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The Nifty future closed positive with gains of 0.91% at 22000 levels on Tuesday. India VIX was up by 1.09% from 15.61 to 15.79 levels. Volatility was slightly on the rise and created swings within a range at higher zones.
Positive setup was seen in stocks like SAIL, BPCL, OFSS, Ipca Laboratories, IOC, HPCL, Petronet LNG, Zydus Life, MGL, NALCO, TCS, Maruti Suzuki India and ONGC.
On the options front, the maximum Call OI is placed at 22500 and then towards 22200 strikes while the maximum Put OI is placed at 21700 and then towards 21800 strikes.
Call writing is seen at 22200 and then towards 22400 strikes while some Put writing is seen at 21900 and then towards 21800 strikes.
“Options data suggests a broader trading range in between 21500 to 22300 zones while an immediate trading range in between 21600 to 22100 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Bullish candle on a daily scale with a longer lower shadow on Tuesday indicating support-based buying is intact and recouped all its losses of the previous day,” he said.“Now the index has to hold above 21850 zones for an up move towards 22100 and 22222 zones while on the downside supports are placed at 21750 and 21650 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: Gajendra Prabhu, Technical and Derivative Analyst at HDFC Securities told ETBureau
Marksans Pharma: Buy| Target Rs 165| Stop Loss Rs 145
Shree Renuka Sugars: Buy| Target Rs 56| Stop Loss Rs 47.10
Expert: Nooresh Merani, an independent technical analyst told ETNow
Dr Reddy’s Laboratories: Buy| Target Rs 6600| Stop Loss Rs 6000
Info Edge: Buy| Target Rs 5800| Stop Loss Rs 5200
Granules India: Buy| Target Rs 500| Stop Loss Rs 417
Expert: Kunal Bothra, Market Expert told ETNow
Biocon: Buy| Target Rs 330| Stop Loss Rs 288
SAIL: Buy| Target Rs 160| Stop Loss Rs 140
KCP: Buy| Target Rs 210| Stop Loss Rs 185
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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