The S&P BSE Sensex rallied more than 400 points while the Nifty50 closed above 17700 levels on Monday.
India VIX was up by 0.32% from 11.63 to 11.66 levels on Monday. Volatility spiked above 12 zones but later sunk and has now dried up. It is now consistently hovering at its lower zones which is a positive sign for the bulls.
On the options front, the maximum Call OI is placed at 18000 and then towards 17800 strikes while the maximum Put OI is placed at 17700 and then towards 17600 strikes.
Minor Call writing is seen at 17800 then 17900 strikes while Put writing is seen at 17700 then 17600 strikes.
“Options data suggests a shift in a trading range in between 17500 to 18000 zones while an immediate trading range in between 17600 to 17900 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a Bullish candle on the daily frame on Monday with longer lower shadow indicating support-based buying,” he said.“Now, the index needs to hold above 17717 zones to witness an up move towards 17777 and 17850 zones while on the downside supports are placed at 17620 and 17550 marks,” recommends Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Dharmesh Shah, Head Technical, ICICI Securities told ETBureau
Titan Company Ltd: Buy| Target Rs 2730| Stop Loss Rs 2560
Dr Reddy’s Laboratories: Buy| Target Rs 4980| Stop Loss Rs 4685
Aditya Birla Capital: Buy| Target Rs 168| Stop Loss Rs 155
Expert: Kunal Bothra, Market Expert told ETNow
Bank of Baroda: Buy| Target Rs 188| Stop Loss R 176
Coal India: Buy| Target Rs 240| Stop Loss Rs 227
Expert: Nooresh Merani, an independent technical analyst told ETNow
Axis bank: Buy| Target Rs 950| Stop Loss Rs 860
Balrampur Chini: Buy| Target Rs 480| Stop Loss Rs 405
(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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