The S&P BSE Sensex rose nearly 500 points while the Nifty50 rose above 20,200 levels on Friday. The Nifty future closed positive with gains of 0.44% at 20360 levels.
Positive setup was seen in stocks like PFC, REC Ltd, Dixon Technologies, Can Fin Homes, HAL, Colpal, ITC, Apollo Tyre, NTPC, Gail, Axis Bank etc. among others.
India VIX was down by 2.42% from 12.69 to 12.38 levels in the previous trading session. Volatility slightly fell which created momentum for the bulls to show strength.
Since it is the beginning of the new expiry, Options data is scattered at various strike prices. On the weekly options front, the maximum Call OI is placed at 20400 then towards 20300 strikes.
The maximum Put OI is placed at 20000 and then towards 20200 strikes. Call writing is seen at 20300 then towards 20400 strikes while Put writing is seen at 20200 and then towards 20100 strikes.
“Options data suggests a broader trading range in between 19900 to 20500 zones while an immediate trading range in between 20100 to 20400 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“The index has been making higher lows from the last four trading sessions and supports are gradually shifting higher,” he said.
“Now the Nifty has to hold above 20222 zones, for an up move towards 20350 then 20500 zones whereas support is placed at 20150 then 20000 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: Parag Shah, Technical Analyst – Research, Nuvama Professional Client Group Research told ETBureau
Apollo Tyre: Buy| Target Rs 472.50| Stop Loss Rs 425
ITC: Buy| Target Rs 479| Stop Loss Rs 431
India Pesticide Ltd: Buy| Target Rs 337.50| Stop Loss Rs 304.50
Dr Lal Path Labs: Buy| Target Rs 2930| Stop Loss Rs 2640
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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