Indian market is likely to trade higher on Wednesday tracking positive global cues.
The Nifty future closed positive with gains of 0.50% at 22312 levels on Tuesday. India VIX was down by 1.94% from 20.60 to 20.20 levels. Earlier, volatility spiked to 21.88 zones at its 19-month high and created swings in the market.
On the weekly options front, the maximum Call OI is placed at 22500 and then towards 22300 strikes while the maximum Put OI is placed at 22000 and then towards 21900 strikes.
Call writing is seen at 22600 and then towards 22500 strikes while Put writing is seen at 22100 and then towards 22000 strikes.
“Options data suggests a broader trading range in between 21700 to 22700 zones while an immediate range between 22000 to 22400 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
FIIs sold to the tune of Rs 4065.52 cr while DIIs bought to the tune of 3527.86 cr on Tuesday in the cash segment. FIIs’ Long short ratio for index futures has further weakened to 30.46 as on a net basis, they sold 39523 index futures.
“The Nifty PCR is currently at 0.88. The zone of 22200-22150 will act as crucial #support for the index. As long as this support zone holds, the index is likely to test the level of 22350, followed by 22430 levels,” Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities, said.
“While, on the downside, if the index slips below 22150, the next support is placed at 22050-22000 levels,” he said.
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: Nagaraj Shetti, Technical Research Analyst, HDFC Securities Ltd told ETBureau
IRFC: Buy| Target Rs 168| Stop Loss Rs 152
Firstsource Solutions: Buy| Target Rs 205| Stop Loss Rs 182
BF Utilities: Buy| Target Rs 915| Stop Loss Rs 830
Expert: Kunal Bothra, Market Expert told ETNow
Biocon: Buy| Target Rs 330| Stop Loss Rs 298
TVS Motor Company: Buy| Target Rs 2220| Stop Loss Rs 2070
Amara Raja Energy & Mobility: Buy| Target Rs 1150| Stop Loss Rs 1060
Expert: Nooresh Merani, an independent technical analyst told ETNow
Hindalco: Buy| Target Rs 700| Stop Loss Rs 630
Ashok Leyland: Buy| Target Rs 220| Stop Loss Rs 200
Container Corp: Buy| Target Rs 1200| Stop Loss Rs 970
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)