The S&P BSE Sensex rose more than 300 points while the Nifty50 closed above 19700 levels on Thursday.
The Nifty future closed positive with gains of 0.5% at 19835 levels. Positive setup was seen in Manappuram, Coforge, Hero MotoCorp, Dixon Technologies, HCL Tech, Infosys, City Union Bank, M&M, BPCL, and Titan while weakness was seen in MFSL, Axis Bank, Adani Enterprises, Vedanta, and Godrej Consumer Products.
India VIX was up by 4.56% from 11.14 to 11.64 levels on Thursday. Volatility was slightly higher but overall bulls were holding the grip.
On the weekly options front, the maximum Call OI is placed at 19900 and then towards 20000 strikes while the maximum Put OI is placed at 19700 and then towards 19600 strikes.
Call writing is seen at 19900 then 20000 strikes while Put writing is seen at 19700 and then towards 19600 strikes.
“Options data suggests a broader trading range in between 19400 to 20000 zones while an immediate trading range in between 19600 to 19900 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Bullish candle on the daily scale and supports are gradually shifting high,” he said.
“Now the index has to hold above 19750 zones, for an up move towards 19850 then 20000 zones whereas supports are placed at 19650 then 19550 zones,” recommended Taparia.
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: Kunal Bothra, Market Expert told ETNow
Titan Company: Buy| Target Rs 3550| Stop Loss Rs 3280
Polycab India: Buy| Target Rs 5400| Stop Loss Rs 5200
City Union Bank: Buy| Target Rs 160| Stop Loss Rs 140
Expert: Nooresh Merani, an independent technical analyst told ETNow
Hero MotoCorp: Buy| Target Rs 3600| Stop Loss Rs 3150
Dr Reddy’s Laboratories: Buy| Target Rs 6000| Stop Loss Rs 5440
Tata Power: Buy| Target Rs 285| Stop Loss Rs 255
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(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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