The Nifty future closed negative with losses of 0.57% at 23,643 levels on Friday.
On the options front, the maximum Call OI is placed at 24,500 and then towards 24,000 strikes while the maximum Put OI is placed at 23,500 and then towards 23,000 strikes.
Call writing is seen at 23,600 and then towards 23,800 strikes, while Put writing is seen at 23,500 and then towards 23,300 strikes.
βOptions data suggests a broader trading range in between 23,000 to 24,000 zones while an immediate range between 23,300 to 23,700 levels,β Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
βNifty has started to form higher highs β higher lows from the last three weeks but some cool off and resistance was faced near 23,900 levels,β he said.βNow if Nifty manages to hold above 23,500 zones then bounce could be seen towards 23,750 then 23,900 zones while on the downside support can be seen at 23,400 then 23,200 zones,β recommended Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Dharmesh Shah, Head β Technical, ICICI Securities told ETBureau
Ambuja Cement: Buy| Target Rs 571| Stop Loss Rs 518
Axis Bank: Buy| Target Rs 1160| Stop Loss Rs 1061
Expert: Kunal Bothra, Market Expert told ETNow
BEL: Buy| Target Rs 315| Stop Loss Rs 292
Bajaj Housing Finance: Buy| Target Rs 131| Stop Loss Rs 117
Piramal Pharma: Buy| Target Rs 232| Stop Loss Rs 218
(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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