, the Indices have closed at 21950 zone, which is an important support being 20 Day EMA. While the indices are expected to open with a minor gap up today closer to 22000-22020, crucial resistance will be witnessed around 22060,” he said.The Nifty PCR is currently weak at 0.53 level with meaningful call writing witnessed across 22000-22200 strikes, while put writing was witnessed in 21800 strikes with unwinding in 21900-22000 strikes.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
Havells India: Buy| Target Rs 1720| Stop Loss Rs 1470
KIMS (Krishna Institute of Medical Sciences Ltd): Buy| Target Rs 2600| Stop Loss Rs 2190
ICICI Lombard General Insurance Ltd: Buy| Target Rs 1950| Stop Loss Rs 1655
Expert: Nooresh Merani, an independent technical analyst told ETNow
Dr Reddy’s Laboratories: Buy| Target Rs 6800| Stop Loss Rs 6300
Bajaj Finance: Sell| Target Rs 7800| Stop Loss Rs 8230
V-Guard: Buy| Target Rs 380| Stop Loss Rs 315
Expert: Kunal Bothra, Market Expert told ETNow
HDFC Life: Buy| Target Rs 620| Stop Loss Rs 560
TCS: Buy| Target Rs 4220| Stop Loss Rs 4075
Samvardhana Motherson International: Buy| Target Rs 124| Stop Loss Rs 115
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)