The Nifty future closed positive with gains of 3.30% at 23450 levels on Monday. India VIX crashed and was down by 14.87% from 24.60 to 20.94 levels.
On the options front, the weekly maximum Call OI is placed at 24000 and then towards 23500 strikes while the maximum Put OI is placed at 22500 and then towards 23000 strikes.
Minor Call writing is seen at 23500 and then towards 23700 strikes while minor Put writing is seen at 23200 and then towards 23000 strikes.
“Options data suggests a broader trading range in between 22800 to 24000 zones while an immediate range between 22900 to 23600 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited.Both FIIs and DIIs were net buyers on Monday in the cash segment of Indian equity markets to the tune of 6850.76 cr and 1913.98 cr respectively.“FIIs’ Long short ratio for index futures has improved from 14% to 28.26% as on a net basis, FII bought 121423 index futures,” says Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities.“Going ahead, any sustainable move above the level of 23350 will lead to sharp upside rally upto the level of 23500, followed by the 23800 level,” he said.
“While, on the downside, the zone of 23060-23000 is likely to provide a cushion in case of any immediate decline,” added Shah.
We have collated a list of stocks from the F&O basket along with cash market from various experts for traders who have a short-term trading horizon:
Expert: Ajit Mishra – SVP, Research, Religare Broking Ltd told ETBureau
Canara Bank: Buy| Target Rs 144| Stop Loss Rs 119
DLF: Buy| Target Rs 950| Stop Loss Rs 828
Granules India: Buy| Target Rs 476| Stop Loss Rs 420
IOC: Buy| Target Rs 190| Stop Loss Rs 167
Expert: Kunal Bothra, Market Expert told ETNow
HDFC Bank: Buy| Target Rs 1625| Stop Loss Rs 1545
REC: Buy| Target Rs 630| Stop Loss Rs 575
India Hotels: Buy| Target Rs 600| Stop Loss Rs 570
(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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