The Nifty future closed positive with gains of 0.18% at 22019 levels on Wednesday. India VIX was down by 1.71% from 15.79 to 15.51 levels. Volatility cooled off and paved the way for the bulls but created swings within a range at higher zones.
Positive setup was seen in stocks like Trent, Canara Bank, AB Capital, SBI, DLF, Indian Hotels, PFC, GMR Infra, Motherson, REC Ltd, UltraTech Cements, Alkem and Ipca Laboratories.
On the options front, the maximum Call OI is placed at 22000 and then towards 22500 strikes while the maximum Put OI is placed at 21900 and then towards 21700 strikes.
Call writing is seen at 22300 and then towards 22100 strikes while some Put writing is seen at 21900 and then towards 21800 strikes.
“Options data suggests a broader trading range in between 21500 to 22300 zones while an immediate trading range in between 21600 to 22100 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Bearish candle on the daily scale on Wednesday but with a longer lower shadow indicating support-based buying is intact even though follow-up is slightly missing,” he said.“Now the index has to hold above 21850 zones for an up move towards 22100 and 22222 zones while on the downside supports are placed at 21850 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: Jayesh Bhanushali, Senior Derivative & Technical Research Analyst, IIFL told ETBureau
Cyient: Buy| Target Rs 2340| Stop Loss Rs 2190
State Bank of India: Buy| Target Rs 700| Stop Loss Rs 660
Maruti Suzuki: Buy| Target Rs 11400| Stop Loss Rs 10700
Expert: Kunal Bothra, Market Expert told ETNow
Asian Paints: Buy| Target Rs 3200| Stop Loss Rs 2850
AB Capital: Buy| Target Rs 200| Stop Loss Rs 180
Poonawala Fincorp: Buy| Target Rs 540| Stop Loss Rs 475
Expert: Nooresh Merani, an independent technical analyst told ETNow
Maruti Suzuki India: Buy| Target Rs 11800| Stop Loss Rs 10600
SBI: Buy| Target Rs 720| Stop Loss Rs 660
Muthoot Finance: Buy| Target Rs 1550| Stop Loss Rs 1400
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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