The Nifty future closed negative with losses of 0.37% at 21861 levels on Friday. India VIX was down by 4.21% from 15.14 to 14.50 levels. Volatility cooled off after steaming to higher zones and respected the bulls at higher zones.
Positive setup was seen in GMR Infra, Motherson Sumi, Tata Consumer, Tata Motors, Apollo Tyre, Exide Industries, MRF, Granules, Gail, IRCTC, Dabur, UBL, United Spirits, ACC, Dixon Technologies, Berger Paint etc. among others.
Since it is the beginning of the new series, options data is scattered at various far-strike prices. On the weekly options front, the maximum Call OI is placed at 22000 and then towards 22200 strikes.
The maximum Put OI is placed at 21500 and then towards 21700 strikes. Minor Call writing is seen at 22000 and then towards 21800 strikes while some Put writing is seen at 21700 and then towards 21600 strikes.
“Options data suggests a broader trading range in between 21300 to 22500 zones while an immediate trading range in between 21500 to 22000 zones,” Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a small-bodied bearish candle on the daily scale on Friday but a bullish candle on the weekly scale. It has been making higher lows from the last nine weeks and has moved by almost 3000 points during the same,” he said.“Now the index has to hold above 21650 zones, for an up move towards 22000 then 22222 zones whereas supports are placed at 21650 then 21500 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: Parag Shah, Technical Analyst – Research, Nuvama Professional Client Group Research told ETBureau
CEAT: Buy| Target Rs 2600| Stop Loss Rs 2340
IRCTC: Buy| Target Rs 951| Stop Loss Rs 855
ITC: Buy| Target Rs 494.50| Stop Loss Rs 446
Wockhardt Pharma: Buy| Target Rs 454| Stop Loss Rs 409
Expert: Nooresh Merani, an independent technical analyst told ETNow
Maruti Suzuki India: Buy| Target Rs 11200| Stop Loss Rs 9800
Crompton Greaves: Buy| Target Rs 340| Stop Loss Rs 300
DCB Bank: Buy| Target Rs 160| Stop Loss Rs 128
Expert: Kunal Bothra, Market Expert told ETNow
Tata Chemical: Buy| Target Rs 1180| Stop Loss Rs 1070
IRCTC: Buy| Target Rs 980| Stop Loss Rs 840
L&T Finance Holdings: Buy| Target Rs 175| Stop Loss Rs 160
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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)
