The Nifty future closed positive with gains of 1.24% at 21947 levels on Friday. India VIX was up by 2.58% from 12.77 to 13.10 levels. Volatility was slightly on the rise and created momentum at lifetime high zones.
Positive setup was seen in Infosys, OFSS, Coforge, ONGC, Birla Soft, HCL Tech, Persistent Systems, TCS, PNB, Tata Consumer, LTTS, Canara Bank, L&T, IOC, Bharti Airtel, Trent and IndusInd Bank.
On the weekly options front, the maximum Call OI is placed at 22500 strikes and then towards 22300 strikes while the maximum Put OI is placed at 21700 strikes and then towards 21800 strikes.
Call writing is seen at 22500 strikes and put writing is seen at 21700 strikes.
“Options data suggests a broader trading range in between 21500 to 22500 zones while an immediate trading range in between 21700 to 22300 zones,” Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Bullish candle on the daily scale on Friday while a bullish candle with long lower shadow on weekly scale indicates that declines are being bought in the market,” he said.“Now the Nifty50 has to hold above 21800 zones, for an up move towards 22000 then 22222 zones while on the downside support exists at 21650 and 21450 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: Parag Shah, Technical Analyst – Research, Nuvama Professional Client Group Research told ETBureau
Godrej Properties: Buy| Target Rs 2440| Stop Loss Rs 2195
IOC: Buy| Target Rs 145| Stop Loss Rs 130.50
Jio Financial Services: Buy| Target Rs 273| Stop Loss Rs 246
MCX (Jan Futures): Sell| Target Rs 2850| Stop Loss Rs 3175
Expert: Kunal Bothra, Market Expert told ETNow
IRCTC: Buy| Target Rs 1020| Stop Loss Rs 925
Infosys: Buy| Target Rs 1665| Stop Loss Rs 1585
AB Capital: Buy| Target Rs 190| Stop Loss Rs 170
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(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
