The Nifty futures closed positive with gains of 0.95% at 22118 levels on Thursday. India VIX was down by 7.13% from 13.47 to 12.51 levels.
Volatility cooled off and paved the way for the bulls from crucial support zones in the previous trading session. Positive setup was seen in stocks like Muthoot Finance, Poly Cab, BHEL, Jindal Steel, Siemens, BEL, HAL, Naukri, IRCTC, Voltas, DLF etc. among others.
On the options front, the weekly maximum Call OI is placed at 22000 and then towards 21500 strikes while the maximum Put OI is placed at 22000 and then towards 21800 strikes.
Call writing is seen at 22000 and then towards 22500 strikes while Put writing is seen at 22000 and then towards 21800 strikes.
“Options data suggests a shift in trading range in between 21500 to 22500 zones while an immediate trading range in between 21650 to 22000 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a small-bodied Bullish candle on the daily scale on Friday and support-based buying was strong,” he said.“Now the index has to continue to hold above 22000 zones for an up move towards 22122 then 22222 while on the flip side, support is placed at 21850 then 21700 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: Pritesh Mehta, Lead Technical Analyst at YES Securities told ETBureauMuthoot Finance: Buy| Target Rs 1540| Stop Loss Rs 1380
Tata Steel: Buy| Target Rs 168| Stop Loss Rs 144
InterGlobe Aviation: Buy| Target Rs 3600| Stop Loss Rs 3150
Expert: Kunal Bothra, Market Expert told ETNowITC: Buy| Target Rs 435| Stop Loss Rs 412
Jindal Steel: Buy| Target Rs 880| Stop Loss Rs 780
SRF: Buy| Target Rs 2850| Stop Loss Rs 2350
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
