The Nifty future closed negative with losses of 0.30% at 23497 levels on Wednesday. The India VIX was up by 5.79% from 12.96 to 13.71 levels.
On the options front, the weekly maximum Call OI is placed at 24000 and then towards 23600 strikes, while the maximum Put OI is placed at 23000 and then towards 23300 strikes.
Call writing is seen at 23600 and then towards 23700 strikes, while Put writing is seen at 23200 and then towards 23300 strikes.
“Options data suggests a broader trading range in between 23200 to 24000 zones, while an immediate range between 23400 to 23700 levels,” says Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited.
Both FIIs and DIIs were net buyers on Wednesday to the tune of 7908.36 crore and 7107.8 crore, respectively in the cash segment of Indian equity markets.
FIIs’ Long short ratio for index futures is at 54.12 as on a net basis, they bought 56911 index futures, data showed.
“The support zone has shifted higher in 23,440-23,400 zones. As long as it is trading above 23400 level, it is likely to test the level of 23,730, followed by 24,000 in the short term,” says Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities.
“While, on the downside, any sustainable move below the level of 23400 will lead to profit booking in the index up to the level of 23320, followed by the 23,250 level,” he said.
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
Triveni Engineering: Buy | Target: Rs 465 | Stop Loss: Rs 400
Chambal Fertilizers: Buy | Target: Rs 520 | Stop Loss: Rs 448
HDFC Bank: Buy | Target: Rs 1,790 | Stop Loss: Rs 1613
F&O Strategy
Kotak Bank Future (27 June Expiry): Buy | Target Rs 1,830 | Stop Loss: Rs 1,710
Deepak Nitrite Future (27 June Expiry): Buy | Target: Rs 2650 | Stop Loss: Rs 2,430
Expert: Kunal Bothra, Market Expert told ETNow
Axis Bank: Buy | Target: Rs 1,260 | Stop Loss: Rs 1,200
Balrampur Chini Mills: Buy | Target: Rs 460 | Stop Loss: Rs 429
Rattanindia Enterprises: Buy | Target: Rs 86 | Stop Loss: Rs 77
Expert: Nooresh Merani, an independent technical analyst told ETNow
IndusInd Bank: Buy | Target: Rs 1,650 | Stop Loss: Rs 1,500
IDFC First Bank: Buy | Target: Rs 90 | Stop Loss: Rs 79
Minda Corp: Buy | Target: Rs 550 | Stop Loss: Rs 450
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of The Economic Times)