The Nifty futures closed lower with a loss of 0.36% at 24,852 on Friday. India VIX fell over 2% to close at 16.08 in the previous session.
On the options front, the maximum Call open interest (OI) is seen at the 24,800 and 25,000 strike prices, while the maximum Put OI is at 24,500 followed by 24,700.
Call writing was observed at 24,800 and 25,500 strikes, while Put writing was seen at 24,400 and 24,000 strikes.
“Options data suggests a broader trading range between 24,300 to 25,300 zones, with an immediate range between 24,500 to 25,000,” said Chandan Taparia, Analyst – Derivatives at Motilal Oswal Financial Services.
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“On the technical front, Nifty formed an inside bar pattern on both the daily and weekly charts last week, reflecting indecision and a narrowing price range,” he added.“Now, it has to cross and hold above the 24,800 zone for an upward move towards 25,000 and then 25,200. Otherwise, weakness could be seen towards 24,600 and then 24,444,” Taparia advised.On the weekly scale, Nifty Bank formed a small bullish candle on Friday and posted its highest weekly close in five weeks.
Stock Recommendations for Short-Term Traders
Expert: Aakash Hindocha, Technical Analyst, Research at Nuvama Wealth (via ETBureau)
Paytm: Buy | Target: Rs 985 | Stop Loss: Rs 852
Swiggy: Buy | Target: Rs 366 | Stop Loss: Rs 320
Expert: Kunal Bothra, Market Expert (via ETNow)
Bajaj Finserv: Buy | Target: Rs 2,060 | Stop Loss: Rs 1,990
AB Capital: Buy | Target: Rs 240 | Stop Loss: Rs 215
DCB Bank: Buy | Target: Rs 155 | Stop Loss: Rs 143
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
