The S&P BSE Sensex fell more than 100 points while the Nifty50 closed below 19700 levels on Friday.
India VIX was down by 3.52% from 10.51 to 10.14 levels in the previous trading session. Volatility has been moving in a range for the last few weeks and hovering near its lower band.
Since it is the beginning of the new series, option data is scattered at various far strikes in the monthly series. On the weekly front, the maximum Call OI is placed at 19800 and then towards 19700 strikes.
The maximum Put OI is placed at 19600 and then towards 19500 strikes. Call writing is seen at 19700 and then towards 19600 strikes while Put writing is seen at 19600 and then towards 19500 strikes.
“Options data suggests a broader trading range in between 19300 to 20200 zones while an immediate trading range in between 19500 to 19850 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a Bearish candle on daily and weekly frames last week. The index is taking a pause at higher zones but broadly moving in a range. It negated its higher highs formation of the last seventeen weeks,” he said.”Now the index has to hold above 19560 zones to extend the move towards 19750 then 19867 zones while on the downside support is placed at 19560 and 19433 zones,” recommended Taparia.
We have collated a list of stocks from various experts for traders who have a short-term trading horizon:
Expert: Kunal Bothra, Market Expert told ETNow
Tata Chemicals: Buy| Target Rs 1080| Stop Loss Rs 1010
IRCTC: Buy| Target Rs 660| Stop Loss Rs 610
Union Bank of India: Buy| Target Rs 100| Stop Loss Rs 87
Expert: Nooresh Merani, an independent technical analyst told ETNow
Apollo Hospitals: Buy| Target Rs 5600| Stop Loss Rs 5240
Bank of Baroda: Buy| Target Rs 220| Stop Loss Rs 195
Finolex Industries: Buy| Target Rs 240| Stop Loss Rs 188
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)