India VIX was down by 5.79% from 16 to 15.08 levels on Tuesday. Volatility cooled off and paved way for the bulls to form a base at key support zones.
On the weekly Options front, the maximum Call OI is placed at 17800 and then towards 17200 strikes while the maximum Put OI is placed at 17000 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 17300 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a Bullish candle on daily scale and momentum needs to continue for it to cross its immediate hurdles and bulls to be in strength,” he said.
“Now, the Nifty index has to hold above 17071 zones to witness an up move towards 17171 and 17250 zones, while on the downside supports are seen at 16950 and 16850 levels,” added Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Vinay Rajani, Senior Technical and Derivative Research Analyst, HDFC Securities told ETBureau
Coromandel International: Buy| Target Rs 920| Stop Loss Rs 837
The stock formed a bullish “Hammer” candlestick pattern and it bounced back after forming a triple bottom formation near Rs 841 levels.
Manappuram Finance: Buy| Target Rs 123| Stop Loss Rs 112
The stock price has broken out from a bullish inverted head and shoulder pattern on the daily chart.
Expert: Kunal Bothra, Market Expert told ETNow
Bank of Baroda: Buy| Target Rs 166| Stop Loss Rs 158
UltraTech Cements: Buy| Target Rs 7500| Stop Loss Rs 7200
Expert: CA Rudramurthy, managing director at Vachana Investments told ETNow
Tata Motors: Buy| Target Rs 455| Stop Loss Rs 405
Power Finance Corporation: Buy| Target Rs 170| Stop Loss Rs 150
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
