The 30-share BSE Sensex fell 259 points to settle at 62,979, while Nifty was down 105 points at 18,665 on Friday.
India VIX was down 3% from 11.55 to 11.23 levels on Friday. Lower volatility keeps the market choppy within a range even after profit booking from higher levels.
On the options front, the monthly maximum Call OI is placed at 18,800 and then towards 19,000 strikes while the maximum Put OI is placed at 18,500 and then towards 18,600 strikes.
Call writing is seen at 18,700 then 18,800 strikes while Put writing is seen at 18,600 then 18,500 strikes.
“Options data suggests a shift in a lower trading range in between 18500 to 19000 zones while an immediate trading range in between 18550 to 18800 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a Bearish candle on the weekly frame but has been making higher highs from the last thirteen weeks,” he said.“Now, the index has to hold above 18,666 zones to witness an up move towards 18,750 then 18,888 zones while on the downside support exists at 18,550 and 18,500 zones,” recommends Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited told ETBureau
Dr. Reddy’s Laboratories: Buy| Target Rs 5220| Stop Loss Rs 4880
Bharti Airtel: Buy| Target Rs 892| Stop Loss Rs 835
IndusInd Bank: Buy| Target Rs 1365| Stop Loss Rs 1280
Expert: Nooresh Merani, an independent technical analyst told ETNow
Bharti Airtel: Buy| Target Rs 920| Stop Loss Rs 840
NTPC: Buy| Target Rs 205| Stop Loss Rs 182
BHEL: Buy| Target Rs 95| Stop Loss Rs 82
Expert: Kunal Bothra, Market Expert told ETNow
Cummins India: Buy| Target Rs 1900| Stop Loss Rs 1818
Trent Ltd: Buy| Target Rs 1780| Stop Loss Rs 1700
AB Capital: Buy| Target Rs 182| Stop Loss Rs 171
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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