Nifty future closed positive with gains of 0.45% at 21499 levels on Tuesday. India VIX was up by 7.08% from 13.70 to 14.68 levels. Volatility spiked to higher zones and created some swings in the market.
Positive setup was seen in stocks like Laurus Labs, GAIL, Tata Chemical, Deepak Nitrite, Wipro, Chambal Fertilisers, Aarti Industries, BEL, IEX, Hero MotoCorp, NMDC, HAL, Hindalco and IOC.
On the monthly options front, the maximum Call OI is placed at 21500 and then towards 21600 strikes while the maximum Put OI is placed at 21300 and then towards 21400 strikes.
Minor Call writing is seen at 21600 and then towards 21700 strikes while Put writing is seen at 21400 and then towards 21300 strikes.
“Options data suggests a broader trading range in between 21100 to 21600 zones while an immediate trading range in between 21300 to 21550 zones,” Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a Bullish candle on a daily scale and has been making higher highs – higher lows from the last two sessions,” he said.“Now the index has to hold above 21400 zones, for an up move towards 21600 then 21750 zones whereas supports are placed at 21300 then 21200 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: Nooresh Merani, an independent technical analyst told ETNow
ONGC: Buy| Target Rs 240| Stop Loss Rs 200
Kotak Mahindra Bank: Buy| Target Rs 2000| Stop Loss Rs 1870
HPCL: Buy| Target Rs 430| Stop Loss Rs 375
Expert: Kunal Bothra, Market Expert told ETNow
Bank of Baroda: Buy| Target Rs 235| Stop Loss Rs 220
Chambal Fertlisers: Buy| Target Rs 385| Stop Loss Rs 360
Laurus Labs: Buy| Target Rs 460| Stop Loss Rs 424
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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)