The Nifty future closed positive with gains of 0.34% at 22703 levels on Friday. India VIX was up by 1.7% from 24.18 to 24.60 levels. Volatility spiked above 26 levels during the week and has caused discomfort to the bulls.
Since it is the beginning of the new series, options data is scattered at various strike prices. On the weekly front, the maximum Call OI is placed at 23000 and then towards 22800 strikes.
The maximum Put OI is placed at 22000 and then towards 22500 strikes. Minor Call writing is seen at 22500 and then towards 22800 strikes.
Put writing is seen at 22500 and then towards 22400 strikes in the June series, data showed.“Options data suggests a broader trading range in between 21800 to 23100 zones while an immediate range between 22100 to 22800 levels,” says Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited.“Nifty formed a Bearish candle on the weekly frame but has been making higher highs – higher lows from the last two weeks,” he said.“Now the index has to hold above 22500 zones for support based buying to take it upside towards 22750 then 23000 zones whereas supports are placed at 22350 then 22222 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: Sagar Doshi, Technical Analyst Research at Nuvama Wealth told ETBureau
Glenmark Pharma: Buy| Target Rs 1250| Stop Loss Rs 1129
Dixon Technologies: Buy| Target Rs 10,000| Stop Loss Rs 9,050
Hudco: Buy| Target Rs 292| Stop Loss Rs 263
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
https://img.etimg.com/thumb/msid-110652342,width-1200,height-630,imgsize-765180,overlay-etmarkets/photo.jpg
Source link
