The Nifty future closed negative with losses of 0.28% at 22436 levels on Tuesday. India VIX was down by 3.64% from 14.92 to 14.38 levels.
“In the last few months, we have witnessed India VIX trading in a band between 14 and 17, and going forward, we expect this to continue. Incase 14 levels are breached, the next levels likely are 13.4-13 on the downside,” Sudeep Shah, Deputy Vice President, Head of Technical and Derivative Research, SBI Securities, said.
Positive setup was seen in stocks like Vedanta, Tata Motors, PNB, Bharti Airtel, IGL, TVS Motor, Canara Bank, Bank of Baroda, Gail India, SBI, ONGC, BHEL, ICICI Prudential, Tata Power, NTPC, HAL, ABB, Lupin and Tata Communication etc. among others.
On the options front, the maximum Call OI is placed at 23000 and then towards 22400 strikes while the maximum Put OI is placed at 22200 and then towards 22000 strikes.
Minor Call writing is seen at 22650 and then towards 22450 strikes while some Put writing is seen at 22300 and then towards 22050 strikes.“Options data suggests a broader trading range in between 22000 to 23000 zones while an immediate trading range in between 22200 to 22500 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a small-bodied candle on Tuesday with a longer lower shadow which indicates that declines are being bought,” he said.
“Now it has to hold above 22300 zones, for an up move towards 22500 then 22750 zones whereas supports are placed at 22222 then 22100 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: Vinay Rajani, CMT (Senior Technical & Derivative Analyst) at HDFC Securities told ETBureau
Karnataka Bank: Buy| Target Rs 268| Stop Loss Rs 237
JK Lakshmi Cement: Buy| Target Rs 1023| Stop Loss Rs 878
Motherson Sumi Wiring: Buy| Target Rs 77.25| Stop Loss Rs 67.70
Expert: Nooresh Merani, an independent technical analyst told ETNow
Tata Communications: Buy| Target Rs 2200| Stop Loss Rs 1930
Bharti Airtel: Buy| Target Rs 1250| Stop Loss Rs 1140
GE Shipping: Buy| Target Rs 1200| Stop Loss Rs 960
Expert: Kunal Bothra, Market Expert told ETNow
ONGC: Buy| Target Rs 296| Stop Loss Rs 277
Biocon: Buy| Target Rs 305| Stop Loss Rs 270
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)