The Nifty future closed positive with gains of 1.01% at 21690 levels on Wednesday. India VIX was up by 5.98% from 14.68 to 15.55 levels. Volatility steamed to higher zones but created some momentum at lifetime highs.
Positive setup was seen in stocks like Aarti Ind, Hindalco, Bajaj Auto, UltraTech Cements, Grasim, Bank of Baroda, Voltas, Tata Consumer, Bharti Airtel, Eicher Motor, Tata Steel, Apollo Hospital, SBI, HDFC Bank and Trent.
On the monthly options front, the maximum Call OI is placed at 22000 and then towards 21800 strikes while the maximum Put OI is placed at 21500 and then towards 21600 strikes.
Minor Call writing is seen at 21800 and then towards 21900 strikes while meaningful Put writing is seen at 21600 and then towards 21500 strike.
“Options data suggests a trading range in between 21500 to 21800 zones,” Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a Bullish candle on the daily scale on Wednesday and has been making higher highs – higher lows from the last three sessions. Buying was visible throughout the day and it respected support of 21500 zones,” he said.“Now the index has to hold above 21600 zones, for an up move towards 21800 then 22000 zones whereas supports are placed at 21500 then 21350 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
IndusInd Bank: Buy| Target Rs 1660| Stop Loss Rs 1550
JSW Steel: Buy| Target Rs 908| Stop Loss Rs 850
Titan Company: Buy| Target Rs 3775| Stop Loss Rs 3610
Expert: Jaynit Vora, CMT, Research Analyst, IIFL told ETBureau
LIC: Buy| Target Rs 860| Stop Loss Rs 795
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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)
