The S&P BSE Sensex rose more than 200 points while the Nifty50 closed above 18100 levels on Tuesday.
India VIX was up by 8.65% from 10.95 to 11.89 levels on Tuesday. Volatility spiked during the session but overall lower levels has been comforting the bulls despite the rise in India VIX.
On the Options front, the weekly maximum Call OI is placed at 18200 and then towards 18300 strikes while the maximum Put OI is placed at 18000 and then towards 17800 strikes.
Call writing is seen at 18200 then 18350 strike while Put writing is seen at 18100 then 18200 strike.
“Option data suggests a broader trading range in between 17700 to 18500 zones while an immediate trading range in between 17900 to 18300 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
Nifty formed a small-bodied Bullish candle on the daily frame on Tuesday and closed with gains of around 80 points to give the highest daily close seen in the last sixty-seven trading sessions.“The index has been making higher highs from the last six trading sessions and supports are gradually shifting higher,” he said.
“Now, Nifty has to hold above 18081 zones to witness an up move towards 18250 and 18300 zones while on the downside supports are placed at 18081 and 17887 marks,” recommends Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Nayak Ajit Srinivas, Technical and Derivative Analyst, HDFC Securities told ETBureau
NOCIL: Buy| Target Rs 234| Stop Loss Rs 212
The stock recorded a breakout from a tight consolidation with strong volumes, indicating a bullish trend on all time frames.
Valiant Organics: Buy| Target Rs 548| Stop Loss Rs 497
The stock recorded a breakout from a Symmetrical Triangle formation on the hourly time frame with jump in volumes.
Expert: Kunal Bothra, Market Expert told ETNow
Hindustan Copper: Buy| Target Rs 112| Stop Loss Rs 100
Astra Microwave Products: Buy| Target Rs 330| Stop Loss Rs 305
Expert: Nooresh Merani, an independent technical analyst told ETNow
Axis Bank: Buy| Target Rs 910| Stop Loss Rs 848
Biocon: Buy| Target Rs 260| Stop Loss Rs 230
(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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