F&O stocks to buy today: Biocon, Dabur among top 9 trading ideas for 24 April 2024

Indian market is likely to head higher on Wednesday tracking positive global cues.

The Nifty future closed negative with marginal losses of 0.01% at 22354 levels on Tuesday. India VIX was down by 19.72% from 12.70 to 10.20 levels.

On the options front, the maximum Call OI is placed at 22400 and then towards 22600 strikes while the maximum Put OI is placed at 22100 and then towards 22300 strikes.

Minor Call writing is seen at 22400 and then towards 22500 strikes while Put writing is seen at 22100 and then towards 22200 strikes.

“Options data suggests a broader trading range in between 22000 to 22600 zones while an immediate trading range in between 22200 to 22500 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

In the cash market, foreign institutional investors (FIIs) sold to the tune of 3044.54 cr while domestic institutional investors (DIIs) bought to the tune of 2918.94 cr on Tuesday.FIIs’ Long short ratio for index futures is at 34.31 as on a net basis, they sold 22 index futures.“The Nifty PCR is currently at 1 level. The overall range for the coming few sessions could be 22550 on the upside & 22300 on the downside,” Sudeep Shah, Deputy Vice President, Head of Technical and Derivative Research, SBI Securities, said.

“Strong support lies around 22330-22350, while resistance is seen at 22480-22510 levels on the upside. Any sustainable move above the level of 22510 will lead to an extension of the rally towards 22650-22700 in the short term,” he said.

“If in case the index slips below 22350, it will lead to further selling pressure in the index upto the 22230-22150 level,” recommended Shah.

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: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas told ETBureau

Dabur India: Buy| Target Rs 527| Stop Loss Rs 498

Biocon: Buy| Target Rs 307| Stop Loss Rs 273

CCL Products: Buy| Target Rs 631| Stop Loss Rs 570

Expert: Kunal Bothra, Market Expert told ETNow

Chambal Fertilisers: Buy| Target Rs 400| Stop Loss Rs 366

LT Finance: Buy| Target Rs 180| Stop Loss Rs 160

SDBL: Buy| Target Rs 360| Stop Loss Rs 300

Expert: Nooresh Merani, an independent technical analyst told ETNow

LIC Housing Finance: Buy| Target Rs 720| Stop Loss Rs 650

IDFC: Buy| Target Rs 140| Stop Loss Rs 122

Ambuja Cements: Buy| Target Rs 675| Stop Loss Rs 628

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

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Todays Chronic is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – todayschronic.com. The content will be deleted within 24 hours.

Leave a Comment