The S&P BSE Sensex rose more than 400 points while the Nifty50 closed above 18700 levels on Tuesday.
India VIX was down by 1.16% from 11.24 to 11.11 levels. Volatility cooled off on Monday which comforted the bulls at higher zones.
On the options front, the weekly maximum Call OI is placed at 18900 and then towards 18700 strikes while the maximum Put OI is placed at 18700 and then towards 18600 strikes.
Minor Call writing is seen at 18900 then 18800 strikes while meaningful Put writing is seen at 18700 then 18650 strikes.
“Options data suggests a broader trading range in between 18500 to 18900 zones while an immediate trading range in between 18600 to 18800 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a Bullish candle on daily scale and bulls established a strong closing after days of lackluster move,” he said.“Now, the index has to hold above 18676 zones to witness an up move towards 18777 and 18888 zones while on the downside support exists at 18636 and 18550 zones,” recommends Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Nagaraj Shetti, Technical and Derivative Analyst at HDFC Securities told ETBureau
Crompton Greaves Consumer Electricals Ltd: Buy| Target Rs 302| Stop Loss Rs 279
Prism Johnson: Buy| Target Rs 137| Stop Loss Rs 125
Expert: Kunal Bothra, Market Expert told ETNow
Havells India: Buy| Target Rs 1450| Stop Loss Rs 1300
DLF: Buy| Target Rs 525| Stop Loss Rs 488
Ujjivan Financial Services: Buy| Target Rs 415| Stop Loss Rs 380
(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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