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The Nifty futures closed negatively with losses of 0.81%, at 23,512 levels on Wednesday. The India VIX fell 1.2% to close at 13.47 in the previous trading session.
On the options front, the maximum Call OI is placed at 24,000, followed by 23,700 strikes, while the maximum Put OI is placed at 23,000, followed by 23,500 strikes.
Call writing is seen at 23,600, followed by 23,700 strikes, while Put writing is seen at 23,450, followed by 23,400 strikes.
“Options data suggests a broader trading range between the 23,000 to 24,000 zones, with an immediate range between 23,300 to 23,700 levels,” said Chandan Taparia, Head of Equity Derivatives & Technicals, Wealth Management, MOFSL.
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“The Nifty index has witnessed a slight pullback and profit booking after last week’s rally,” he added.
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“Now, if Nifty50 manages to cross and hold above the 23,500 zone, a bounce could be seen towards 23,750, then 23,900 zones. Otherwise, we could see a downside move towards 23,350, then 23,200 zones,” Taparia recommended.
We have collated a list of stocks from the F&O basket along with cash market recommendations from various experts for traders with a short-term trading horizon:
Expert: Rajesh Palviya, VP-Technical & Derivative Research, Axis Securities (ETBureau)
Anup Engineering: Buy | Target Rs 3,930 | Stop Loss Rs 3,200
Indostar Capital Finance: Buy | Target Rs 380 | Stop Loss Rs 285
F&O Strategy:
Trent Futures (April 24 Expiry): Buy | Target Rs 5,850 | Stop Loss Rs 5,200
Marico Futures (April 24 Expiry): Buy | Target Rs 666 | Stop Loss Rs 629
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Expert: Kunal Bothra, Market Expert (ETNow)
Trent: Buy | Target Rs 5,500 | Stop Loss Rs 5,200
SBI Cards & Payment Services: Buy | Target Rs 920 | Stop Loss Rs 850
GMR Airport: Buy | Target Rs 81 | Stop Loss Rs 73.50
Expert: Nooresh Merani, Independent Technical Analyst (ETNow)
IEX: Buy | Target Rs 190 | Stop Loss Rs 172
Bajaj Finserv: Buy | Target Rs 2,100 | Stop Loss Rs 1,900
GMR Airport: Buy | Target Rs 85 | Stop Loss Rs 74
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of The Economic Times)
