The S&P BSE Sensex rose more than 200 points while the Nifty50 closed above 19500 levels on Monday.
India VIX was down by 3.50% from 11.36 to 10.96 levels in the previous trading session. Volatility has been cooling off from the last two sessions and has comforted the bulls at support zones.
On the weekly options front, the maximum Call OI is placed at 19,600 and then towards 19,700 strikes while the maximum Put OI is placed at 19400 and then towards 19300 strikes.
Call writing is seen at 19700 and then towards 19650 strikes while Put writing is seen at 19500 and then towards 19400 strikes.
“Options data suggests a broader trading range in between 19200 to 19800 zones while an immediate trading range is in between 19350 to 19650 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a small-bodied candle with a long lower shadow on Monday indicating support-based buying during the day. It is forming higher highs – higher lows from the last two sessions,” he said.“Now the index has to hold above 19444 zones for an up move towards 19580 and 19650 zones whereas support exists at 19444 then 19350 zones,” recommends Taparia.
We have collated a list of stocks from various experts for traders who have a short-term trading horizon:
Expert: Ajit Mishra, SVP – Technical Research, Religare Broking Ltd told ETBureau
Bank of Baroda: Buy| Target Rs 208| Stop Loss Rs 188
Coal India: Buy| Target Rs 260| Stop Loss Rs 242
InterGlobe Aviation: Buy| Target Rs 2640| Stop Loss Rs 2350
ONGC: Buy| Target Rs 198| Stop Loss Rs 177
Expert: Nooresh Merani, an independent technical analyst told ETNow
Wipro: Buy| Target Rs 460| Stop Loss Rs 420
LIC Housing: Buy| Target Rs 500| Stop Loss Rs 438
NHPC: Buy| Target Rs 60| Stop Loss Rs 49
Expert: Kunal Bothra, Market Expert told ETNow
IEX: Buy| Target Rs 150| Stop Loss Rs 130
Chennai Petro: Buy| Target Rs 450| Stop Loss Rs 415
CESC: Buy| Target Rs 104| Stop Loss Rs 85
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)