The Nifty future closed positive with gains of 0.67% at 24365 levels on Wednesday. India VIX was down by 3.19% from 13.67 to 13.20 levels.
On the options front, the maximum Call OI is placed at 25,000 and then towards 24,500 strikes while the maximum Put OI is placed at 24,000 and then towards 23,800 strikes.
Call writing is seen at 24,300 strikes while Put writing is seen at 23,800 strikes.
“Options data suggests a broader trading range in between 23,900 to 24,500 zones while an immediate range between 24,100 to 24,400 levels,” says Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited.“Nifty formed a Bullish candle on the daily frame on Wednesday and has been making higher lows from the last seven sessions,” he said.“Now the index has to hold above 24200 zones to extend the move towards 24,400 and 24,500 zones whereas supports are placed at 24,200 then 24,000 zones,” recommended Taparia.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: Rajesh Palviya, VP-Technical & Derivative Research, Axis Securities told ETBureau
Castrol India: Buy| Target Rs 285| Stop Loss Rs 228
Piramal Enterprises: Buy| Target Rs 1085| Stop Loss Rs 900
Ponni Sugars (ERODE): Buy| Target Rs 605| Stop Loss Rs 500
F&O Strategy
Dixon Future (25 July Expiry): Buy| Target Rs 13,150| Stop Loss Rs 12,550
Expert: Kunal Bothra, Market Expert told ETNow
BEL: Buy| Target Rs 330| Stop Loss Rs 305
NBCC: Buy| Target Rs 178| Stop Loss Rs 163.50
HUDCO: Buy| Target Rs 314| Stop Loss Rs 294
Expert: Nooresh Merani, an independent technical analyst told ETNow
PEL: Buy| Target Rs 1050| Stop Loss Rs 920
CUB: Buy| Target Rs 190| Stop Loss Rs 165
G N A Axles Ltd: Buy| Target Rs 500| Stop Loss Rs 410
(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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