The BSE Sensex fell 216 points to settle at 63,168, while the Nifty declined by 70 points to end at 18,755 on Monday.
India VIX was up by 3.55% from 10.84 to 11.22 levels on Monday. Volatility was on the rise and discomforted the bulls on account of profit booking at record high levels.
On the options front, the weekly maximum Call OI is placed at 18800 and then towards 19000 strikes while the maximum Put OI is placed at 18700 and then towards 18600 strikes.
Call writing is seen at 18900 then 18800 strikes while minor Put writing is seen at 18600 strikes.
“Options data suggests a shift in a broader trading range in between 18550 to 19000 zones while an immediate trading range in between 18650 to 18850 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a Bearish Belt Hold sort of candle on the daily frame and closed with losses of around 70 points on Monday. The stock held on to crucial support levels and it has been making higher highs from the last five sessions, but the index is facing some pressure and profit booking at higher zones,” added Taparia. “Now, Nifty has to cross and hold above 18777 zones to witness an up move towards 18888 and 19000 zones while on the downside support exists at 18710 and 18676 zones,” recommended Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Dharmesh Shah, Head – Technical at ICICI Securities told ETBureau
Reliance Industries: Buy| Target Rs 2645| Stop Loss Rs 2490
Tata Steek: Buy| Target Rs 119| Stop Loss Rs 111.50
Lemon Tree: Buy| Target Rs 99| Stop Loss Rs 92
Divi’s Laboratories: Buy| Target Rs 3730| Stop Loss Rs 3490
Expert: Nooresh Merani, an independent technical analyst told ETNow
Bank of Baroda: Buy| Target Rs 205| Stop Loss Rs 187
BHEL: Buy| Target Rs 100| Stop Loss Rs 84
Tata Power: Buy| Target Rs 240| Stop Loss Rs 218
(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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