Sectorally, buying was seen in healthcare, IT auto, and metals while selling was visible in utilities, power, and public sector.
India VIX was down by 2.44% from 11.97 to 12.27 levels on Wednesday. Volatility was slightly up but has been hovering at its lower band for the last three weeks.
On the options front, the weekly maximum Call OI is placed at 18000 and then towards 17900 strikes while the maximum Put OI is placed at 17700 and then towards 17600 strikes.
“Options data suggests a broader trading range in between 17400 to 18100 zones while a shift in an immediate trading range in between 17600 to 17950 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty has formed a bullish candle in the previous session on the daily frame with longer lower shadow indicating strong support-based buying and it has been making higher highs – higher lows from the last eight sessions,” he said.
“Now, the Nifty has to hold above 17777 zones to extend the move towards 17900 and 18000 zones while on the downside supports shift higher to 17717 and 17650 marks,” added Taparia.We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Rajesh Palviya, VP – Technical & Derivative Research at Axis Securities told ETBureau
CG Power: Buy| Target Rs 335| Stop Loss Rs 285
Laurus Labs: Buy| Target Rs 395| Stop Loss Rs 300
Balaji Amines: Buy| Target Rs 2746| Stop Loss Rs 2350
Sundram Fasteners: Buy| Target Rs 1085| Stop Loss Rs 980
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of Economic Times)
