The Nifty future closed positive with marginal gains of 0.27% at 22666 levels on Wednesday. India VIX was down by 1.56% from 21.81 to 21.47 levels.
On the weekly options front, the maximum Call OI is placed at 23000 and then towards 22800 strikes while the maximum Put OI is placed at 22500 and then towards 22000 strikes.
Call writing is seen at 23000 and then towards 22650 strikes while Put writing is seen at 22600 and then towards 22000 strikes.
“Options data suggests a broader trading range in between 22000 to 23000 zones while an immediate range between 22400 to 22800 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.FIIs sold to the tune of Rs 686.04 cr while DIIs bought to the tune of 961.91 cr on Wednesday. FIIs’ Long short ratio for index futures is at 30.8% as on a net basis, they sold 7781 index futures.“The weekly series, OI PCR, is at 1.16, and the max pain is at 22550 strike. While, for the May monthly series, OI PCR is at 1.11, which implies a buy on dips strategy in Nifty,” Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities, said.“Going ahead, the zone of 22520-22500 will act as immediate support for the index. As long as the index is trading above 22500, it is likely to test the level of 22730, followed by 22810 level in the short term,” he said.
“Any sustainable move below the level of 22490 will lead to profit booking in the index. In that case, the 20-day EMA will act as immediate support for the index, which is currently placed at 22378 level,” 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: Rajesh Palviya, VP-Technical & Derivative Research, Axis Securities told ETBureau
BEL: Buy| Target Rs 345| Stop Loss Rs 264
CIE Automotive India: Buy| Target Rs 600| Stop Loss Rs 510
IRB Infrastructure: Buy| Target Rs 88| Stop Loss Rs 68
Expert: Kunal Bothra, Market Expert told ETNow
Hindustan Unilever: Buy| Target Rs 2500| Stop Loss Rs 2260
M&M Financial: Buy| Target Rs 282| Stop Loss Rs 257
CIE Automotive India: Buy| Target Rs 600| Stop Loss Rs 500
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
