The Nifty future closed positive with a gain of 0.67% at 24,810 levels on Thursday. India VIX was up by 2.02% from 14.22 to 14.51 levels.
On the options front, the maximum Call OI is placed at 25,500 and then towards 25,000 strikes while the maximum Put OI is placed at 24,000 and then towards 23,500 strikes.
Call writing is seen at 25,500 and then towards 24,800 strikes while Put writing is seen at 24,800 and then towards 24,500 strikes.
“Options data suggests a broader trading range in between 24,400 to 25,200 zones while an immediate range between 24,600 to 25,000 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.Foreign Institutional Investors (FIIs) bought to the tune of Rs 5,483.63 cr while Domestic Institutional Investors (DIIs) sold to the tune of 2,904.25 cr in the cash segment of Indian equity markets.The daily and weekly RSI is quoting above 77 levels. It is approaching overbought zones. “The zone of 24,680-24,660 level will act as immediate support for the index,” says Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities.“As long as the index is trading above the 24,660 level, it is likely to continue its upward journey and test the level of 24,880, followed by 24,960 in the short-term,” he said.
“On the downside, if the index slips below the level of 24,660, then the next support is placed in the zone of 24,570-24,550 level,” he highlighted.
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
Cholamandalam Investment: Buy| Target Rs 1495| Stop Loss Rs 1430
HCL Technologies: Buy| Target Rs 1635| Stop Loss Rs 1565
Laurus Labs: Buy| Target Rs 470| Stop Loss Rs 450
Tata Consumer: Buy| Target Rs 1225| Stop Loss Rs 1170
F&O Strategy –
Cholamandalam Financial Holdings (July Expiry): Buy| Target Rs 1530| Stop Loss Rs 1400
IndiaMart Futures July: Buy| Target Rs 3100| Stop Loss Rs 2800
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
