The Nifty future closed negative with losses of 1.66% at 22,073 levels on Wednesday. India VIX was up 5.79% from 13.64 to 14.43 levels.
Positive setup was seen in stocks like Abbot India, ICICI Bank, and Bajaj Finance while weakness in NALCO, SAIL, NMDC, RBL Bank, Hindustan Copper, India Cement, M&M Finance, MCX, Vedanta, etc. among others.
On the options front, the maximum Call OI is placed at 22,500 and then towards 22,300 strikes while the maximum Put OI is placed at 21,700 and then towards 21,500 strikes.
Meaningful Call writing is seen at 22,300 and then towards 22,200 strikes while minor Put writing is seen at 21,900 and then towards 21,800 strikes.
“Options data suggests a shift in trading range in between 21,500 to 22,500 zones while an immediate trading range in between 21,800 to 22,300 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Bearish candle on the daily scale on Wednesday and closed the day with losses of around 340 points,” he said.“Now till the index holds below 22,100 zones, some more profit booking could be seen towards 21,850 and 21,750 zones while on the upside hurdle is seen at 22,100 and 22,222 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
Intellect Design: Buy| Target Rs 1450| Stop Loss Rs 1050
Tata Coffee: Buy| Target Rs 378| Stop Loss Rs 334
Coal India: Sell| Target Rs 360| Stop Loss Rs 440
Expert: Nooresh Merani, an independent technical analyst told ETNow
Maruti Suzuki: Buy| Target Rs 12300| Stop Loss Rs 11200
ICICI Bank: Buy| Target Rs 1150| Stop Loss Rs 1050
Hindustan Copper: Buy| Target Rs 275| Stop Loss Rs 220
Expert: Kunal Bothra, Market Expert told ETNow
Kotak Mahindra Bank: Buy| Target Rs 1775| Stop Loss Rs 1700
IRCTC: Sell| Target Rs 850| Stop Loss Rs 900
Voltas: Buy| Target Rs 1070| Stop Loss Rs 1020
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)