The Nifty future closed negative with losses of 0.74% at 21595 levels on Wednesday. India VIX was down by 3.31% from 14.58 to 14.09 levels. Volatility has been cooling off from the last four sessions.
Positive setup was seen in stocks like Biocon, Bajaj Auto, Canara Bank, HPCL, Indus Tower, GMR Infra, HAL, Indian Hotel, Trent, Godrej Properties, ABB, IRCTC, Bharti Airtel, ITC, Cipla, Lupin and Glenmark.
On the weekly options front, the maximum Call OI is placed at 21600 and then towards 21800 strikes while the maximum Put OI is placed at 21500 and then towards 21400 strikes.
Call writing is seen at 21,600 and then towards 21,550 strikes while some Put writing is seen at 21,500 and then towards 21,400 strikes.
“Options data suggests a broader trading range in between 21,200 to 22,200 zones while an immediate trading range in between 21,400 to 21,800 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 Wednesday and has started forming lower highs – lower lows from the last two sessions,” he said.“Now till Nifty holds below 21,550 zones, weakness could be seen towards 21,400 then 21,300 zones whereas hurdles are placed at 21680 then 21,750 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: Rajesh Palviya, VP-Technical & Derivative Research, Axis Securities told ETBureau
Borosil Renewables: Buy| Target Rs 545| Stop Loss Rs 445
Biocon: Buy| Target Rs 327| Stop Loss Rs 269
Sobha Ltd: Buy| Target Rs 1430| Stop Loss Rs 1008
Expert: Kunal Bothra, Market Expert told ETNow
Godrej Properties: Buy| Target Rs 2100| Stop Loss Rs 2020
ICICI Bank: Buy| Target Rs 1024| Stop Loss Rs 970
Manappuaram Finance: Buy| Target Rs 185| Stop Loss Rs 169
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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)