The Nifty futures closed positively with gains of 0.31%, reaching 23,595 levels on Thursday. India VIX fell 1.2%, closing at 13.30 in the previous session.
On the options front, the maximum Call Open Interest (OI) is placed at 24,500, followed by 24,000 strikes, while the maximum Put OI is placed at 23,500, followed by 23,000 strikes.
Call writing is seen at 23,600, followed by 24,000 strikes, while Put writing is seen at 23,600, followed by 23,300 strikes.
“Options data suggests a broader trading range between 23,000 to 24,000 zones, with an immediate range between 23,400 to 23,800 levels,” said Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited.
“Nifty formed a bullish candle on the daily chart and closed with gains of around 100 points, but it has started making lower highs and lower lows over the last two sessions,” he said.“Now, if it holds above the 23,500 zone, a bounce could be seen towards 23,750 and then 23,900. On the downside, support can be seen at 23,400 and then 23,200,” Taparia recommended.
We have collated stock recommendations from various experts for traders with a short-term trading horizon:
Expert: Amol Athawale, VP – Technical Research at Kotak Securities
ONGC: Buy | Target Rs 250 | Stop Loss Rs 239
Jindal Steel & Power Ltd: Buy | Target Rs 940 | Stop Loss Rs 900
Canara Bank: Buy | Target Rs 93 | Stop Loss Rs 87.50
DLF: Buy | Target Rs 710 | Stop Loss Rs 680
Expert: Kunal Bothra, Market Expert (ETNow)
Hero MotoCorp: Buy | Target Rs 4,000 | Stop Loss Rs 3,650
D-Mart: Buy | Target Rs 4,200 | Stop Loss Rs 3,900
Aditya Birla Capital: Buy | Target Rs 200 | Stop Loss Rs 180
Expert: Nooresh Merani, Independent Technical Analyst (ETNow)
IEX: Buy | Target Rs 190 | Stop Loss Rs 172
RIL: Buy | Target Rs 1350 | Stop Loss Rs 1250
PFC: Buy | Target Rs 450 | Stop Loss Rs 410
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
