The S&P BSE Sensex fell over 300 points while the Nifty50 closed below 19,500 levels on Friday.
India VIX was up 1.07% from 11.40 to 11.52 levels in the previous trading session. Volatility inched higher and caused some discomfort to the bulls.
On the weekly front, the maximum Call OI is placed at 19,600 and then towards 19,500 strikes while the maximum Put OI is placed at 19,400 and then towards 19,500 strikes.
Call writing is seen at 19,,500 and then towards 19,600 strikes while Put writing is seen at 19,400 and then towards 19,300 strikes.
Bank Nifty remained under selling pressure and gradually drifted towards 44,150 zones on Friday. It formed a Bearish candle on a daily scale.
“Options data suggests a broader trading range in between 19,000 to 19,800 zones while an immediate trading range in between 19,300 to 19,600 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Bearish candle on a daily scale and an Inside Bar on the weekly frame on Friday. It has been forming lower highs from the last three weeks and the upside remains capped,” he said.
“Now till the Nifty50 index holds below 19,500 zones weakness could be seen towards 19300 then 19250 zones whereas hurdles are placed at 19550 then 19,650 zones,” recommended Taparia.
We have collated a list of stocks from various experts for traders who have a short-term trading horizon:
Expert: Kunal Bothra, Market Expert told ETNow
BEL: Buy| Target Rs 138| Stop Loss Rs 129
Jubilant FoodWorks: Buy| Target Rs 530| Stop Loss Rs 488
BHEL: Buy| Target Rs 110| Stop Loss Rs 99
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)