The S&P BSE Sensex and Nifty50 closed mixed on Wednesday. The Nifty50 closed just a shade below 19,400 levels.
India VIX was up by 1.56% from 11.70 to 11.88 levels in the previous trading session. Volatility was on the rise and made the index consolidate in a range with slight profit booking.
On the weekly options front, the maximum Call OI is placed at 19,500 and then towards 19,400 strikes while the maximum Put OI is placed at 19,300 and then towards 19,000 strikes.
Call writing is seen at 19,500 then 19,550 strikes while Put writing is seen at 19,350 then 19,400 strikes.
“Options data suggests a broader trading range in between 19100 to 19600 zones while an immediate trading range in between 19,250 to 19,500 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed an Inside Bar on the daily frame and has been making higher lows from the last six sessions,” he said.“Now, the index has to continue to hold above 19,300 zones to extend the move towards 19,450 and 19,500 zones while on the downside support is intact at 19,250 and 19,100 zones,” recommends Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Rajesh Palviya, VP-Technical Derivative Research at Axis Securities told ETBureau
Bombay Dyeing: Buy| Target Rs 155| Stop Loss Rs 109
SJVN: Buy| Target Rs 58| Stop Loss Rs 40
DLF: Buy| Target Rs 550| Stop Loss Rs 488
Expert: Nooresh Merani, an independent technical analyst told ETNow
ICICI Bank: Buy| Target Rs 1050| Stop Loss Rs 940
HUL: Buy| Target Rs 3000| Stop Loss Rs 2690
Tata Power: Buy| Target Rs 250| Stop Loss Rs 215
Expert: Kunal Bothra, Market Expert told ETNow
Century Textiles: Buy| Target Rs 966| Stop Loss Rs 908
BHEL: Buy| Target Rs 100| Stop Loss Rs 89
GSFC: Buy| Target Rs 186| Stop Loss Rs 160
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)