The Nifty futures closed negatively with losses of 1.59%, ending at 23,912 levels on Thursday. India VIX rose nearly 4% to close at 15.20 in the previous session.
On the options front, the maximum Call OI is at the 24,500 strike, followed by the 25,000 strike, while the maximum Put OI is at the 23,500 strike, followed by the 23,000 strike.
Call writing is observed at the 24,500 and 24,000 strikes, while Put writing is seen at the 23,000 and 24,000 strikes.
“Options data suggests a broader trading range between the 23,500 and 24,500 zones, with an immediate range between 23,700 and 24,200 levels,” said Chandan Taparia, Head of Equity Derivatives & Technicals, Wealth Management, MOFSL.
“Nifty formed a bearish candle on the daily chart on Thursday and closed with losses of around 360 points,” he added.“Now, as long as Nifty stays below the 24,000 zone, weakness could be seen towards 23,750 and then 23,650 zones, while hurdles are placed at 24,100 and 24,250 zones,” Taparia recommended.We have collated a list of stocks from the F&O basket along with the cash market, curated by various experts for traders with a short-term trading horizon:
Expert: Pritesh Mehta, Lead Technical Analyst at YES Securities (ETBureau)
Jindal Steel & Power: Buy | Target: Rs 975 | Stop Loss: Rs 870
Exide Industries: Buy | Target: Rs 495 | Stop Loss: Rs 440
BHEL: Buy | Target: Rs 285 | Stop Loss: Rs 240
Expert: Kunal Bothra, Market Expert (ETNow)
Bank of Baroda: Buy | Target: Rs 262 | Stop Loss: Rs 245
SJVN: Buy | Target: Rs 124 | Stop Loss: Rs 114
Container Corp: Buy | Target: Rs 850 | Stop Loss: Rs 800
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)