Equity markets across Asia were also trading mixed after the US Federal Reserve hiked interest rates by 25 basis points (bps) in their latest committee meeting which was in line with market expectations.
The commentary from the US Fed was largely hawkish and data-dependent and has signaled a possibility of another hike in the offing.
India VIX was down by 1.81% from 15.08 to 14.80 levels on Wednesday. Volatility has been cooling off from the last two sessions as the bulls held on to a crucial support zone.
On the weekly Options front, the maximum Call OI is placed at 17500 and then towards 17400 strikes while the maximum Put OI is placed at 17100 and then towards 16900 strikes.
“Options data suggests a broader trading range in between 16600 to 17500 zones while an immediate trading range in between 16800 to 17350 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a small-bodied Bearish candle on the daily scale on Wednesday and momentum needs to continue for it to cross its immediate hurdles and bulls to be in strength,” he said.“Now, Taparia has to hold above 17071 zones to witness an up move towards 17250 and 17350 zones, while on the downside supports are seen at 17071 and 16950 levels,” recommends Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Jayesh Bhanushali, Sr Derivative & Technical Research Analyst at IIFL told ETBureau
ICICI Bank: Buy| Target Rs 910| Stop Loss Rs 825
The stock has given a breakout above the 50-Day EMA which is a positive sign for the bulls.
Manappuram Finance: Buy| Target Rs 127| Stop Loss Rs 115
The stock has given a consolidation breakout with good volume.
Bank of Baroda: Buy| Target Rs 176| Stop Loss Rs 159
The stock has given a short-term breakout.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
