India VIX was down by 5.46% from 11.39 to 10.77 levels on Tuesday. Volatility sank lower during the day which comforted the bulls.
On the options front, the monthly maximum Call OI is placed at 18,900 and then towards 19,000 strikes while the maximum Put OI is placed at 18,700 and then towards 18,800 strikes.
Minor Call writing is seen at 18,950 then 18,900 strikes while meaningful Put writing is seen at 18,750 then 18,700 strikes.
“Options data suggests a shift in a trading range in between 18700 to 18950 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a Bullish candle on the daily frame on Tuesday and negated its lower lows formation of the last three sessions,” he said.
“Now Nifty has to hold above 18,777 zones to witness an up move towards 18888 then 19000 zones while on the downside support exists at 18,777 and 18,666 zones,” recommends Taparia.Bank Nifty index formed a strong bullish candle in the previous trading session as buying interest was seen across the Banking space and it managed to close above its crucial 20DEMA.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Vinay Rajani, CMT (Senior Technical & Derivative Analyst) at HDFC Securities told ETBureau
Price Pipes: Buy| Target Rs 695| Stop Loss Rs 643
Bajaj Electric: Buy| Target Rs 1360| Stop Loss Rs 1196
Expert: Kunal Bothra, Market Expert told ETNow
ICICI Bank: Buy| Target Rs 970| Stop Loss Rs 925
SBI: Buy| Target Rs 600| Stop Loss Rs 545
Birla Soft: Buy| Target Rs 380| Stop Loss Rs 343
(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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