Indian market is likely to edge higher on Wednesday tracking positive global cues.
The S&P BSE Sensex fell more than 100 points while the Nifty50 closed above 19,550 levels on Tuesday.
India VIX was up by 2.03% from 11.10 to 11.32 levels in the previous session. Volatility inched higher and caused some discomfort to the bulls but is hovering at overall lower zones.
On the weekly front, the maximum Call OI is placed at 19,600 and then towards 19,800 strikes while the maximum Put OI is placed at 19,500 and then towards 19,400 strikes.
Call writing is seen at 19,600 then 19,650 strikes while Put writing is seen at 19,600 then 19,400 strikes.
“Options data suggests a broader trading range in between 19000 to 20,000 zones while an immediate trading range in between 19,300 to 19,700 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a small-bodied Bearish candle on the daily scale in the previous session with a long lower shadow indicating buying was visible at the base, but momentum and follow-up was missing,” he said.“Now Nifty50 has to hold above 19,560 zones for an up move towards 19,700 and 19,800 zones whereas supports are placed at 19,500 and 19,420 zones,” recommends Taparia.
We have collated a list of stocks from various experts for traders who have a short-term trading horizon:
Expert: Vinay Rajani, CMT (Senior Technical & Derivative Analyst) at HDFC Securities told ETBureau
Bank of Maharashtra: Buy| Target Rs 40| Stop Loss Rs 34
Bank of India: Buy| Target Rs 94| Stop Loss Rs 81.50
Expert: Kunal Bothra, Market Expert told ETNow
GAIL India: Buy| Target Rs 124| Stop Loss Rs 112
Laurus Labs: Buy| Target Rs 430| Stop Loss Rs 398
Jubilant FoodWorks: Buy| Target Rs 530| Stop Loss Rs 490
Expert: Nooresh Merani, an independent technical analyst told ETNow
Gail India: Buy| Target Rs 130| Stop Loss Rs 115
Federal Bank: Buy| Target Rs 150| Stop Loss Rs 130
NBCC: Buy| Target Rs 60| Stop Loss Rs 45
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)