India VIX fell by 2.78% from 13.22 to 12.85 levels on Friday. Volatility was down after a surge seen in the last five sessions, which is comforting bulls to maintain a buy-on-decline stance in the market.
On the options front, the weekly maximum Call OI is placed at 18300 and then towards 18500 strikes while the maximum Put OI is placed at 18200 and then towards 18300 strikes.
Call writing is seen at 18300 then 18500 strikes while Put writing is seen at 18200 then 18300 strikes.
“Options data suggests a broader trading range in between 17900 to 18500 zones while an immediate trading range in between 18150 to 18450 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
Nifty formed a small Bullish candle on the daily scale on Friday with a long lower shadow which indicates buying is visible at lower zones.
“On the weekly scale, it formed a Bullish candle and formed a higher high – higher lows formation for the past three weeks which suggests supports are gradually shifting higher,” he said.“Now, the index has to continue to hold above 18250 zones to witness an up move towards 18400 and 18442 zones while on the downside supports are placed at 18181 and 18081 marks,” recommends Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited told ETBureau
Axis Bank: Buy| Target Rs 950| Stop Loss Rs 890
Glenmark Pharma: Buy| Target Rs 640| Stop Loss Rs 600
Havells India: Buy| Target Rs 1365| Stop Loss Rs 1280
Hindustan Unilever: Buy| Target Rs 2740| Stop Loss Rs 2565
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of Economic Times)
