The Nifty future closed positive with gains of 0.46% at 21925 levels. India VIX was down by 2.34% from 15.81 to 15.44 levels. Volatility cooled off from its highs and gave way to the bulls at crucial support zones.
Positive setup was seen in stock like HPCL, BPCL, BHEL, IOC, SBI, NMDC, ONGC, Bosch Ltd, Coal India, BEL, Bank Baroda, Canara Bank, Axis Bank, etc. among others.
On the options front, the maximum Call OI is placed at 22000 and then towards 22200 strikes while the maximum Put OI is placed at 21000 and then towards 21600 strikes.
Call writing is seen at 22000 strikes while some Put writing is seen at 21600 strikes.
“Options data suggests a broader trading range in between 21300 to 22200 zones while an immediate trading range in between 21500 to 21900 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Bullish Engulfing candle on the daily scale on Wednesday but has been forming lower lows from the last five sessions due to the absence of follow-up,” he said.“Now the index has to hold above 21750 zones, for an upside move towards 21950 then 22100 zones whereas supports are placed at 21700 then 21550 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: Rajesh Palviya, VP-Technical & Derivative Research, Axis Securities told ETBureau
Vedanta: Buy| Target Rs 340| Stop Loss Rs 264
Bank of Baroda: Buy| Target Rs 307| Stop Loss Rs 260
DLF: Buy| Target Rs 940| Stop Loss Rs 815
Expert: Nooresh Merani, an independent technical analyst told ETNow
Jindal Steel: Buy| Target Rs 820| Stop Loss Rs 740
ICICI Bank: Buy| Target Rs 1100| Stop Loss Rs 1000
DCB Bank: Buy| Target Rs 155| Stop Loss Rs 127
Expert: Kunal Bothra, Market Expert told ETNow
Wipro: Buy| Target Rs 570| Stop Loss Rs 480
HDFC Bank: Buy| Target Rs 1450| Stop Loss Rs 1348
DCB Bank: Buy| Target Rs 150| Stop Loss Rs 125
(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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