The Nifty future closed positive with gains of 0.38% at 22089 levels on Friday. India VIX closed flattish near 15.22 levels.
Volatility has been cooling down from the last four sessions and comforted the bulls to utilise any small declines at record-high levels.
Positive setup was seen in stocks like Federal Bank, Metropolis, Granules, Wipro, M&M, Mphasis, Tata Communication, SBI Life, Concor, Alkem, Adani Ports, ACC, Maruti, TVS Motor, Ambuja Cement, HDFC AMC, etc. among others.
On the options front, the maximum Call OI is placed at 22100 and then towards 22600 strikes while the maximum Put OI is placed at 22000 and then towards 21700 strikes.
Call writing is seen at 22100 and then towards 22300 strikes while some Put writing is seen at 22000 and then towards 21850 strikes.“Options data suggests a broader trading range in between 21700 to 22300 zones while an immediate trading range in between 21850 to 22200 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Bullish candle on the daily and weekly scale with longer lower shadow indicating strong support-based buying,” he added.
“Now the index has to hold above 22000 zones, for an upside move towards 22150 then 22222 zones whereas supports are placed at 21900 then 21750 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: Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited told ETBureau
TVS Motor: Buy| Target Rs 2234| Stop Loss Rs 2090
Ambuja Cements: Buy| Target Rs 612| Stop Loss Rs 572
Trent: Buy| Target Rs 4200| Stop Loss Rs 3930
Expert: Nooresh Merani, an independent technical analyst told ETNow
HDFC Bank: Buy| Target Rs 1480| Stop Loss Rs 1395
SBI Life: Buy| Target Rs 1650| Stop Loss Rs 1480
IDFC First Bank: Buy| Target Rs 90| Stop Loss Rs 79
(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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