The S&P BSE Sensex fell more than 200 points while the Nifty50 closed below 18,300 levels on Wednesday.
India VIX was up by 4.07% from 12.60 to 13.11 levels on Wednesday. Volatility has been rising from the last three sessions and causing swings in the market.
On the options front, the monthly maximum Call OI is placed at 18,400 and then towards 18,500 strikes while the maximum Put OI is placed at 18,300 and then towards 18,200 strikes.
Call writing is seen at 18,400 then 18,300 strikes while Put writing is seen at 18,200 then 18,300 strikes.
“Options data suggests an immediate trading range in between 18150 to 18400 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a long pin bar on the daily scale with a higher upper shadow indicating pressure at higher zones. It negated its higher highs – higher lows formation of the last two sessions,” he said.“Now, the index has to hold above 18281 zones, for a bounce towards 18400 and 18442 zones while on the downside supports exist at 18181 and 18081 zones,” recommends Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Jayesh Bhanushali, Senior Derivative and Technical Research Analyst, IIFL told ETBureau
KPIT Technologies: Buy| Target Rs 1030| Stop Loss Rs 940
Engineers India Ltd: Buy| Target Rs 117| Stop Loss Rs 101
NBCC: Buy| Target Rs 47| Stop Loss Rs 41
Expert: Kunal Bothra, Market Expert told ETNow
Tata Communications: Buy| Target Rs 1300| Stop Loss Rs 1200
Mahindra & Mahindra: Buy| Target Rs 1320| Stop Loss Rs 1240
REC: Buy| Target Rs 138| Stop Loss Rs 126
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of Economic Times)