Indian market is expected to trade in a range on Thursday tracking muted global cues.
The S&P BSE Sensex closed over 600 points lower on Wednesday while the Nifty50 managed to hold on to 18000 levels.
India VIX was up by 5.68% from 14.38 to 15.19 levels on Wednesday. A spike in volatility in the previous trading session paved the way for the bears in the market.
In terms of technical pattern, the Nifty index formed a Bearish candle on the daily scale and negated its higher lows formation of the last four trading sessions.
Experts are of the view that as long as Nifty50 holds above 18000, bulls have a chance to make a comeback.
“Nifty has to hold 18,018 zones for an up move towards 18,181 and 18,250 zones whereas support exists at 17,950 then 17,777 zones,” Chandan
, Analyst-Derivatives at Limited, said.
On the options front, the weekly maximum Call OI has shifted to 18200 then 18300 strikes while the weekly maximum Put OI is placed at 18000 and then towards 17800 strikes.
Meaningful Call writing is seen at 18100 then 18200 strike while minor Put writing is seen at 17900 then 18000 strike.
“Options data suggests a broader trading range in between 17800 to 18500 zones while an immediate trading range in between 17900 to 18250 zones,” 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, Axis Securities told ETBureau
: Buy| Target Rs 1170| Stop Loss Rs 1130
The stock broke above the downward-sloping trendline supported by an increase in volume. The daily RSI is also in a bullish mode which is positive.
: Buy| Target Rs 3350|Stop Loss Rs 3275
The stock broke above the consolidation zone of 3300-3200 and has also surged past the 200-SMA.
Expert: Kunal Bothra, Market Expert told ETNow
: Buy| Target Rs 8750| Stop Loss Rs 8350
: Buy| Target Rs 306| Stop Loss Rs 288
Expert: Nooresh Merani, an independent technical analyst told ETNow
: Buy| Target Rs 1400| Stop Loss Rs 1190
Aciation: Buy| Target Rs 2200| Stop Loss Rs 1970
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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