The Nifty future closed positive with gains of 0.32% at 22126 levels on Friday. India VIX was up by 3.20% from 12.88 to 13.46 levels. Volatility rose during the week but is comparatively still at lower levels.
On the options front, the maximum Call OI is placed at 22,500 and then towards 22200 strikes while the maximum Put OI is placed at 22,000 and then towards 21,800 strikes.
Minor Call writing is seen at 22500 and then towards 22600 strikes while Put writing is seen at 21900 and then towards 22000 strikes.
“Options data suggests a broader trading range in between 21700 to 22500 zones while an immediate trading range in between 21900 to 22350 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a Bearish candle with a longer lower shadow on the weekly frame on Friday but a bullish candle on daily scale which indicates support-based buying is intact,” he said.“Now Nifty has to cross and hold above 22222 for an up move towards 22350 then 22500 zones whereas supports are placed at 22000 then 21900 zones,” recommended Tapria.The Nifty OIPCR has seen an improvement from Thursday’s 0.8 to 0.94 levels on Friday. Bank Nifty* PCR has seen a sharp improvement from 0.66 levels to 1.
“Crossover above 22340 on the Nifty50 would lead to short-covering amongst call writers of 22200-22300 strikes, which could open up gates for 22450-22500 zone on the upside,” Sudeep Shah, Deputy Vice President, Head of Technical and Derivative Research, SBI Securities, said.
“Below 21940, the index could retest its crucial support zone at 21750-21770 zone, which is also the previous month’s swing low,” 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: Sagar Doshi, Technical Analyst Research at Nuvama Wealth told ETBureau
PVR Inox: Buy| Target Rs 1535| Stop Loss Rs 1385
Escorts: Buy| Target Rs 3300| Stop Loss Rs 2980
Expert: Kunal Bothra, Market Expert told ETNow
Bajaj Finance: Buy| Target Rs 7250| Stop Loss Rs 7020
Escorts: Buy| Target Rs 3205| Stop Loss Rs 2980
SBI Cards: Buy| Target Rs 760| Stop Loss Rs 716
Expert: Nooresh Merani, an independent technical analyst told ETNow
Eicher Motors: Buy| Target Rs 4800| Stop Loss Rs 4250
Escorts: Buy| Target Rs 3400| Stop Loss Rs 3000
Crompton Greaves Consumer: Buy| Target Rs 320| Stop Loss Rs 280
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)