India VIX moved up by 7.38% from 12.75 to 13.68 levels on Monday. Volatility negated its lower highs formation of the last 7 trading sessions and now needs to cool down for market stability to resume.
On the options front, the weekly maximum Call OI is placed at 18000 and then towards 17800 strikes while the maximum Put OI is placed at 17800 and then towards 17500 strikes.
“Options data suggests a broader trading range in between 17400 to 18200 zones while an immediate trading range in between 17650 to 17950 zones,” Chandan
, Analyst-Derivatives at Limited, said.
“Nifty formed a Bearish candle on a daily scale with longer lower shadow indicating buying at declines but follow up missing at higher zones,” he said.
“Now, the index needs to hold above 17777 zones, for an up move towards 17888 then 17950 zones whereas supports are placed at 17650 and 17500 zones,” recommends Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:Expert: Nooresh Merani, an independent technical analyst told ETNow
L&T: Buy| Target Rs 2300| Stop Loss Rs 2140: Buy| Target Rs 190| Stop Loss Rs 164
L&T Finance Holdings: Buy| Target Rs 110| Stop Loss Rs 88
Expert: Dharmesh Shah, Head – Technical, told ETBureau
L&T: Buy| Target Rs 2290| Stop Loss Rs 2147
The stock breakout above the falling channel contains the last three weeks’ breather. Buying demand was seen at 50-Days EMA.
NTPC: Buy| Target Rs 176| Stop Loss Rs 163
Shallow retracement, higher base at 100 days EMA, and the rising demand joining October 2020 lows.
(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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