The Nifty future closed negative with losses of 1.03% at 21569 levels on Monday. India VIX was up by 6.57% from 12.63 to 13.46 levels. Volatility rose after the cool off in the last week and awakened the bears at crucial support zones.
Positive setup was seen in stocks like GMR Infra, TVS Motor, HPCL, JK Cement, Motherson, Adni Ports, HDFC AMC, IRCTC, Bajaj Auto, PFC, Rec Ltd and AU Bank.
Also Read | F&O Ban List: Bandhan Bank, Escorts among 13 stocks under trade ban on Tuesday
On the weekly options front, the maximum Call OI is placed at 21600 and then towards 21800 strikes while the maximum Put OI is placed at 21500 and then towards 21400 strikes.
Call writing is seen at 21600 and then towards 21700 strikes while some Put writing is seen at 21400 and then towards 21350 strikes.
“Options data suggests a broader trading range in between 21200 to 222000 zones while an immediate trading range in between 21350 to 21700 zones,” Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Bearish candle on the daily scale on Monday and mechanical indicators are turning with bearish crossover,” he said.
“Now if Nifty holds below 21600 zones, some profit booking could be seen towards 21400 then 21300 while on the upside hurdles exists at 21600 and 21750 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: Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Aditya Birla Capital: Buy| Target Rs 190| Stop Loss Rs 167
Biocon: Buy| Target Rs 310| Stop Loss Rs 264
TVS Motor: Buy| Target Rs 2150| Stop Loss Rs 1980
Expert: Nooresh Merani, an independent technical analyst told ETNow
Power Grid: Buy| Target Rs 270| Stop Loss Rs 235
Bosch: Buy| Target Rs 24000| Stop Loss Rs 21800
Motilal Oswal: Buy| Target Rs 1500| Stop Loss Rs 1250
Expert: Kunal Bothra, Market Expert told ETNow
Naukri: Buy| Target Rs 5500| Stop Loss Rs 5000
HDFC Bank: Buy| Target Rs 1700| Stop Loss Rs 1625
DCB Bank: Buy| Target Rs 170| Stop Loss Rs 155
(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)
