The Nifty future closed positive with gains of 1.20% at 22393 levels on Monday. The India VIX was down by 5.65% from 13.46 to 12.70 levels.
On the options front, the maximum Call OI is placed at 22,600 and then towards 22,500 strikes while the maximum Put OI is placed at 22000 and then towards 22300 strikes.
Minor Call writing is seen at 22,600 and then towards 22700 strikes while Put writing is seen at 22,300 and then towards 22,200 strikes.
“Options data suggests a broader trading range in between 22000 to 22,700 zones while an immediate trading range in between 22,100 to 22,500 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
In the cash market, foreign investors (FIIs) sold to the tune of 2915.23 cr while domestic institutional investors (DIIs) bought to the tune of 3542.93 cr.FIIs’ Long-short ratio for index futures is at 34.05% as on a net basis, they sold 5901 index futures, data showed.“The Nifty PCR is currently at 1.07 with meaningful call writing witnessed across 22400-22500 strikes, while put writing, was witnessed in 22300-22200 strikes, implying that the range for the coming few sessions could be 22250 on the downside & 22530 on the upside,” Sudeep Shah, Deputy Vice President, Head of Technical and Derivative Research, SBI Securities, said.
“Going ahead, 22270-22250 will act as crucial support for the index. Till 22250 holds, the current upmove may continue upto 22480-22510,” he said.
“Any sustainable move below the level of 22250 will lead to further selling pressure in the index upto the 22120-22050 level,” added 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, Research, Religare Broking Ltd told ETBureau
BPCL: Buy| Target Rs 638| Stop Loss Rs 580
Chambal Fertilisers & Chemicals: Buy| Target Rs 398| Stop Loss Rs 354
Escorts: Buy| Target Rs 3450| Stop Loss Rs 3030
Expert: Kunal Bothra, Market Expert told ETNow
IDFC First Bank: Buy| Target Rs 90| Stop Loss Rs 80
Zydus Life: Buy| Target Rs 975| Stop Loss Rs 920
HCC: Buy| Target Rs 42| Stop Loss Rs 34
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
