India VIX moved down by 0.59% from 16.88 to 16.78 levels on Wednesday. Volatility spiked above 18.5 levels during the day and continues to remain volatile.
On the options front, the weekly maximum Call OI is placed at 18000 and then towards 18100 strikes while the maximum Put OI is placed at 17000 and then towards 17500 strikes.
“Options data suggests a broader trading range in between 17200 to 18200 zones while an immediate trading range in between 17350 to 17900 zones due to higher volatility,” Chandan
, Analyst-Derivatives at Limited, said.
“Nifty formed a Big Bearish candle on the daily frame on Wednesday with long shadows on either side which indicates volatile swings during the day,” he said.
“Now, Nifty needs to hold above 17777 zones, for an up move towards 17950 then 18018 zones whereas supports are placed at 17500 and 17350 zones,” recommends Taparia.
Data suggests that from the past four trading sessions prices are taking support near 200 DMA, which is placed at 17,550 levels on the daily scale.For the bulls to regain control Nifty50 must reclaim 18,888 levels, suggest experts.
“The monthly chart of Nifty-50 has turned bearish as we witnessed the follow-up bearish candlestick after bearish engulfing in December 2022,” Rohan Patil, Technical Analyst, SAMCO Securities, said.
“As the bearish pattern was formed at all-time high levels, prices need to cross the high of 18,888 on the closing basis to neglect the bearish candle stick set up,” he said.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Kunal Bothra, Market Expert told ETNow
Ltd: Buy| Target Rs 2760| Stop Loss Rs 2600: Buy| Target Rs 888| Stop Loss Rs 828
Expert: Nooresh Merani, an independent technical analyst told ETNow
M&M Financial Services: Buy| Target Rs 260| Stop Loss Rs 224
: Buy| Target Rs 170| Stop Loss Rs 144
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of Economic Times)
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