The Nifty future closed positive with gains of 0.43% at 24,534 levels on Tuesday. India VIX fell more than 2% to close at 14.37 in the previous session.
On the options front, the maximum Call OI is placed at 25,000 and then towards 24,500 strikes while maximum Put OI is placed at 23,500 and then towards 24,000 strikes.
Call writing is seen at 24,900 and then towards 24,500 strikes while Put writing is seen at 24,400 and then towards 24,300 strikes.
“Options data suggests a broader trading range in between 24,000 to 24,900 zones while an immediate range between 2,4200 to 24,700 levels,” Chandan Taparia, Head, Equity Derivatives & Technicals, Wealth Management, MOFSL, said
“Nifty formed a bullish candle with longer lower shadow on Tuesday indicating buying interest from intraday lows and has been making higher lows from the last three sessions,” he said.“Now the index has to hold above 24,350 zones for an up move towards 24,650 then 24,750 zones whereas supports can be seen at 24,250 and 24,100 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: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas told ETBureau
Ashok Leyland: Buy| Target Rs 245| Stop Loss Rs 231
IDFC First Bank: Buy| Target Rs 68| Stop Loss Rs 63.80
V-Guard: Buy| Target Rs 455| Stop Loss Rs 422
Expert: Nooresh Merani, an independent technical analyst told ETNow
Axis Bank: Buy| Target Rs 1220| Stop Loss Rs 1140
PNB: Buy| Target Rs 120| Stop Loss Rs 105
Maharashtra Seamless: Buy| Target Rs 750| Stop Loss Rs 640
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)