The Nifty future closed positive with gains of 0.01% at 20134 levels on Thursday. India VIX was down by 0.16% from 12.70 to 12.69 levels. Volatility slightly inched higher and then fell which created momentum for the bulls to show strength.
Positive setup was seen in India Cement, Gail, ABB, Alkem, BEL, Trent, Granules, MCX, IOC, Lupin, BHEL, Dixon Technologies, PFC, Bharti Airtel, SBI Life, etc. among others.
Since it is the beginning of a new expiry, Options data is scattered at various strike prices. On the weekly front, the maximum Call OI is placed at 20400 and then towards 20300 strikes.
The maximum Put OI is placed at 20000 and then towards 19800 strikes. Call writing is seen at 20400 and then towards 20300 strikes while Put writing is seen at 20000 and then towards 20100 strikes.
“Options data suggests a broader trading range in between 19700 to 20400 zones while an immediate trading range in between 19900 to 20300 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty has formed a small bodied Bullish candle on the daily scale on Thursday with longer lower shadow and has been making higher highs – higher lows from the last three sessions,” he said.Now the index has to hold above 20100 zones, for an up move towards 20222 then 20350 zones whereas supports are placed at 20000 then 19950 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: Kunal Bothra, Market Expert told ETNow
Dixon Technologies: Buy| Target Rs 6000| Stop Loss Rs 5400
Tata Motors: Buy| Target Rs 750| Stop Loss Rs 675
Poonawala Fincorp: Buy| Target Rs 440| Stop Loss Rs 380
Expert: Nooresh Merani, an independent technical analyst told ETNow
Gail India: Buy| Target Rs 150| Stop Loss Rs 128
Container Corp: Buy| Target Rs 850| Stop Loss Rs 760
LIC Housing Finance: Buy| Target Rs 540| Stop Loss Rs 475
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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)