The Nifty future closed positive with gains of 0.72% at 22575 levels on Thursday. India VIX was up by 4.38% from 10.28 to 10.73 levels.
Since it is the beginning of the new series, options data is scattered at various far strikes. On the weekly options front, the maximum Call OI is placed at 22900 and then towards 22600 strikes.
The maximum Put OI is placed at 22500 and then towards 22400 strikes. Minor Call writing is seen at 22600 then 22800 strike while Put writing is seen at 22500 then 22400 strike.
“Options data suggests a broader trading range in between 22100 to 23000 zones while an immediate range between 22300 to 22800 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
In the cash market, FIIs sold to the tune of 2823.33 cr while DIIs bought to the tune of 6167.56 cr on Thursday.FIIs’ Long short ratio for index futures is at 38.9% at the beginning of a new series as on a net basis, they bought 70871 index futures.“The Nifty PCR is currently at 1.16 level. A strong support lies around 22430-22460, while resistance is seen at 22650-22700 levels on the upside,” Sudeep Shah, Deputy Vice President, Head of Technical and Derivative Research, SBI Securities, said.
“Any sustainable move above the level of 22700 will lead to an extension of the rally towards 22840-22870 in the short-term,” he said.
“If in case index slips below 22400, it will lead to further selling pressure in the index upto the 22270-22200 level,” recommended Shah.
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: Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities told ETBureau
Container Corp: Buy| Target Rs 1040| Stop Loss Rs 985
BHEL: Buy| Target Rs 280| Stop Loss Rs 266
REC: Buy| Target Rs 465| Stop Loss Rs 444
Trent: Buy| Target Rs 4450| Stop Loss Rs 4250
Expert: Nooresh Merani, an independent technical analyst told ETNow
ICICI Bank: Buy| Target Rs 1250| Stop Loss Rs 1070
JSW Steel: Buy| Target Rs 1000| Stop Loss Rs 875
PNB: Buy| Target Rs 150| Stop Loss Rs 132
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)