The Nifty future closed positive with gains of 0.49% at 21722 levels on Wednesday. India VIX was down by 2.21% from 13.26 to 12.97 levels.
Volatility rose above 14.5 zones during the day but cooled off later and paved the way for the bulls at support zones.
On the weekly options front, the maximum Call OI is placed at 21,800 and then towards 22,000 strikes while the maximum Put OI is placed at 21,500 and then towards 21,600 strikes.
Call writing is seen at 21800 and then towards 22000 strikes while Put writing is seen at 21500 and then towards 21600 strikes.
“Options data suggests a broader trading range in between 21200 to 22000 zones while an immediate trading range in between 21350 to 21750 zones,” Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a small-bodied Bullish candle on the daily frame on Wednesday with a longer lower shadow indicating buying visible at support zones,” he said.“Now the index has to hold above 21550 zones, for an up move towards 21750 then 21850 zones while on the downside support exists at 21450 and 21300 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
PNC Infrastructure: Buy| Target Rs 380| Stop Loss Rs 359
Cummins India: Buy| Target Rs 2120| Stop Loss Rs 1980
Cipla: Buy| Target Rs 1380| Stop Loss Rs 1290
Expert: Kunal Bothra, Market Expert told ETNow
RIL: Buy| Target Rs 3000| Stop Loss Rs 2550
Voltas: Buy| Target Rs 1100| Stop Loss Rs 995
Max Health: Buy| Target Rs 800| Stop Loss Rs 700
Expert: Nooresh Merani, an independent technical analyst told ETNow
RIL: Buy| Target Rs 2800| Stop Loss Rs 2600
Crompton Greaves Consumer: Buy| Target Rs 360| Stop Loss Rs 315
AIA Engineering: Buy| Target Rs 4000| Stop Loss Rs 3600
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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)