The Nifty future closed negative with losses of 0.24% at 22538 levels on Thursday. India VIX was down by 4.77% from 14.30 to 13.61 levels.
Positive setup was seen in stocks like Tata Chemicals, Tata Power, Tata Steel, OFSS, Glenmark, HAL, Tata Consumer, Bajaj Auto, Indian Hotels, Trent, BEL, Tata Motors, Zydus Life and SRF.
On the options front, the maximum Call OI is placed at 22500 and then towards 23000 strikes while the maximum Put OI is placed at 22500 and then towards 22300 strikes.
Minor Call writing is seen at 22600 and then towards 22700 strikes while Put writing is seen at 22500 and then towards 22400 strikes.
“Options data suggests a broader trading range in between 22000 to 23000 zones while an immediate trading range in between 22200 to 22600 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Doji sort of candle on the daily frame on Thursday and a Bullish candle on the weekly frame with the longer lower shadow which indicates that declines are being bought,” he said.“Now the index has to hold above 22400 zones, for an up move towards 226500 then 22750 zones whereas supports are placed at 22350 then 22222 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: Sagar Doshi, Technical Analyst, Research, Nuvama Wealth told ETBureau
Indian Hotels: Buy| Target Rs 630| Stop Loss Rs 567
Trent Ltd: Buy| Target Rs 4230| Stop Loss Rs 3813.50
Tata Steel: Buy| Target Rs 168.50| Stop Loss Rs 151.50
Expert: Kunal Bothra, Market Expert told ETNow
ICICI Prudential: Buy| Target Rs 610| Stop Loss Rs 566
Tata Steel: Buy| Target Rs 164| Stop Loss Rs 153
Graphite India: Buy| Target Rs 660| Stop Loss Rs 616
Expert: Nooresh Merani, an independent technical analyst told ETNow
Container Corp: Buy| Target Rs 1100| Stop Loss Rs 950
Tata Steel: Buy| Target Rs 175| Stop Loss Rs 153
PVR Inox: Buy| Target Rs 1550| Stop Loss Rs 1390
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)