Benchmark indices closed with gains for the 7th consecutive session on Tuesday. The S&P BSE Sensex rose more than 300 points while the Nifty50 reclaimed 17700 levels.
India VIX was down by 2.40% from 12.27 to 11.97 levels on Tuesday. Volatility is hovering at its lower band and this in turn provides stability to the indices, suggest experts.
On the options front, the weekly maximum Call OI is placed at 17700 and then towards 18000 strikes while the maximum Put OI is placed at 17700 and then towards 17600 strikes.
“Options data suggests a broader trading range in between 17300 to 18000 zones while a shift in an immediate trading range in between 17600 to 17850 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Buying interest can be seen at support zones but momentum is missing so one use to go with buy on decline stance in the market,” he said.
“Now, Nifty50 has to hold above 17650 zones to extend the move towards 17777 and 17900 zones while on the downside supports shift higher to 17550 and 17442 marks,” recommends Taparia.We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Jay Thakkar, Head Alternate Research, Sharekhan by BNP Paribas told ETBureau
Dr Reddy’s Laboratories: Buy| Target Rs 4950| Stop Loss Rs 4650
Bajaj Auto: Buy| Target Rs 4350| Stop Loss Rs 4090
Laurus Labs: Buy| Target Rs 325| Stop Loss Rs 290
Expert: Kunal Bothra, Market Expert told ETNow
Bajaj Auto: Buy| Target Rs 4300| Stop Loss Rs 4080
Tata Motors: Buy| Target Rs 500| Stop Loss Rs 438
Expert: Nooresh Merani, an independent technical analyst told ETNow
Tata Chemicals: Buy| Target Rs 1100| Stop Loss Rs 980
Tata Morors: Buy| Target Rs 500| Stop Loss Rs 445
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of Economic Times)
