India VIX was up by 1.55% from 11.64 to 11.83 levels on Friday. Volatility was slightly higher but overall bulls were holding the grip at support zones.
The Fin Nifty Index opened a gap-down by more than 200 points on the back of RBI’s decision to increase the risk weightage for unsecured consumer loans on Friday.
Positive setup was seen in IRCTC, TVS Motor, SBI Life, Exide Ind, HDFC AMC, Aurobindo Pharma, REC Ltd, Apollo Hospital, BHEL, BEL, etc. among others.
On the weekly options front, the maximum Call OI is placed at 19800 and then towards 19900 strikes while the maximum Put OI is placed at 19700 and then towards 19600 strikes.
Call writing is seen at 19800 and then towards 19900 strikes while Put writing is seen at 19650 and then towards 19700 strikes.
“Options data suggests a broader trading range in between 19400 to 20000 zones while an immediate trading range in between 19600 to 19900 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Bullish candle on the weekly frame and has been making higher lows from the last three weeks,” he said.
“Now the index has to hold above 19700 zones, for an up move towards 19850 then 20000 zones whereas supports are placed at 19650 then 19550 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
JK Cement: Buy| Target Rs 3755| Stop Loss Rs 3385
Indigo: Buy| Target Rs 2800| Stop Loss Rs 2520
SBI Life: Buy| Target Rs 1511| Stop Loss Rs 1362
Zydus Life: Buy| Target Rs 681| Stop Loss Rs 614
Expert: Kunal Bothra, Market Expert told ETNow
HDFC Life: Buy| Target Rs 700| Stop Loss Rs 625
M&M: Buy| Target Rs 1630| Stop Loss Rs 1566
BHEL: Buy| Target Rs 150| Stop Loss Rs 138
Expert: Nooresh Merani, an independent technical analyst told ETNow
Dr Reddy’s Laboratories: Buy| Target Rs 6000| Stop Loss Rs 5520
Hindustan Unilever: Buy| Target Rs 2700| Stop Loss Rs 2500
IRB Infrastructure: Buy| Target Rs 45| Stop Loss Rs 36
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(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)