The Nifty future closed positive with gains of 0.69% at 21675 levels. India VIX was down by 1.35% from 14.07 to 13.88 levels. Volatility cooled off after spiking to higher zones during the week.
Positive setup was seen in stocks like Aarti Industries, IRCTC, REC Ltd, OFSS, PFC, BHEL, Cummins India, Indian Hotels, PNB, ONGC, Bharti Airtel, GAIL, IOC, M&M, Birla Soft, Tech Mahindra, Titan, Axis Bank etc. among others.
On the options front, the maximum Call OI is placed at 22000 strikes and then towards 21800 strikes while the maximum Put OI is placed at 21500 strikes and then towards 21600 strikes.
Call writing is seen at 21500 and then towards 21600 strikes while minor put writing is seen at 21400 and then towards 21300 strikes.
“Options data suggests a broader trading range in between 21200 to 22000 zones while an immediate trading range in between 21400 to 21800 zones,” Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“The Nifty index formed a small-bodied Bullish candle on the daily scale but a Bearish engulfing kind of pattern on the weekly scale. It negated the formation of higher lows of the last two sessions,” he said.“Now the index has to hold above 21550 zones for an up move towards 21750 and 21850 zones while on the downside support exists at 21500 and 21400 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: Kunal Bothra, Market Expert told ETNow
Indus Tower: Buy| Target Rs 240| Stop Loss Rs 212
HDFC Life: Buy| Target Rs 640| Stop Loss Rs 602
GIC RE: Buy| Target Rs 376| Stop Loss Rs 342
Expert: Nooresh Merani, an independent technical analyst told ETNow
Petronet LNG: Buy| Target Rs 260| Stop Loss Rs 235
BPCL: Buy| Target Rs 500| Stop Loss Rs 475
EIH Ltd: Buy| Target Rs 330| Stop Loss Rs 275
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
