The Nifty future closed positively with gains of 0.35% at 25,185 levels on Monday. India VIX rose 0.4% to close at 14.69 in the previous trading sessions.
On the options front, the maximum Call OI is placed at 25,500 and then towards 26,000 strikes, while the maximum Put OI is placed at 25,000 and then towards 24,800 strikes.
Call writing is seen at 25,100 and then towards 25,200 strikes, while Put writing is seen at 25,100 and then towards 24,400 strikes.
“Options data suggests a broader trading range in between 24,600 to 25,600 zones while an immediate range between 24900 to 25,300 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
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“Nifty formed a small-bodied bearish candle on the daily chart on Monday. It continues its sequence of making higher high-higher lows for the last four sessions which shows supports are shifting higher,” he added.“Now it has to hold above 25000 zones for an up move towards 25200 then 25400 levels while supports are shifting higher at 25000 then 24850 zones,” recommended Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Dharmesh Shah, Head – Technical, ICICI Securities told ETBureau
Reliance Industries: Buy| Target Rs 1528| Stop Loss Rs 1392
SBI: Buy| Target Rs 868| Stop Loss Rs 789
Godrej Properties: Buy| Target Rs 2655| Stop Loss Rs 2344
Expert: Kunal Bothra, Market Expert told ETNow
OFSS: Buy| Target Rs 9500| Stop Loss Rs 8950
AU Small Finance Bank: Buy| Target Rs 800| Stop Loss Rs 755
Exide Industries: Buy| Target Rs 418| Stop Loss Rs 393
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
