The Nifty future closed negative with losses of 0.13% at 22280 levels on Wednesday. India VIX was up by 0.35% from 20.20 to 20.27 levels.
On the weekly options front, the maximum Call OI is placed at 22500 and then towards 22300 strikes while the maximum Put OI is placed at 22000 and then towards 22200 strikes.
Call writing is seen at 22500 and then towards 22400 strikes while Put writing is seen at 22200 and then towards 22000 strikes.
“Options data suggests a broader trading range in between 21700 to 22700 zones while an immediate range between 22000 to 22400 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.FIIs sold to the tune of Rs 2832.83 cr while DIIs bought to the tune of Rs 3788.38 cr in the cash segment on Wednesday.“FIIs’ Long short ratio for index futures has further dipped to 27.58% as on a net basis, they sold 32108 index futures on Wednesday,” Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities, said.“The Nifty Index has witnessed price rejection near 20-day EMA & 50 DMA zone of (22290-22310), and thereafter, it has witnessed minor correction,” he said.
“Any sustainable move above the level of 22350 will lead to the continuation of this rebound move in the index upto the level of 22500 in the short term,” recommended Shah.
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: Jayesh Bhanushali, Senior Derivative & Technical Research Analyst, IIFL told ETBureau
Power Grid: Buy| Target Rs 332| Stop Loss Rs 304
Supreme Industries: Buy| Target Rs 5650| Stop Loss Rs 5150
Bharti Airtel: Buy| Target Rs 1370| Stop Loss Rs 1280
Expert: Kunal Bothra, Market Expert told ETNow
BEL: Buy| Target Rs 244| Stop Loss Rs 228
Balkrishna Industries: Buy| Target Rs 2650| Stop Loss Rs 2435
Manyavar: Buy| Target Rs 1100| Stop Loss Rs 980
Expert: Nooresh Merani, an independent technical analyst told ETNow
Tata Steel: Buy| Target Rs 180| Stop Loss Rs 160
Ashok Leyland: Buy| Target Rs 230| Stop Loss Rs 195
ACC: Buy| Target Rs 2700| Stop Loss Rs 2450
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)