The S&P BSE Sensex rose more than 160 points while Nifty50 closed above 17600 levels on Monday.
India VIX moved up by 2.25% from 17.32 to 17.71 levels on Monday. Volatility spiked above 19 levels during the day and has been rising from the last four sessions, giving discomfort in the overall market sentiment, suggest experts.
On the options front, the weekly maximum Call OI is placed at 18000 and then towards 18200 strikes while the weekly maximum Put OI is placed at 17000 and then towards 17500 strikes.
“Options data suggests a broader trading range in between 17200 to 18200 zones due to upcoming event while an immediate trading range in between 17400 to 17800 zones,” Chandan
, Analyst-Derivatives at Limited, said.
“Nifty formed a Bullish candle with a longer lower shadow on the daily frame which indicates support-based buying at lower levels, but trend is taking pressure at higher zones,” he said.
“Now, till it holds below 17777 zones, a bounce could be sold for the downside move towards 17500 then 17350 zones whereas hurdles are placed at 17777 and 17850 zones,” recommends Taparia.We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Dharmesh Shah, Head – Technical,
: Buy| Target Rs 3560| Stop Loss Rs 3354
The stock is forming a higher high-low on the weekly time frame. The stock is holding above the falling channel that indicates a bullish trend.: Buy| Target Rs 9150| Stop Loss Rs 8585
The stock recorded a breakout above the 5-week basing pattern at long-term 52-week EMA with volumes that indicates a bullish reversal.: Buy| Target Rs 2675| Stop Loss Rs 2365
The stock has formed a base formation above the 100-DEMA over the past 5-weeks that provides a favourable risk-reward.
Expert: Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher Pvt. Ltd told ETMarkets
: Buy| Target Rs 178| Stop Loss Rs 165
Expert: Kunal Bothra, Market Expert told ETNow
TCS: Buy| Target Rs 3550| Stop Loss Rs 3360
: Buy| Target Rs 9000| Stop Loss Rs 8680
Expert: Nooresh Merani, an independent technical analyst told ETNow
: Buy| Target Rs 600| Stop Loss Rs 525: Buy| Target Rs 950| Stop Loss Rs 830
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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