The Nifty future closed negative with losses of 0.11% at 22577 levels on Tuesday. India VIX was down by 3.56% from 12.08 to 11.65 levels.
On the weekly options front, the maximum Call OI is placed at 22,500 and then towards 22,800 strikes while the maximum Put OI is placed at 22,000 and then towards 22,300 strikes.
Minor Call writing is seen at 22500 then 22700 strikes while some Put writing is seen at 22400 then 22200 strikes.
“Options data suggests a broader trading range in between 22000 to 22800 zones while an immediate trading range in between 22300 to 22600 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
In the cash market, foreign institutional investors (FIIs) continued being on sell mode in the new FY to the tune of Rs 1,622 cr while domestic institutional investors (DIIs) continued to be net buyers yesterday to the tune of Rs 1952 cr.FIIs’ Long short ratio for index futures at the Inception of a fresh series is at 46.4% as on a net basis, they bought 6160 index futures.The Nifty PCR is currently at 0.90. “The overall range for the coming few sessions could be 22500 on the upside & 22180 on the downside,” Sudeep Shah, Deputy Vice President, Head of Technical and Derivative Research, SBI Securities, said.
“While there is strong support that lies around 22180-22230, the zone of 22450-22500 will be the immediate hurdle for the index for the day,” he said.
“Any sustainable move above the level of 22520 will lead to a short-covering move in Nifty towards 22650-22680 in the short term,” highlights Shah.
“If in case index slips below 22180, it will lead to further selling pressure in the index upto the 22050-22020 level,” he added.
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: Nagaraj Shetti, Technical Research Analyst, HDFC Securities Ltd told ETBureau
HUDCO: Buy| Target Rs 210| Stop Loss Rs 194
Central Bank: Buy| Target Rs 67| Stop Loss Rs 60.50
Natco Pharma: Buy| Target Rs 1060| Stop Loss Rs 960
Expert: Kunal Bothra, Market Expert told ETNow
Ambuja Cements: Buy| Target Rs 660| Stop Loss Rs 621
LIC: Buy| Target Rs 1030| Stop Loss Rs 960
Granules India: Buy| Target Rs 470| Stop Loss Rs 433
Expert: Nooresh Merani, an independent technical analyst told ETNow
JSW Steel: Buy| Target Rs 1000| Stop Loss Rs 840
M&M: Buy| Target Rs 2200| Stop Loss Rs 1900
Mahindra Lifespace Developers: Buy| Target Rs 750| Stop Loss Rs 590
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
