The Nifty future closed negatively with losses of 0.24% at 25,550 levels on Wednesday. India VIX fell more than 2% to close at 11.94 in the previous session.
On the options front, the maximum Call OI is placed at 25,500 and then towards 25,600 strikes while the maximum Put OI is placed at 25,500 and then towards 25,400 strikes.
Call writing is seen at 25,500 and then towards 25,600 strikes while Put writing is seen at 25,500 and then towards 25,450 strikes.
“Options data suggests a broader trading range in between 25,000 to 26,000 zones while an immediate range between 25,300 to 25,700 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a small-bodied bearish candle on the daily frame on Wednesday with longer lower shadow indicating support-based buying is intact,” he added.“Now the index has to cross and hold above 25,500 zones for an up move towards 25,650 then 25,800 zones whereas support can be seen at 25,400 then 25,300 zones,” recommended Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Jaynit Vora, CMT – Research Analyst, IIFL told ETBureau
Data Pattern Ltd: Buy| Target Rs 3180| Stop Loss Rs 2930
UltraTech Cements Ltd: Buy| Target Rs 13,100| Stop Loss Rs 12,250
ICICI Prudential Life Insurance Company Ltd: Buy| Target Rs 714| Stop Loss Rs 657
Expert: Kunal Bothra, Market Expert told ETNow
Cummins India: Buy| Target Rs 3650| Stop Loss Rs 3450
Hindustan Unilever: Buy| Target Rs 2500| Stop Loss Rs 2370
Container Corp: Buy| Target Rs 630| Stop Loss Rs 605
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
