The Indian market traded on a muted note on Tuesday tracking weak global cues.

The Nifty future closed negative with losses of 0.41% at 22138 levels on Monday. India VIX was up by 4.21% from 14.94 to 15.60 levels. Volatility steamed up and brought down the bull’s energy.

Positive setup was seen in stocks like Glenmark, HPCL, LT, LIC Housing, Tata Communication, TVS Motor, HDFC AMC, Power Grid, Zydus Life, Adani Enterprises, Tata Consumer, AB Capital, JK Cement, Adani Ports, Dixon and SBI Life.

On the options front, the maximum Call OI is placed at 22,500 and then towards 22,300 strikes while the maximum Put OI is placed at 22,000 and then towards 21,900 strikes.

Minor Call writing is seen at 22,200 and then towards 22,300 strikes while some Put writing is seen at 22,100 and then towards 21,900 strikes.

“Options data suggests a broader trading range in between 21,900 to 22,500 zones while an immediate trading range in between 22000 to 22300 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Bearish candle on the daily scale on Monday with a longer lower shadow indicating buying is visible at dips but follow up is missing after the rally of the last week,” he said.“Now the index has to hold above 22,050 zones, for an upside move towards 22,222 then 22,300 zones whereas supports are placed at 22,050 then 21900 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: Ajit Mishra, SVP – Technical Research, Religare Broking Ltd told ETBureau

BEL: Buy| Target Rs 218| Stop Loss Rs 197

L&T: Buy| Target Rs 3620| Stop Loss Rs 3400

TVS Motor: Buy| Target Rs 2340| Stop Loss Rs 2075

Expert: Nooresh Merani, an independent technical analyst told ETNow

SBI Life: Buy| Target Rs 1650| Stop Loss Rs 1520

IDFC: Buy| Target Rs 130| Stop Loss Rs 116

Oberoi Realty: Buy| Target Rs 1480| Stop Loss Rs 1340

Expert: Kunal Bothra, Market Expert told ETNow

AB Capital: Buy| Target Rs 200| Stop Loss Rs 184

SBI Life: Buy| Target Rs 1600| Stop Loss Rs 1525

Latent View: Buy| Target Rs 544| Stop Loss Rs 510

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

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