The Nifty future closed negative with losses of 1.05% at 21625 levels on Tuesday.
India VIX was up by 2.68% from 15.84 to 16.10 levels. Volatility spiked above 16.5 zones during the session and comforted the bears at higher zones.
Positive setup was seen in stocks like Syngene, HPCL, BHEL, LIC Housing Finance, Bosch Ltd, DLF, Tata Motors, BPCL, PNB, MGL, Manappuram Finance, Bank of Baroda, Birla Soft, HAL and Zydus Life.
On the weekly options front, the maximum Call OI is placed at 21700 and then towards 22000 strikes while the maximum Put OI is placed at 21500 and then towards 21400 strikes.
Call writing is seen at 21700 and then towards 21800 strikes while some Put writing is seen at 21450 and then towards 21250 strikes.
“Options data suggests a broader trading range in between 21200 to 22200 zones while an immediate trading range in between 21400 to 21800 zones,” Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a Bearish candle on the daily scale on Tuesday with negligible shadows which indicates complete dominance of the bears during the session,” he said.
“Now the index has to hold above 21500 zones for a bounce towards 21750 and 21850 zones while on the downside supports are placed at 21400 and 21250 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
Alkem Laboratories: Buy| Target Rs 5100| Stop Loss Rs 4900
Apollo Tyre: Buy| Target Rs 575| Stop Loss Rs 515
Trident: Buy| Target Rs 52| Stop Loss Rs 46.50
Expert: Nooresh Merani, an independent technical analyst told ETNow
Dr Reddy’s Laboratories: Buy| Target Rs 6400| Stop Loss Rs 5750
Container Corp: Buy| Target Rs 1000| Stop Loss Rs 840
BOSCH: Buy| Target Rs 26500| Stop Loss Rs 23000
Expert: Kunal Bothra, Market Expert told ETNow
Godrej Consumer Products: Buy| Target Rs 1215| Stop Loss Rs 1140
Trent: Buy| Target Rs 3200| Stop Loss Rs 2900
Manappuram Finance: Buy| Target Rs 192| Stop Loss Rs 178
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