The Nifty future closed negative with losses of 0.81% at 24,845 levels on Thursday. INDIA VIX surged by 2.56%, settling at 13.39, indicating a jump in market volatility.
On the options front, the maximum Call OI is placed at 25,000 and then towards 26,000 strikes while maximum Put OI is placed at 23,500 and then towards 24,000 strikes.
Call writing is seen at 25,000 and then towards 26,000 strikes while Put writing is seen at 23,500 and then towards 24,800 strikes.
“Options data suggests a broader trading range in between 24,300 to 25,300 zones while an immediate range between 24,500 to 25,000 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a bearish candle on the daily frame on Thursday and has been making lower lows from the last three sessions,” he said.“Now till Nifty holds below 24,850 zones, weakness could be seen towards 24,650 and 24,500 zones while hurdles are placed at 24,850 then 25,000 zones,” recommended Taparia.
Ashok Leyland Fut: Sell| Target Rs 202| Stop Loss Rs 229
BHEL FUT: Sell| Target Rs 234| Stop Loss Rs 262
LTIM: Buy| Target Rs 6850| Stop Loss Rs 6260
F&O Strategy: Amit Trivedi, VP, YES Securities told ETBureau
L&T Future (Oct 31 Expiry): Buy| Target Rs 3800| Stop Loss Rs 3450
UPL Future (Oct 31 Expiry): Sell| Target Rs 530| Stop Loss Rs 575
Expert: Kunal Bothra, Market Expert told ETNow
Tech Mahindra: Buy| Target Rs 1770| Stop Loss Rs 1660
BEML: Buy| Target Rs 4100| Stop Loss Rs 3800
NCC: Buy| Target Rs 324| Stop Loss Rs 303
Expert: Nooresh Merani, an independent technical analyst told ETNow
Dr Reddy’s Laboratories: Buy| Target Rs 7100| Stop Loss Rs 6650
Bombay Dyeing: Buy| Target Rs 270| Stop Loss Rs 228
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
