The S&P BSE Sensex rose nearly 500 points while the Nifty50 closed at a fresh record closing higher on Wednesday. Indian market remained shut on Thursday on account of a public holiday.
India VIX was up by 1% from 10.78 to 10.88 levels on Wednesday. Volatility is holding below 11 zones which are supporting the bulls.
Since it is the beginning of the new series, Options data is scattered at various far strikes in the monthly series.
On the weekly front, the maximum Call OI is placed at 19200 and then towards 19300 strikes while the maximum Put OI is placed at 18900 and then towards 18800 strikes.
Minor Call writing is seen at 19300 then 19200 strikes while Put writing is seen at 18900 then at 18800 strike.
“Options data suggests a broader trading range in between 18600 to 19300 zones while an immediate trading range in between 18750 to 19200 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Now, the index has to continue to hold above 18888 zones to extend the move towards 19200 and 19250 zones while on the downside support exists at 18888 and 18777 zones,” recommended Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Jayesh Bhanushali, Senior Derivative & Technical Analyst at IIFL told ETBureau
Quess Corp: Buy| Target Rs 468| Stop Loss Rs 430
Godrej Properties: Buy| Target Rs 1650| Stop Loss Rs 1530
NLC India: Buy| Target Rs 107| Stop Loss Rs 99
Expert: Nooresh Merani, an independent technical analyst told ETNow
L&T: Buy| Target Rs 2600| Stop Loss Rs 2350
JSW Steel: Buy| Target Rs 840| Stop Loss Rs 760
Religare Enterprises: Buy| Target Rs 200| Stop Loss Rs 170
Expert: Kunal Bothra, Market Expert told ETNow
Sun Pharma: Buy| Target Rs 1080| Stop Loss Rs 980
IndusInd Bank: Buy| Target Rs 1396| Stop Loss Rs 1305
PFC: Buy| Target Rs 225| Stop Loss Rs 214
(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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