The S&P BSE Sensex rose more than 900 points while the Nifty50 closed with gains of over 250 points on Thursday. India VIX was up by 2.16% from 12.06 to 12.32 levels.
Volatility was slightly up but has been cooling off from the last few sessions and comforting the bulls.
The Nifty future closed positive with gains of 1.52% at 21353 levels on Thursday. Positive setup was seen in stocks like Mphasis, SAIL, M&M Financial, Naukri, Godrej Properties, Coforge, Persistent, Birlasoft, Tech Mahindra, DLF, Infosys, Wipro etc.
On the weekly options front, the maximum Call OI is placed at 21200 and then towards 21300 strikes while the maximum Put OI is placed at 21100 and then towards 21000 strikes.
Call writing is seen at 21300 and then towards 21500 strikes while Put writing is seen at 21100 and then towards 21000 strikes.
“Options data suggests a broader trading range in between 20800 to 21500 zones while an immediate trading range in between 21000 to 21350 zones,” Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Bullish candle on the daily frame and sustained buying is visible at any minor dips,” he said.
“Now the Nifty index has to hold above 21150 zones, for an up move towards 21350 then 21500 zones whereas supports are placed at 21000 then 20850 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: Kunal Bothra, Market Expert told ETNow
Wipro: Buy| Target Rs 480| Stop Loss Rs 415
Bajaj Finance: Buy| Target Rs 8000| Stop Loss Rs 7200
Naukari: Buy| Target Rs 5400| Stop Loss Rs 5000
Expert: Nooresh Merani, an independent technical analyst told ETNow
SBI: Buy| Target Rs 680| Stop Loss Rs 605
Gail India: Buy| Target Rs 160| Stop Loss Rs 142
VRL Logistics: Buy| Target Rs 900| Stop Loss Rs 740
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)