Indian market hit a fresh record high on Wednesday. The Nifty future closed positive with gains of 0.47% at 21040 levels.
Positive setup was seen in stocks like Chambal Fertilisers, HAL, Tata Power, IRCTC, SAIL, Wipro, IEX, Birlasoft, RBL Bank, ITC, BEL, Coromandel, L&T etc. among others.
On the weekly options front, the maximum Call OI is placed at 21000 and then towards 21100 strikes while the maximum Put OI is placed at 20800 and then towards 20900 strikes.
Call writing is seen at 20950 and then toward 21100 strikes while meaningful Put writing is seen at 20900 and then towards 20850 strikes.
“Options data suggests a broader trading range in between 20700 to 21200 zones while an immediate trading range in between 20800 to 21100 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“The Nifty index has moved by almost 1200 points in the last eight sessions and supports are gradually shifting higher,” he said.“Now the index has to hold above 20850 zones, for an up move towards 21000 then 21200 zones whereas supports are placed at 20700 then 20650 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: Nooresh Merani, an independent technical analyst told ETNow
Maruti Suzuki: Buy| Target Rs 11300| Stop Loss Rs 10500
LTIMindTree: Buy| Target Rs 6000| Stop Loss Rs 5500
Lemon Tree: Buy| Target Rs 130| Stop Loss Rs 113
Expert: Kunal Bothra, Market Expert told ETNow
SDBL: Buy| Target Rs 322| Stop Loss Rs 299
DCB Bank: Buy| Target Rs 126| Stop Loss Rs 115
Jyothy Labs: Buy| Target Rs 500| Stop Loss Rs 464
(You can now subscribe to our ETMarkets WhatsApp channel)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)