The S&P BSE Sensex rose more than 400 points while Nifty50 closed above 18,000 level last week on Friday.
India VIX was down by 4.14% from 11.42 to 10.94 levels on Friday. Volatility fell to 10.78 levels and has been receding, giving comfort to the bulls.
Since it’s the beginning of the new series, Options data is scattered at various far strikes in the monthly series.
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 17900 strikes.
Minor Call writing is seen at 18200 then 18100 strikes while Put writing is seen at 18000 then 17900 strikes.
“Options data suggests a broader trading range in between 17500 to 18500 zones while an immediate trading range in between 17800 to 18300 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services, said.“Nifty formed a Bullish candle on the daily frame on Friday with long lower shadow indicating strong support-based buying and sustenance at higher zones,” he said.
“Now, the index has to hold above 18000 zones to witness an up move towards 18181 and 18300 zones while on the downside supports are placed at 17887 and 17777 marks,” recommends Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Ajit Mishra, VP – Technical Research, Religare Broking Ltd told ETBureau
Bharti Airtel: Buy| Target Rs 850| Stop Loss Rs 774
The stock completed the base formation around the major averages and is set for the resumption of the uptrend.
DLF: Buy| Target Rs 454| Stop Loss Rs 410
We are seeing a short-term reversal in the realty index. DLF has also witnessed a breakout from a consolidation range.
Hindustan Aeronautics: Buy| Target Rs 3140| Stop Loss Rs 2820
The stock recorded a breakout from a consolidation pattern and is now trading at record highs.
REC Ltd: Buy| Target Rs 148| Stop Loss Rs 124
The stock reclaimed its record highs with a surge in volumes. The pattern indicates the prevailing trend to continue.
Expert: Kunal Bothra, Market Expert told ETNow
REC: Buy| Target Rs 140| Stop Loss Rs 127
ITC: Buy| Target Rs 439| Stop Loss Rs 415
Expert: Nooresh Merani, an independent technical analyst told ETNow
Apollo Hospitals: Buy| Target Rs 4900| Stop Loss Rs 4350
Tata Power: Buy| Target Rs 230| Stop Loss Rs 199
(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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