The S&P BSE Sensex rose more than 100 points while the Nifty50 closed above 18500 levels on Friday.
India VIX was down by 4.09% from 11.59 to 11.12 levels on Friday. Volatility has been cooling off and thus in turn creating swings within a smaller range in the index making it choppy for most part of the session.
On the options front, the weekly maximum Call OI is placed at 18600 and then towards 18500 strikes while the maximum Put OI is placed at 18500 and then towards 18400 strikes.
Call writing is seen at 18600 then 18800 strikes while Put writing is seen at 18500 then 18300 strikes.
“Options data suggests a broader trading range in between 18200 to 18800 zones while an immediate trading range in between 18300 to 18700 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty50 has formed a small bodied Bearish candle and an inside bar on daily scale with longer lower shadow indicating support based buying is intact. It has been forming lower highs from the last three sessions,” he said.“The index formed a small-bodied Bearish candle on a weekly frame but has been forming higher highs from the last ten weeks. It has to hold support of 18442 zones to witness an up move towards 18666 and 18750 zones while on the downside support exists at 18442 and 18333 zones,” recommends Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Aakash K Hindocha, Technical Analyst, Research, Nuvama Wealth told ETBureau
Redington: Buy| Target Rs 198| Stop Loss Rs 176
NMDC: Buy| Target Rs 114.40| Stop Loss Rs 106.20
Shriram Finance: Buy| Target Rs 1520| Stop Loss Rs 1379
BEML: Buy| Target Rs 1614| Stop Loss Rs 1435
Expert: Nooresh Merani, an independent technical analyst told ETNow Hero MotoCorp: Buy| Target Rs 3400| Stop Loss Rs 2800 Mahindra Finance: Buy| Target Rs 330| Stop Loss Rs 290 L&T: Buy| Target Rs 2500| Stop Loss Rs 2200 Expert: Kunal Bothra, Market Expert told ETNow Sun Pharma: Buy| Target Rs 1025| Stop Loss Rs 975 L&T: Buy| Target Rs 2300| Stop Loss Rs 2200 Graphit India: Buy| Target Rs 415| Stop Loss Rs 350
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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