The Nifty future closed negatively with losses of 1.22% at 22,831 levels on Monday. India VIX closed 8% higher at 18.13 in the previous trading session.
On the options front, the maximum Call OI is placed at 24,000 and then towards 23,000 strikes while the maximum Put OI is placed at 22,500 and then towards 22,800 strikes.
Call writing is seen at 23,000 and then towards 23,100 strikes while Put writing is seen at 22,400 and then towards 22,900 strikes.
“Options data suggests a broader trading range in between 22,300 to 23,300 zones while an immediate range between 22,600 to 23,100 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a bearish candle on the daily frame on Monday and has been making lower lows from the last two sessions,” he said.“Now till Nifty holds below 22,950 zones, weakness could be seen towards 22,650 then 22,500 zones whereas hurdles are placed at 22,950 then 23,050 zones,” recommended Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon
Expert: Ajit Mishra, SVP – Technical Research, Religare Broking Ltd told ETBureau
NTPC: Buy| Target Rs 345| Stop Loss Rs 308
Tata Consumer: Buy| Target Rs 1040| Stop Loss Rs 925
Divi’s Laboratories: Sell| Target Rs 5260| Stop Loss Rs 5730
Jindal Steel & Power Ltd: Sell| Target Rs 780| Stop Loss Rs 870
Expert: Kunal Bothra, Market Expert told ETNow
Hindustan Unilever: Buy| Target Rs 2450| Stop Loss Rs 2340
LT Finance: Buy| Target Rs 146| Stop Loss Rs 136
Narayana Hrudayalaya Ltd: Buy| Target Rs 1350| Stop Loss Rs 1268
Expert: Nooresh Merani, an independent technical analyst told ETNow
InterGlobe Aviation: Buy| Target Rs 4500| Stop Loss Rs 4130
Kotak Mahindra Bank: Buy| Target Rs 1950| Stop Loss Rs 1850
Jio Financial Services Ltd: Buy| Target Rs 255| Stop Loss Rs 225
(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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