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The Nifty futures closed negatively with losses of 0.96%, at the 22,604 levels on Monday. India VIX fell 0.6% to close at 14.44 in the previous trading session.
On the options front, the maximum Call OI is placed at 23,000, followed by the 22,700 strikes, while the maximum Put OI is placed at 22,600, followed by the 22,000 strikes.
Call writing is observed at the 22,600 strike, followed by the 22,700 strike, while Put writing is seen at the 22,600 strike, followed by the 22,500 strike.
“Options data suggests a broader trading range between the 22,000 to 23,000 zones, with an immediate range between the 22,400 to 22,800 levels,” said Chandan Taparia, Analyst – Derivatives at Motilal Oswal Financial Services Limited.
“On the daily chart, it formed a bearish candle on Monday with a longer upper shadow, indicating strong selling pressure at higher levels,” he added.“Now, as long as Nifty holds below the 22,800 zone, weakness could be seen towards 22,400, then 22,250 zones, while hurdles are placed at 22,700, then 22,800 zones,” Taparia recommended.
We have collated stock recommendations from various experts for traders with a short-term trading horizon:
Expert: Ajit Mishra, SVP – Technical Research, Religare Broking Ltd (ETBureau)
Cholamandalam Investment & Finance: Buy | Target Rs 1500 | Stop Loss Rs 1315
Kotak Mahindra Bank: Buy | Target Rs 2070 | Stop Loss Rs 1910
Infosys: Sell | Target Rs 1690 | Stop Loss Rs 1800
Grasim Industries: Sell | Target Rs 2300 | Stop Loss Rs 2450
Expert: Kunal Bothra, Market Expert (ETNow)
Naukri (Info Edge): Sell | Target Rs 7000 | Stop Loss Rs 7300
SBI Cards & Payment Services: Buy | Target Rs 886 | Stop Loss Rs 818
Amber Enterprises: Buy | Target Rs 6250 | Stop Loss Rs 5850
Expert: Nooresh Merani, Independent Technical Analyst (ETNow)
Shriram Finance: Buy | Target Rs 630 | Stop Loss Rs 560
Tech Mahindra: Sell | Target Rs 1500 | Stop Loss Rs 1630
Castrol India: Buy | Target Rs 250 | Stop Loss Rs 202.4
(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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