India VIX, the volatility gauge, surged 5.79% to close at 15.43 on Wednesday, indicating heightened caution. The Nifty future closed negative with losses of 1.10% at 23,696 levels.
On the options front, the maximum Call OI is placed at 24,000 and then towards 24,500 strikes while the maximum Put OI is placed at 23,000 and then towards 22,500 strikes.
Call writing is seen at 23,800 and then towards 24,000 strikes while Put writing is seen at 23,300 and then towards 22,800 strikes.
βOptions data suggests a broader trading range in between 23,200 to 24,000 zones while an immediate range between 23,400 to 24,800 levels,β Chandan Taparia, Head, Equity Derivatives & Technicals, Wealth Management, MOFSL, said
βNifty formed a bearish candle on the daily frame on Wednesday and has been making lower lows from the last five sessions,β he said.βNow till Nifty holds below 23,650 zones, weakness could be seen towards 23,350 then 23,200 zones while hurdles are placed at 23,750 and 23,900 zones,β 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: Jayesh Bhanushali, Senior Derivative & Technical Research Analyst, IIFL told ETBureau
HAL (Fut): Sell| Target Rs 3910| Stop Loss Rs 4210
ONGC (Fut): Sell| Target Rs 241| Stop Loss Rs 262
SAIL (Fut): Sell| Target Rs 107| Stop Loss Rs 118
Expert: Nooresh Merani, an independent technical analyst told ETNow
Wipro: Buy| Target Rs 600| Stop Loss Rs 555
Cummins India: Sell| Target Rs 3000| Stop Loss Rs 3370
PFC: Buy| Target Rs 500| Stop Loss Rs 450
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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