The S&P BSE Sensex rose nearly 300 points while the Nifty50 closed above 18,200 level on Friday.
India VIX was down by 3.91% from 12.79 to 12.30 levels on Friday. Volatility shrinked during the day and paved the way for the bulls in the market at support zones.
On the options front, the monthly maximum Call OI is placed at 18,200 and then towards 18,500 strikes while the maximum Put OI is placed at 18,200 and then towards 18,000 strikes.
Call writing is seen at 18,450 then 18,400 strikes while minor Put writing is seen at 18,100 then 18,000 strikes.
“Options data suggests a broader trading range in between 17,900 to 18,400 zones while an immediate trading range in between 18050 to 18350 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services, said.
“Nifty formed a Bullish hammer pattern on the daily scale with a longer lower shadow indicating buying at support zones. It formed a Bearish candle on the weekly frame but has been forming higher highs from the last eight weeks which suggests supports are gradually shifting higher,” he said.“Now, the index has to hold above 18181 zones, for an up move towards 18333 and 18442 zones while on the downside supports exist at 18081 and 18018 zones,” recommends Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Kunal Bothra, Market Expert told ETNow
Bank of Baroda: Buy| Target Rs 190| Stop Loss Rs 176.50
ICICI Bank: Buy| Target Rs 980| Stop Loss Rs 920
Motherson Sumi: Buy| Target Rs 86| Stop Loss Rs 78
Expert: Nooresh Merani, an independent technical analyst told ETNow
Infosys: Buy| Target Rs 1340| Stop Loss Rs 1250
NIIT: Buy| Target Rs 450| Stop Loss Rs 370
IndusInd Bank: Buy| Target Rs 1500| Stop Loss Rs 1190
(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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