The markets closed in the red for the eighth consecutive day in a row on Tuesday and the global setup suggests that the muted trend is likely to continue.
India VIX moved up by 1.05% from 13.87 to 14.02 levels on Tuesday. Volatility has been slightly falling from the last three sessions with a little bounce in the previous session.
On the weekly options front, the maximum Call OI is placed at 17,400 and then towards 17,500 strikes while the maximum Put OI is placed at 17,000 and then towards 17,300 strikes.
“Options data suggests a broader trading range in between 17000 to 17800 zones while an immediate trading range in between 17200 to 17500 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a Bearish candle on the daily scale and has been making lower highs – lower lows since then in the last eight trading sessions,” he said.
“Now, till it holds below 17350 zones, weakness could continue towards 17200 and 17000 zones whereas resistance exists at 17442 and 17620 zones,” recommends Taparia.We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas told ETBureau
Gujarat Gas: Buy | Target Rs 535| Stop Loss Rs 494
Jubilant FoodWorks: Buy | Target Rs 460| Stop Loss Rs 432
Expert: Kunal Bothra, Market Expert told ETNow
Bank of India: Buy| Target Rs 75| Stop Loss Rs 67
Bank of Baroda: Buy| Target Rs 170| Stop Loss Rs 155
Expert: Nooresh Merani, an independent technical analyst told ETNow
Gail India: Buy| Target Rs 115| Stop Loss Rs 97
IEX: Buy| Target Rs 170| Stop Loss Rs 140
(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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