The Nifty future closed positive with gains of 0.27% at 22231 levels on Tuesday. India VIX moved up by 0.31% from 16.02 to 16.07 levels.
Positive trading setup was seen in stocks like Power Grid, Deepak Nitrite, Aarti Industries, BHEL, HDFC Bank, Axis Bank, NTPC, DLF, HPCL, Apollo Hospital, Indigo, Pidilite Industries, Grasim, SBI Life, ONGC, Indian Hotels etc. among others.
On the options front, the maximum Call OI is placed at 22600 and then towards 22500 strikes while the maximum Put OI is placed at 22000 and then towards 22100 strikes.
Minor Call writing is seen at 22500 and then towards 22550 strikes while some Put writing is seen at 22100 and then towards 22150 strikes.
“Options data suggests a broader trading range in between 21900 to 22500 zones while an immediate trading range in between 22000 to 22350 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Bullish candle on the daily scale on Tuesday with a longer lower shadow indicating strong support-based buying and it closed near its day’s high with gains of around 70 points,” he said.“Now the index has to hold above 22100 zones, for an upside move towards 22350 then 22500 zones whereas supports are placed at 22050 then 21900 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: Nagaraj Shetti, Technical Research Analyst, HDFC Securities Ltd told ETBureau
Power Grid: Buy| Target Rs 302| Stop Loss Rs 280
JustDial: Buy| Target Rs 955| Stop Loss Rs 865
Adani Wilmar: Buy| Target Rs 390| Stop Loss Rs 356
Expert: Kunal Bothra, Market Expert told ETNow
HDFC Bank: Buy| Target Rs 1500| Stop Loss Rs 1425
Nestle India: Buy| Target Rs 2600| Stop Loss Rs 2500
Castrol India: Buy| Target Rs 222| Stop Loss Rs 199
Expert: Nooresh Merani, an independent technical analyst told ETNow
ICICI Bank: Buy| Target Rs 1150| Stop Loss Rs 1020
SBI Life: Buy| Target Rs 1650| Stop Loss Rs 1480
Bajaj Consumer: Buy| Target Rs 255| Stop Loss Rs 217
(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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