The Nifty50 closed 18 points lower at 24,793 on Thursday. India VIX fell 0.14% to close at 14.26 in the previous session.
On the options front, the maximum Call OI is placed at 25,000 and then towards 26,000 strikes while the maximum Put OI is placed at 24,000 and then towards 23,000 strikes.
Call writing is seen at 24,800 and then towards 26,000 strikes while Put writing is seen at 24,800 and then towards 24,000 strikes. Price action suggests that the Nifty50 index is facing selling pressure near the 25,000 mark.
“Options data suggests a broader trading range in between 24,300 to 25,300 zones while an immediate range between 24,600 to 25,000 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“The FIIs long-short ratio is hovering near 20% from past few sessions but index witnessed selling pressure from higher levels as follow up buying was missing,” he said.“Now if it manages to hold above 24,700, up move can be seen towards 24,950 and 25,200 zones while a hold below the same could see weakness towards 24,600 then 24,450 zones,” recommended Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Pritesh Mehta, Lead Technical Analyst at YES Securities told ETBureau
Swiggy Ltd: Buy| Target Rs 410| Stop Loss Rs 361
Eicher Motors: Buy| Target Rs 5,830| Stop Loss Rs 5,340
Wipro Ltd: Buy| Target Rs 290| Stop Loss Rs 257
F&O Strategy: Amit Trivedi, VP at YES Securities told ETBureau
Kotak Bank Future (June 26 Expiry): Buy| Target Rs 2,272| Stop Loss Rs 2,080
M&M Future (June 26 Expiry): Buy| Target Rs 32,96| Stop Loss Rs 2,990
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
By
