India VIX was down by 0.17% from 11.75 to 11.73 levels on Wednesday. Volatility cooled off during the day and comforted the bulls at support zones.
On the weekly options front, the maximum Call OI is placed at 19500 and then towards 19600 strikes while the maximum Put OI is placed at 19400 and then towards 19300 strikes.
Call writing is seen at 19500 and then towards 19550 strikes while Put writing is seen at 19400 and then towards 19300 strikes.
“Options data suggests a broader trading range in between 19000 to 19600 zones while an immediate trading range in between 19300 to 19550 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a dragonfly Doji sort of candle on the daily frame on Wednesday with long lower shadow indicating support-based buying and has been making higher highs from the last three sessions,” he said.
“Now the index has to hold above 19420 zones, for an up move towards 19560 and 19650 zones whereas support levels are placed at 19350 then 19300 zones,” recommended Taparia.We have collated a list of stocks from various experts for traders who have a short-term trading horizon:
Expert: Jayesh Bhanushali, Senior Derivative & Technical Research Analyst, IIFL told ETBureau
Zomato: Buy| Target Rs 100| Stop Loss Rs 90
GIPCL: Buy| Target Rs 128| Stop Loss Rs 114
Paytm: Buy| Target Rs 950| Stop Loss Rs 880
Expert: Kunal Bothra, Market Expert told ETNow
RBL Bank: Buy| Target Rs 240| Stop Loss Rs 223
BEL: Buy| Target Rs 140| Stop Loss Rs 131
PayTM: Buy| Target Rs 956| Stop Loss Rs 886
Expert: Nooresh Merani, an independent technical analyst told ETNow
Indian Hotels: Buy| Target Rs 450| Stop Loss Rs 385
Bandhan Bank: Buy| Target Rs 270| Stop Loss Rs 230
Federal Bank: Buy| Target Rs 165| Stop Loss Rs 135
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)