The Nifty future closed negative with losses of 0.07% at 22733 levels on Tuesday. India VIX was down by 2.02% from 11.61 to 11.36 levels.
On the weekly options front, the maximum Call OI is placed at 23000 and then towards 22700 strikes while the maximum Put OI is placed at 22500 and then towards 22400 strikes.
Minor Call writing is seen at 22800 and then towards 22850 strikes while Put writing is seen at 22350 and then towards 22300 strikes.
“Options data suggests a broader trading range in between 22000 to 23000 zones while an immediate trading range in between 22500 to 22800 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
In the cash market, foreign investors (FIIs) have been sellers to the tune of 593 cr while domestic institutional investors (DIIs) bought to the tune of Rs 2,257 cr.FIIs’ Long short ratio of index futures improved to 51% as on a net basis, they bought 27659 index futures.On the stock futures front, FIIs have bought to the tune of 13637 contracts, while on the Options Front, FIIs bought 167901 call contracts and 162395 Put Option contracts.
“The Nifty PCR is currently around 1.05 levels, implying strength in the indices. While Indices are in an overall uptrend, it’s important to be cognizant of the fact that election dates are now approaching closer, and with Brent Crude oil prices, steadily inching up warrants some caution,” Sudeep Shah, Deputy Vice President, Head of Technical and Derivative Research, SBI Securities, said.
“Going forward, hence one should keep trailing their long positions with key support levels in mind. Strong support lies around 22480-22500, which is the swing high of March 2024 & and until this zone holds, the upmove could extend upto 22830-22870 levels on the upside,” he said.
“Any sustainable move above the level of 22870 will lead to an extension of the rally towards 22980-23030 in the short term,” added 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: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas told ETBureau
Apollo Tyres: Buy| Target Rs 489| Stop Loss Rs 462
Bharat Electronics: Buy| Target Rs 241| Stop Loss Rs 223
Aegis Logistics: Buy| Target Rs 457| Stop Loss Rs 430
Expert: Kunal Bothra, Market Expert told ETNow
ICICI Bank: Buy| Target Rs 1160| Stop Loss Rs 1070
Capacite: Buy| Target Rs 330| Stop Loss Rs 288
LT Foods: Buy| Target Rs 228| Stop Loss Rs 200
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
