The Nifty future closed positive with gains of 0.23% at 19886 levels on Wednesday.
India VIX was down by 2.98% from 12.23 to 11.86 levels. Volatility slightly cooled off but has been hovering in a range.
Positive setup was seen in stocks like BPCL, Aurobindo Pharma, Bharat Forge, Persistent, NTPC, Cipla, Bajaj Auto, Infosys, Power Grid, and Apollo Hospital etc. among others.
On the weekly options front, the maximum Call OI is placed at 19900 and then towards 20000 strikes while the maximum Put OI is placed at 19700 and then towards 19800 strikes.
Call writing is seen at 20000 and then towards 19900 strikes while Put writing is seen at 19800 and then towards 19750 strikes.
“Options data suggests a broader trading range in between 19500 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 Hammer candle on the daily scale with long lower shadow indicating support-based buying but broke its higher lows formation of the last five sessions,” he said.
“Now the index has to hold above 19800 zones, for an up move towards 19950 then 20000 zones whereas supports are placed at 19750 then 19650 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: Jayesh Bhanushali, Senior Derivative & Technical Research Analyst, IIFL told ETBureau
Titan Company: Buy| Target Rs 3520| Stop Loss Rs 3360
Balrampur Chini Mills: Buy| Target Rs 490| Stop Loss Rs 444
NTPC: Buy| Target Rs 264| Stop Loss Rs 245
Expert: Jaynit Vora, CMT, Research Analyst at IIFL told ETBureau
F&O Strategy on JSW Energy: Buy| Target Rs 440| Stop Loss Rs 406
Expert: Nooresh Merani, an independent technical analyst told ETNow
Sun Pharma: Buy| Target Rs 1300| Stop Loss Rs 1170
Bharat Forge: Buy| Target Rs 1200| Stop Loss Rs 1050
NHPC: Buy| Target Rs 65| Stop Loss Rs 52
Expert: Kunal Bothra, Market Expert told ETNow
Tata Steel: Buy| Target Rs 134| Stop Loss Rs 122
Infosys: Buy| Target Rs 1500| Stop Loss Rs 1434
RHI Magnesita: Buy| Target Rs 775| Stop Loss Rs 700
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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)