The India VIX climbed 2.09% to close at 15.99 on Thursday, indicating heightened caution. FII selling pressure continues, as the Long-Short ratio hovers around the 25% level.
“India VIX is up by more than 7% this week, which increases volatility. Until Nifty holds below the 23,500 zone, any bounce could be sold with a downside target towards the 23,000 zone,” said Chandan Taparia, Head of Equity Derivatives & Technicals, Wealth Management at MOFSL.
“Persistent selling from higher levels continues, with the sell-on-bounce trend firmly in place. On the weekly chart, Nifty formed a bearish candle and remained below all short-term moving averages, indicating that bears may extend their dominance,” he added.
“The current price action suggests that the index may remain under pressure until stability is found near key support levels,” Taparia said.
On the options front, the maximum Call OI is at the 24,000 strike, followed by the 24,500 strike, while the maximum Put OI is at the 23,000 strike, followed by the 22,500 strike.Call writing is seen at the 23,300 and 23,500 strikes, while Put writing is seen at the 23,300 and 23,400 strikes.“Option data suggests a broader trading range between 22,800 and 23,800, with an immediate range between 23,100 and 23,550,” Taparia highlighted.
We have collated a list of stocks from the F&O basket, along with cash market picks, from various experts for traders with a short-term trading horizon:
Expert: Amol Athawale, VP – Technical Research at Kotak Securities
ABB: Buy | Target Rs 6950 | Stop Loss Rs 6650
Alkem Laboratories: Buy | Target Rs 5770 | Stop Loss Rs 5520
Coforge: Buy | Target Rs 8450 | Stop Loss Rs 8090
Oberoi Realty: Buy | Target Rs 1980 | Stop Loss Rs 1890
Expert: Kunal Bothra, Market Expert (as told to ETNow)
Power Grid: Buy | Target Rs 334 | Stop Loss Rs 317
Federal Bank: Buy | Target Rs 220 | Stop Loss Rs 200
Ramco Cements: Buy | Target Rs 945 | Stop Loss Rs 900
Expert: Nooresh Merani, Independent Technical Analyst (as told to ETNow)
Power Grid: Buy | Target Rs 350 | Stop Loss Rs 320
Ramco Cement: Buy | Target Rs 970 | Stop Loss Rs 900
Dabur India: Buy | Target Rs 540 | Stop Loss Rs 490
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own and do not represent the views of The Economic Times)