India VIX was down by 3.90% from 11.46 to 11.01 levels on Tuesday. Volatility sunk lower and is hovering near its lower band which may support the bulls near immediate support zones.
On the weekly options front, the maximum Call OI is placed at 19500 and then towards 19600 strikes while the maximum Put OI is placed at 19400 and then towards 19300 strikes.
Minor Call writing is seen at 19500 then 19800 strike while Put writing is seen at 19500 then 19400 strike.
“Options data suggests a broader trading range in between 19100 to 19700 zones while an immediate trading range in between 19300 to 19550 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a small-bodied Bullish candle on a daily scale and is making higher lows from the last two sessions,” he said.
“Now, the index has to hold above 19400 zones to extend the move towards fresh all-time high levels of 19525 and 19600 zones while on the downside, support is intact at 19333 and 19250 zones,” 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 at HDFC Securities told ETBureau
Schaeffler India: Buy| Target Rs 3300| Stop Loss Rs 2930
Maithan Alloys: Buy| Target Rs 1190| Stop Loss Rs 1039
Expert: Kunal Bothra, Market Expert told ETNow
Sun TV: Buy| Target Rs 494| Stop Loss Rs 464
KEI Industries: Buy| Target Rs 2450| Stop Loss Rs 2280
Graphite India: Buy| Target Rs 450| Stop Loss Rs 396
Expert: Nooresh Merani, an independent technical analyst told ETNow
Sun Pharma: Buy| Target Rs 1150| Stop Loss Rs 1050
Ashok Leyland: Buy| Target Rs 190| Stop Loss Rs 161
RBL Bank: Buy| Target Rs 220| Stop Loss Rs 188
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
