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The Nifty futures closed positive with gains of 0.32%, ending at 22,969 levels on Wednesday. India VIX rose 0.6%, closing at 13.30 on Wednesday.
On the options front, the maximum Call OI is placed at 23,300, followed by the 23,000 strikes, while the maximum Put OI is placed at 22,500 and then at 22,800 strikes.
Call writing is seen at 23,300, followed by 22,900 strikes, while Put writing is observed at 22,900 and then at 22,800 strikes.
“Options data suggests a broader trading range between the 22,500 to 23,500 zones, with an immediate range between 22,700 to 23,100 levels,” said Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited.
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“Nifty formed a small-bodied bullish candle on the daily chart on Wednesday and has been forming higher highs and higher lows over the last three trading sessions, indicating that supports are shifting higher,” he said.
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“Now, the Nifty needs to hold above the 22,700 zone for an upward move towards 23,000 and then 23,250 zones, while supports can be seen at 22,700 and then 22,500,” recommended Taparia.
We have compiled a list of stocks from the F&O basket along with the cash market from various experts for traders with a short-term trading horizon:
Expert: Jaynit Vora, CMT - Research Analyst, IIFL told ETBureau:
Doms Industries: Buy | Target Rs 3070 | Stop Loss Rs 2830
Kaynes Technology India Ltd: Buy | Target Rs 4780 | Stop Loss Rs 4430
ABB India Ltd: Buy | Target Rs 5720 | Stop Loss Rs 5300
Expert: Kunal Bothra, Market Expert told ETNow:
SBI: Buy | Target Rs 770 | Stop Loss Rs 730
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IRFC: Buy | Target Rs 135 | Stop Loss Rs 121
Expert: Nooresh Merani, Independent Technical Analyst told ETNow:
NMDC: Buy | Target Rs 75 | Stop Loss Rs 66
PFC: Buy | Target Rs 435 | Stop Loss Rs 395
RITES: Buy | Target Rs 260 | Stop Loss Rs 218
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
