The S&P BSE Sensex rose more than 300 points while the Nifty50 closed just a shade below 18600 levels on Monday.
India VIX was up by 3.34% from 11.90 to 12.29 levels on Monday. Volatility was slightly up and thus giving some consolidation at record-high index levels
Since it is the beginning of the new series, Options data is scattered at various far strikes in the monthly series of June.
On the weekly front, the maximum Call OI is placed at 18600 and then towards 18700 strikes while the maximum Put OI is placed at 18300 and then towards 18400 strikes.
Minor Call writing is seen at 18700 then 18800 strikes while Put writing is seen at 18400 then 18300 strikes.
“Options data suggests a broader trading range in between 18300 to 18800 zones while an immediate trading range in between 18400 to 18750 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services, said.“Nifty formed a small-bodied Bearish candle on a daily scale and gave the highest daily close of the last 111 sessions on Monday,” he said.
“Now, the index has to hold above 18500 zones, for an up move towards 18650 and 18888 zones while on the downside support exists at 18442 and 18333 zones,” recommended Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Ajit Mishra, VP-Technicals, Religare Broking told ETBureau
BEL: Buy| Target Rs 119| Stop Loss Rs 107
Coal India: Buy| Target Rs 260| Stop Loss Rs 240
Deepak Nitrite: Buy| Target Rs 2280| Stop Loss Rs 1990
Hindustan Unilever: Buy| Target Rs 3980| Stop Loss Rs 2600
Expert: Nooresh Merani, an independent technical analyst told ETNow
Hero MotoCorp: Buy| Target Rs 3000| Stop Loss Rs 2730
Tata Power: Buy| Target Rs 245| Stop Loss Rs 208
RBL Bank: Buy| Target Rs 175| Stop Loss Rs 147
Expert: Kunal Bothra, Market Expert told ETNow
IDFC First Bank: Buy| Target Rs 78| Stop Loss Rs 66
Reliance Industries: Buy| Target Rs 2650| Stop Loss Rs 2470
Eveready Industries: Buy| Target Rs 360| Stop Loss Rs 320
(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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