F&O stocks to buy: ONGC, Tata Power among top 7 trading ideas for 29 January 2024

by

Indian market is expected to trade higher on Monday tracking positive global cues.

The Nifty future closed negative with losses of 0.59% at 21,351 levels on Thursday.

India VIX was up by 6.61% from 14.38 to 15.33 levels. Volatility spiked to 15.6 zones during the week and created swings in the market.

Positive setup was seen in stocks like ACC, Ambuja Cement, Bajaj Auto, BHEL, NALCO, SAIL, Hind Copper, MGL, Tata Power and JK Cement.

Since it is the beginning of the new series, options data is scattered at various far-strike prices. On the weekly front, the maximum Call OI is placed at 21500 and then towards 22000 strikes.

The maximum Put OI is placed at 21000 and then towards 21300 strikes. Call writing is seen at 21500 and then towards 21600 strikes while some Put writing is seen at 21400 and then towards 21300 strikes.

“Options data suggests a broader trading range in between 21000 to 21800 zones while an immediate trading range in between 21100 to 21600 zones,” Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Bearish candle on the daily and weekly scale with longer lower shadow on Thursday indicating support-based buying but capped upside due to absence of follow up,” he said.

“Now the index has to cross and hold above 21450 zones for an up move towards 21650 and 21750 zones while on the downside supports are placed at 21250 and 21100 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: Parag Shah, Technical Analyst – Research, Nuvama Professional Client Group Research told ETBureau

Tata Power: Buy| Target Rs 392| Stop Loss Rs 353

Hind Copper: Buy| Target Rs 302| Stop Loss Rs 272

BEML: Buy| Target Rs 3465| Stop Loss Rs 3095

IPCA Laboratories: Buy| Target Rs 1200| Stop Loss Rs 1075

Expert: Nooresh Merani, an independent technical analyst told ETNow

ONGC: Buy| Target Rs 260| Stop Loss Rs 225

Lemon Tree: Buy| Target Rs 160| Stop Loss Rs 130

JK Paper: Buy| Target Rs 480| Stop Loss Rs 400

(You can now subscribe to our ETMarkets WhatsApp channel)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice, Budget 2024 News on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

Source link

Denial of responsibility! NewsConcerns is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a Comment