Call writing is visible at the 24,600 and 24,700 strikes, while Put writing is concentrated at 24,600 and 24,500.
Foreign institutional investors (FIIs) snapped a three-day selling streak by purchasing equities worth Rs 1,076 crore on June 4.
Domestic institutional investors (DIIs) extended their buying streak for a 12th straight day, investing Rs 2,566 crore in equities on the same day.
“Options data suggests a broader trading range between 24,200 to 25,100 zones, with an immediate range between 24,300 to 24,900 levels,” said Chandan Taparia, Analyst – Derivatives at Motilal Oswal Financial Services.
The Nifty index recovered and traded within a narrow range of approximately 100 points for the remainder of Wednesday’s session.“Now the index has to cross and hold above the 24,700 zone for a potential move towards 24,800, then 25,000. Otherwise, weakness could emerge towards 24,500, and further down to 24,300,” Taparia added.The BSE Sensex formed an Inside Bar pattern on the daily charts on Wednesday, indicating range-bound momentum in the near term.
Stocks to watch for short-term trading (Expert Picks)
Expert: Rajesh Palviya, VP – Technical & Derivative Research, Axis Securities (via ETBureau)
Swiggy: Buy | Target: Rs 425 | Stop Loss: Rs 340
RVNL: Buy | Target: Rs 485 | Stop Loss: Rs 413
IDBI Bank: Buy | Target: Rs 115 | Stop Loss: Rs 95
Expert: Kunal Bothra, Market Expert (via ETNow)
OFSS: Buy | Target: Rs 9,000 | Stop Loss: Rs 8,500
SRF: Buy | Target: Rs 3,150 | Stop Loss: Rs 3,000
JSW Energy: Buy | Target: Rs 525 | Stop Loss: Rs 498
(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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