The Nifty future closed positive with gains of 0.03% at 24226 levels on Monday. The volatility index India Vix fell by 1.38% to 14.27, indicating a decline in market volatility.
On the options front, the maximum Call OI is placed at 25,000 and then towards 24,500 strikes while the maximum Put OI is placed at 23,000 and then towards 23,500 strikes.
Call writing is seen at 24,300 and then towards 24,500 strikes while Put writing is seen at 24,000 and then towards 23,600 strikes.
“Options data suggests a broader trading range in between 23,700 to 24,600 zones while an immediate range between 23,900 to 24,400 levels,” Chandan Taparia, Head, Equity Derivatives & Technicals, Wealth Management, MOFSL, said
“Nifty formed an outside Bar and a Doji sort of candle on the daily frame on Monday indicating indecisiveness and tug of war between the bulls and bears,” he said.“Now till Nifty holds below 24,150 zones, some weakness could be seen towards 24,000 then 23,850 zones while hurdles are placed at 24,350 and 24,500 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: Dharmesh Shah, Head – Technical, ICICI Securities told ETBureau
Infosys: Buy| Target Rs 1955| Stop Loss Rs 1793
Axis Bank: Buy| Target Rs 1233| Stop Loss Rs 1128
DLF: Sell| Target Rs 735| Stop Loss Rs 806
Expert: Nooresh Merani, an independent technical analyst told ETNow
Wipro: Buy| Target Rs 600| Stop Loss Rs 555
REC: Buy| Target Rs 570| Stop Loss Rs 515
Bank of Baroda: Buy| Target Rs 275| Stop Loss Rs 247
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)