The S&P BSE Sensex fell more than 140 points while the Nifty50 is trading closer to 22,000 in the first 15 minutes of trade.
Sectorally, some selling pressure was seen in metal, telecom, public sector, and auto while buying was seen in capital goods and FMCG stocks.
On the weekly options front, the maximum Call OI is placed at 22500 and then towards 22400 strikes while maximum Put OI is placed at 22,000 and then towards 21,600 strikes.
Call writing is seen at 22,500 and then towards 22100 strikes while Put writing is seen at 22000 and then towards 21700 strikes.“Options data suggests a broader trading range in between 21500 to 22500 zones while an immediate range between 21800 to 22300 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.FIIs have been sellers in the cash segment to the tune of Rs 21619.1 cr while DIIs have bought equities worth Rs 17367 cr in the week gone by.“There has been a significant deterioration in the FII Index Futures Long Short Ratio to 34% from 43% a week ago,” Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, at SBI Securities, said.
“The zone of 21750-21700, which are the prior swing lows of March & April 2024, will act as a crucial support for #Nifty. Any sustainable move below the level of 21700 will lead to further selling pressure in the index. In that case, it is likely to test 21500, followed by 21350 in the short term,” he said.
“While, on the upside, the 50-day EMA zone of 22,200-22,250 is likely to act as an immediate hurdle for the index. Any sustainable move above the level of 22250 will lead to short-covering up to 22,480-22,530 levels,” recommended Shah.
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: Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited told ETBureau
Hindustan Unilever: Buy| Target Rs 2465| Stop Loss Rs 2310
Eicher Motors: Buy| Target Rs 4850| Stop Loss Rs 4555
Bharti Airtel: Buy| Target Rs 1360| Stop Loss Rs 1270
Expert: Kunal Bothra, Market Expert told ETNow
Bosch: Buy| Target Rs 31500| Stop Loss Rs 29900
Sun TV: Buy| Target Rs 700| Stop Loss Rs 653
Biocon: Buy| Target Rs 320| Stop Loss Rs 288
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)