India VIX moved down by 2.22 % from 13.04 to 12.75 levels on Friday. Volatility has been reducing consistently in the last 9 sessions and now needs to hold at lower zones for market stability, suggest experts.
On the options front, the weekly maximum Call OI is placed at 18000 and then towards 18500 strikes while the maximum Put OI is placed at 17800 and then towards 17700 strikes.
“Options data suggests a broader trading range in between 17400 to 18200 zones while an immediate trading range in between 17700 to 18050 zones,” Chandan
, Analyst-Derivatives at Limited, said.
“Nifty formed a Doji sort of candle on the weekly frame and negated its lower lows formation of the last two weeks,” he said.
“Now, the index needs to hold above 17850 zones, for an up move towards 18018 then 18081 zones whereas supports are placed at 17777 and 17650 zones,” recommends Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:Expert: Sagar Doshi, Technical Analyst, Research, Nuvama Wealth told ETBureau
Bharat Forge: Buy| Target Rs 944| Stop Loss Rs 850
The stock is ready to break out from 900-850 as it registered its highest-ever weekly close since December 2022.
MGL: Buy| Target Rs 965| Stop Loss Rs 865
The stock registered its highest-ever weekly close since mid December ’22 breaking out from this supply range.
Expert: Nooresh Merani, an independent technical analyst told ETNow
: Buy| Target Rs 2400| Stop Loss Rs 2300: Buy| Target Rs 500| Stop Loss Rs 425
Expert: CA Rudramurthy, managing director at Vachana Investments told ETNow
: Buy| Target Rs 480| Stop Loss Rs 430: Buy| Target Rs 142| Stop Loss Rs 128
(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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