India VIX was up by 9.70% from 10.25 to 11.27 levels on Wednesday. Volatility spiked during the day, that gave comfort to the bears as they made their way.
On the weekly front, the maximum Call OI is placed at 19800 and then towards 19700 strikes while the maximum Put OI is placed at 19500 and then towards 19300 strikes.
Call writing is seen at 19600 and then towards 19650 strikes while minor Put writing was seen at 19450 and then towards 19400 strikes.
“Options data suggests a broader trading range in between 19200 to 20000 zones while an immediate trading range in between 19300 to 19800 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“The Nifty index formed a Bearish candle on daily frame on Wednesday but with long lower shadow,” he said.
“Now till Nifty holds below 19560 zones weakness could be seen towards 19420 and 19333 zones while hurdles are placed at 19650 and 19700 zones,” recommends Taparia.We have collated a list of stocks from various experts for traders who have a short-term trading horizon:
Expert: Rajesh Palviya, VP-Technical & Derivative Research, Axis Securities told ETBureau
Advanced Enzyme Technologies: Buy| Target Rs 405| Stop Loss Rs 310
Berger Paints: Buy| Target Rs 790| Stop Loss Rs 690
Poonawala Fincorp: Buy| Target Rs 450| Stop Loss Rs 375
Marico: Buy| Target Rs 610| Stop Loss Rs 550
Expert: Kunal Bothra, Market Expert told ETNow
Escorts: Sell| Target Rs 2500| Stop Loss Rs 2640
Hindustan Unilever: Buy| Target Rs 2620| Stop Loss Rs 2540
MCX: Sell| Target Rs 1520| Stop Loss Rs 1615
Expert: Nooresh Merani, an independent technical analyst told ETNow
Hindustan Aeronautics: Sell| Target Rs 3500| Stop Loss Rs 3840
Power Grid: Buy| Target Rs 265| Stop Loss Rs 242
Finolex Industries: Buy| Target Rs 240| Stop Loss Rs 113
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)