The Nifty future closed positive with marginal gains of 1.54% at 23008 levels on Thursday. India VIX was down by 0.42% from 21.47 to 21.38 levels.
On the weekly options front, the maximum Call OI is placed at 23500 and then towards 23000 strikes while the maximum Put OI is placed at 22500 and then towards 22700 strikes.
Call writing is seen at 23200 and then towards 23000 strikes while Put writing is seen at 22800 and then towards 22700 strikes.
“Options data suggests a broader trading range in between 22500 to 23500 zones while an immediate range between 22700 to 23200 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.Both FIIs and DIIs were net buyers in the cash segment on Thursday to the tune of Rs 4670.95 cr and Rs 146.51 cr respectively. FIIs’ Long short ratio for index futures has improved to 42.11% from 30% as on a net basis.
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“For the May monthly series, OI PCR is at 1.35, which implies a buy on dips strategy in Nifty,” Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities, said.
“These technical and derivative factors indicate that the index is likely to continue its northward journey and test the level of 23100, followed by 23250 in the next couple of trading sessions,” he said.
“While, on the downside, the zone of 22800-22770 is likely to provide the cushion in case of any immediate decline,” highlighted Shah.
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: Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities told ETBureau
Canara Bank: Buy| Target Rs 122| Stop Loss Rs 115
DLF: Buy| Target Rs 870| Stop Loss Rs 833
Divi’s Laboratories: Buy| Target Rs 4230| Stop Loss Rs 4040
Voltas: Buy| Target Rs 1390| Stop Loss Rs 1330
Expert: Kunal Bothra, Market Expert told ETNow
Ashok Leyland: Buy| Target Rs 225| Stop Loss Rs 205
Axis Bank: Buy| Target Rs 1220| Stop Loss Rs 1130
Biocon: Buy| Target Rs 350| Stop Loss Rs 300
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
