The Nifty future closed negative with losses of 0.90% at 22731 levels on Wednesday. India VIX was marginally down by 0.08% from 24.20 to 24.18 levels.
On the options front, the maximum Call OI is placed at 23000 and then towards 22900 strikes while the maximum Put OI is placed at 22500 and then towards 22700 strikes.
Call writing is seen at 22900 and then towards 22900 strikes while minor Put writing is seen at 22500 and then towards 22600 strikes.
“Options data suggests a broader trading range in between 22500 to 23000 zones,” says Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services LimitedFIIs sold to the tune of Rs 5841.84 cr while DIIs bought to the tune of 5233.79 cr in the cash segment of equity markets on Wednesday. FIIs’ Long-short ratio for index futures is at 49.5 as on a net basis.“For the May monthly series, OI PCR is at 0.65, and max pain is at 22800 strikes. The 22800 strike has significant call open interest, followed by 22900 strikes. On the put side, 22700 has a significant open interest, followed by 22600 strikes,” says Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities“Going ahead, the zone of 22600-22570 will act as crucial support for the index as it is the confluence of 20-day EMA level and 38.2 per cent Fibonacci retracement level of its prior upward rally (21821-23110),” he said.
“Any sustainable move below the level of 22570 will lead to an extension of throwback upto the 22350 level in the short term. While, on the upside, the resistance has shifted lower in the zone of 22820-22850 level,” recommended 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: Jayesh Bhanushali, Senior Derivative & Technical Research Analyst, IIFL told ETBureau
Jubilant FoodWorks: Buy| Target Rs 538| Stop Loss Rs 496
Torrent Pharma: Buy| Target Rs 2800| Stop Loss Rs 2650
Hindalco Industries: Buy| Target Rs 740| Stop Loss Rs 685
Expert: Kunal Bothra, Market Expert told ETNow
Dr Reddy’s Laboratories: Buy| Target Rs 6200| Stop Loss Rs 5900
Asian Paints: Buy| Target Rs 3100| Stop Loss Rs 2800
Exide Industries: Buy| Target Rs 530| Stop Loss Rs 494
(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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