The volatility index, India VIX has failed to sustain above the 200-day EMA level and thereafter witnessed minor correction on Wednesday.
Both FIIs and DIIs were net buyers on Wednesday to the tune of Rs 583.96 cr and Rs 1082.4 cr respectively.
For weekly expiry, OI PCR is at 0.73 and max pain is at 24300 strike. While, for monthly expiry, OI PCR is at 1.49, data showed.
“The zone of 24,390-24,410 on the Nifty50 will act as an immediate hurdle for the index. Any sustainable move above the level of 24,410 will lead to a sharp upside rally up to the level of 24,500 in the short-term,” says Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities.“On the derivative front, July futures has ended lower by 0.53 percent and the cumulative Open Interest (OI) of current, next, and far series has also dipped by 1.49 percent. This indicates overall long unwinding,” he said.“The 24,400 strike has significant call open interest, followed by 24,500 strikes. On the put side, 24,300 has significant open interest, followed by 24,200 strikes,” highlighted 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: Jayesh Bhanushali, Senior Derivative & Technical Research Analyst, IIFL told ETBureau
Deepak Nitrite: Buy| Target Rs 2810| Stop Loss Rs 2660
Godrej Consumer Products: Buy| Target Rs 1510| Stop Loss Rs 1400
Apollo Hospitals: Buy| Target Rs 6580| Stop Loss Rs 6230
Expert: Kunal Bothra, Market Expert told ETNow
Havells India: Buy| Target Rs 2000| Stop Loss Rs 1885
Exide Industries: Buy| Target Rs 600| Stop Loss Rs 549
HCC: Buy| Target Rs 56| Stop Loss Rs 48
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)