The Nifty50 closed above 20,800 levels on Tuesday. Nifty future closed positive with gains of 0.74% at 20953 levels.
Positive setup was seen in stocks like Adani Enterprises, Adani Ports, ACC, Ambuja Cements, Power Grid, NTPC, MCX, JK Cement, HDFC AMC, Trent, Apollo Tyre, BPCL, Canara Bank and HAL.
India VIX was up by 3.60% from 12.99 to 13.45 levels in the previous trading session. Volatility slightly rose which created momentum for the bulls to show strength at new price territory.
On the weekly options front, the maximum Call OI is placed at 21000 and then towards 20900 strikes while the maximum Put OI is placed at 20700 and then towards 20500 strikes.
Call writing is seen at 21000 and then towards 21200 strikes while meaningful Put writing is seen at 20800 and then towards 20700 strikes.
“Options data suggests a broader trading range in between 20500 to 21200 zones while an immediate trading range in between 20600 to 21000 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“The Nifty index has been making higher lows from the last six trading sessions and supports are gradually shifting higher,” he said.
“Now the index has to hold above 20750 zones, for an up move towards 20950 then 21000 zones whereas supports are placed at 20700 then 20650 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: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas told ETBureau
Kotak Mahindra Bank: Buy| Target Rs 1900| Stop Loss Rs 1790
Anupam Rasayan India: Buy| Target Rs 1200| Stop Loss Rs 970
Sun Pharma: Buy| Target Rs 1280| Stop Loss Rs 1220
Expert: Nooresh Merani, an independent technical analyst told ETNow
Maruti Suzuki India: Buy| Target Rs 11300| Stop Loss Rs 10500
IndusInd Bank: Buy| Target Rs 1650| Stop Loss Rs 1470
SPARC: Buy| Target Rs 330| Stop Loss Rs 265
Expert: Kunal Bothra, Market Expert told ETNow
Aditya Bila Fashion: Buy| Target Rs 255| Stop Loss Rs 234
Kotak Mahindra Bank: Buy| Target Rs 1880| Stop Loss Rs 1790
HSCL: Buy| Target Rs 305| Stop Loss Rs 285
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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)