The Nifty50 closed below 22400 levels on Monday led by losses in banking stocks. It has formed sizeable bearish candles, indicating the possibility of consolidation within an overall uptrend.
Both FIIs and DIIs were net buyers on Monday to the tune of Rs 4,212 and Rs 3,238 cr respectively. FIIs’ Long short ratio for index futures is at 41.8 as on a net basis, they sold 1180 index futures.
“Crucial support for the Nifty lies at 10 EMA level of 22300 followed by 20 EMA level of 22180-22200 zone. The zone of 22180-22200 will act as an important support for the Nifty50 and till 22180 holds, we can see the index move towards 22480-22510 level,” Sudeep Shah, Deputy Vice President, Head of Technical and Derivative Research, SBI Securities, said.
“A sustainable move above 22510, the index can move towards the 22640-650 zone. While, on the downside, any sustainable move below the level of 22180 will lead to profit booking up to the level of 22020-21950,” he said.
The Nifty Put Call ratio (PCR) is currently at 0.70 level with meaningful call writing witnessed across 22500-22600 strikes, while put writing was witnessed in 22300-22200 strikes.“PCR data implies that the range for the coming few sessions for the Nifty50 index could be 22160 on the downside & 22550 on the upside,” highlighted 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: Ajit Mishra, SVP- Technical Research, Religare Broking Ltd told ETBureau
Apollo Hospitals: Buy| Target Rs 6580| Stop Loss Rs 5990
Chambal Fertilisers: Buy| Target Rs 400| Stop Loss Rs 358
Glenmark Pharma: Buy| Target Rs 1010| Stop Loss Rs 925
Expert: Nooresh Merani, an independent technical analyst told ETNow
InterGlobe Aviation: Buy| Targe Rs 3600| Stop Los Rs 3100
ICICI Bank: Buy| Target Rs 1180| Stop Loss Rs 1040
KEC International: Buy| Target Rs 850| Stop Loss Rs 720
Expert: Kunal Bothra, Market Expert told ETNow
Poonawala Fincorp: Buy| Target Rs 500| Stop Loss Rs 425
PolicyBazaar: Buy| Target Rs 1167| Stop Loss Rs 1098
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
