The Nifty future closed negative with losses of 0.45% at 19840 levels on Tuesday. India VIX was up by 0.68% from 12.14 to 12.23 levels. Volatility was slightly higher, but the overall market was in a positive band.
Positive setup was seen in Oberoi Realty, MFSL, Ashok Leyland, SBI Life, Aurobindo Pharma, Astral, HDFC Life, Alkem, Lupin, JSW Steel, Titan, RIL, Exide Industries, 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 19800 strikes.
Call writing is seen at 19900 and then towards 19850 strikes while Put writing is seen at 19800 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 19650 to 19900 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Support-based buying kept the market afloat above 19750 zones. It formed a small-bodied Bullish candle on the daily scale on Tuesday and has been forming higher lows from the last five sessions,” he said.“Now the index has to hold above 19750 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: Jay Thakkar, Head Alternate Research, Sharekhan by BNP Paribas told ETBureau
ICICI Prudential Life: Buy| Target Rs 590| Stop Loss Rs 535
Olectra Greentech: Buy| Target Rs 1400| Stop Loss Rs 1195
Bombay Burmah: Buy| Target Rs 1600| Stop Loss Rs 1395
Expert: Kunal Bothra, Market Expert told ETNow
IEX: Buy| Target Rs 155| Stop Loss Rs 134
Tata Steel: Buy| Target Rs 134| Stop Loss Rs 122
Pennar Industries: Buy| Target Rs 140| Stop Loss Rs 116
Expert: Nooresh Merani, an independent technical analyst told ETNow
Ashok Leyland: Buy| Target Rs 190| Stop Loss Rs 173
NHPC: Buy| Target Rs 65| Stop Loss Rs 52
KNR Construction: Buy| Target Rs 350| Stop Loss Rs 284
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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)
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