The Nifty future closed negative with losses of 1.05% at 22364 levels on Monday. India VIX was up by 8.11% from 11.53 to 12.47 levels. Volatility spiked during the day on account of weak global sentiments but is comparatively still at lower levels.
On the weekly options front, the maximum Call OI is placed at 22,700 and then towards 22,500 strikes while the maximum Put OI is placed at 22,000 and then towards 22,200 strikes.
Call writing is seen at 22500 and then towards 22400 strikes while Put writing is seen at 22000 and then towards 22200 strikes.
“Options data suggests a broader trading range in between 21800 to 22800 zones while an immediate trading range in between 22000 to 22600 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty has formed a Bearish candle on the daily frame on Monday with longer upper shadow indicating momentum missing at higher zones,” he said.“Now till Nifty holds below 22300 zones, weakness could be seen towards 22150 then 22050 zones whereas hurdles are placed at 22400 then 22550 zones,” recommended Taparia.We have collated a list of stocks from the F&O basket along with cash market from various experts for traders who have a short-term trading horizon:
Expert: Dharmesh Shah, Head – Technical, ICICI Securities told ETBureau
RIL: Buy| Target Rs 3025| Stop Loss Rs 2888
NTPC: Buy| Target Rs 390| Stop Loss Rs 348
Bandhan Bank: Sell| Target Rs 167| Stop Loss Rs 182
Expert: Kunal Bothra, Market Expert told ETNow
Hero MotoCorp: Sell| Target Rs 4280| Stop Loss Rs 4460
PFC: Sell| Target Rs 375| Stop Loss Rs 406
Sona BLW Precision Forging: Buy| Target Rs 710| Stop Loss Rs 650
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
