The S&P BSE Sensex fell more than 300 points while the Nifty50 closed below 18200 levels on Wednesday.
India VIX was down by 1.39% from 13.29 to 13.10 levels on Wednesday. Volatility had risen in the initial part of the day which awakened the bears but closed lower.
On the options front, the weekly maximum Call OI is placed at 18400 and then towards 18300 strikes while the maximum Put OI is placed at 18000 and then towards 18100 strikes.
Call writing is seen at 18200 then 18300 strike while minor Put writing is seen at 18000 then 18050 strike.
“Options data suggests a broader trading range in between 18000 to 18500 zones while an immediate trading range in between 18100 to 18350 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a Bearish candle on the daily scale but with a longer lower shadow indicating support-based buying despite the pressure at higher zones,” he said.“Now, Nifty50 has to hold above 18181 zones to witness an up move towards 18333 and 18400 zones while on the downside supports are placed at 18081 and 18018 marks,” recommends Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Jayesh Bhanushali, Senior Derivative & Technica Research Analyst at IIFL told ETBureau
Persistent Systems: Buy| Target Rs 4995| Stop Loss Rs 4650
Gujarat State Fertilizers and Chemicals Ltd: Buy| Target Rs 190| Stop Loss Rs 175
Equitas Small Finance Bank: Buy| Target Rs 88| Stop Loss Rs 79
Expert: Kunal Bothra, Market Expert told ETNow
Poonawalla Fincorp Ltd: Buy| Target Rs 350| Stop Loss Rs 320
Grasim Industries: Buy| Target Rs 1800| Stop Loss Rs 1690
Deepak Nitrite: Buy| Target Rs 2050| Stop Loss Rs 1885
Expert: Nooresh Merani, an independent technical analyst told ETNow
Gujarat Gas: Buy| Target Rs 1400| Stop Loss Rs 1190
IndusInd Bank: Buy| Target Rs 550| Stop Loss Rs 478
L&T Finance Holdings: Buy| Target Rs 125| Stop Loss Rs 95
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of Economic Times)
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
