India VIX was up by 0.55% from 11.38 to 11.44 levels on Wednesday. Volatility sunk below 10 zones during the day but finally closed slightly higher.
On the options front, the weekly maximum Call OI is placed at 18800 and then towards 18700 strikes while the maximum Put OI is placed at 18600 and then towards 18500 strikes.
Call writing is seen at 18850 and then towards 18900 strikes while Put writing is seen at 18700 then 18650 strikes.
“Options data suggests a broader trading range in between 18450 to 18900 zones while an immediate trading range in between 18600 to 18800 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a Bullish candle on the daily scale in the previous session with a longer lower shadow indicating support-based buying at any minor dip. The index has given a range breakout on the daily frame and the second-highest-ever close,” he said.
“Now Nifty has to continue to hold above 18666 zones to witness an up move towards 18800 and 18888 zones while on the downside support exists at 18636 and 18580 zones,” recommends Taparia.We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Rajesh Palviya, VP-Technical & Derivative Research at Axis Securities told ETBureau
Balrampur Chini Mills Ltd: Buy| Target Rs 435| Stop Loss Rs 391
Bharat Forge: Buy| Target Rs 855| Stop Loss Rs 795
BPCL: Buy| Target Rs 407| Stop Loss Rs 355
Jubilant Ingrevia: Buy| Target Rs 475| Stop Loss Rs 405
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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