On the options front, the weekly maximum Call OI is placed at 23000 and then towards 22500 strikes while the maximum Put OI is placed at 21000 and then towards 21500 strikes.
Call writing is seen at 22000 and then towards 22500 strikes while minor Put writing is seen at 21700 and then towards 21900 strikes.
“Options data suggests a broader trading range in between 21000 to 23000 zones while an immediate range between 21500 to 22500 levels,” says Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited.
Both FIIs and DIIs were net sellers on Tuesday in the cash segment of the Indian equity markets to the tune of Rs 12436.22 cr and Rs 3318.98 cr respectively.
FIIs’ Long short ratio for index futures is at 12.75 as on a net basis, they sold 158435 index futures, data showed.
“For the current weekly expiry, OI PCR is at 0.54. While, for the June expiry OI PCR is at 1.10,” says Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities.
“The 22000 strike has significant call open interest, followed by 22200 strikes. On the put side, 21800 has significant open interest, followed by 21500 strikes,” he said.
“Going ahead, the zone of 21700-21650 will act as immediate support for the index. Any sustainable move below the level of 21650 will lead to further selling pressure in the index,” highlighted Shah.
“In that case, it is likely to test the level of 21250, followed by 21000 in short-term While, on the upside, the resistance has shifted lower in the zone of 22200-22250 level above which short-covering upto 22450-22600 could be likely,” he recommended.
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: Kunal Bothra, Market Expert told ETNow
HUL: Buy| Target Rs 2575| Stop Loss Rs 2450
D-Mart: Buy| Target Rs 4665| Stop Loss Rs 4420
Jubilant FoodWorks: Buy| Target Rs 525| Stop Loss Rs 475
Expert: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas told ETBureau
Dabur India: Buy| Target Rs 597| Stop Loss Rs 565
Pidilite Industries: Buy| Target Rs 3178| Stop Loss Rs 2980
Tata Consumer: Buy| Target Rs 1121| Stop Loss Rs 1070
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)