Indian market is expected to trade higher on Tuesday tracking positive global cues.

The S&P BSE Sensex rose more than 1200 points while Nifty50 reclaimed 21700 levels in the previous trading session.

The Nifty future closed positive with gains of 1.80% at 21875 levels on Monday. India VIX was up by 14.29% from 15.33 to 15.84 levels.

Volatility spiked to 16 zones during the session and created momentum for the bulls to be in the drill.

Positive setup was seen in stocks like ONGC, RIL, Coal India, REC Ltd, PFC, Adani Enterprises, MCX, MRF, Tata Power, Indian Hotels, Gail, Adani Ports, LIC Housing, Tata Motors, L&T, Bank of Baroda, Godrej Properties, Hero MotoCoro, Power Grid, UltraTech Cements, NTPC, etc. among others.

Since it is the beginning of the new series, options data is scattered at various far-strike prices. On the weekly front, the maximum Call OI is placed at 22000 and then towards 21800 strikes.

The maximum Put OI is placed at 21500 and then towards 21400 strikes. Minor Call writing is seen at 21800 and then towards 22000 strikes while some Put writing is seen at 21600 and then towards 21500 strikes.“Options data suggests a broader trading range in between 21200 to 22200 zones while an immediate trading range in between 21500 to 21900 zones,” Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty formed a Bullish Marubozo candle on the daily scale on Monday and has given the highest daily close in the last eight trading sessions,” he said.

“Now the index has to hold above 21650 zones for an up move towards 21850 and 22000 zones while on the downside supports are placed at 21550 and 21450 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: Dharmesh Shah, Head – Technical, ICICI Securities told ETBureau

State Bank of India: Buy| Target Rs 690| Stop Loss Rs 587

GAIL India: Buy| Target Rs 190| Stop Loss Rs 161

Adani Ports: Buy| Target Rs 1288| Stop Loss Rs 1139

SAIL: Buy| Target Rs 132| Stop Loss Rs 115

Expert: Nooresh Merani, an independent technical analyst told ETNow

Power Grid: Buy| Target Rs 275| Stop Loss Rs 245

Container Corp: Buy| Target Rs 940| Stop Loss Rs 840

JK Paper: Buy| Target Rs 480| Stop Loss Rs 410

Expert: Kunal Bothra, Market Expert told ETNow

Bank of Baroda: Buy| Target Rs 250| Stop Loss Rs 228

Indian Hotels: Buy| Target Rs 524| Stop Loss Rs 488

KCP: Buy| Target Rs 220| Stop Loss Rs 187

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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)

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