Indian market pared gains after opening marginally higher on Monday tracking mixed global cues. The S&P BSE Sensex moved below 61,000 while the Nifty50 held on to 17,900 levels.
Sectorally, some buying was seen in auto and FMCG stocks while selling was seen in healthcare, oil & gas, energy and IT stocks.
India VIX moved up by 1.51% from 12.89 to 13.08 levels on Friday. Volatility has been deflated from the last few sessions.
On the options front, monthly maximum Call OI is placed at 18000 and then towards 18500 strikes while the maximum Put OI is placed at 18000 and then towards 17500 strikes.
“Options data suggests a broader trading range in between 17700 to 18300 zones while a shift in immediate trading range in between 17800 to 18100 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a small bodied Bullish candle on a weekly frame with bigger shadows on either side which indicates tug of war between bulls and bears near to 18000 marks,” he said.
“Now, the index has to hold above 17888 zones, for an up move towards 18081 then 18181 zones whereas supports are placed at 17888 and 17777 zones,” highlighted Taparia.We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Chandan Taparia, Derivative & Technical Analyst, Motilal Oswal Fin Services told ETBureau
L&T: Buy| Target Rs 2325| Stop Loss Rs 2175
The stock is holding well above its 50-WEMA with a Bullish Engulfing candle on the daily frame.
UltraTech Cements: Buy| Target Rs 7625| Stop Loss Rs 7135
The stock has come out of its consolidative range and surpassed resistance zones with a surge in volumes.
ONGC: Buy| Target Rs 163| Stop Loss Rs 152
ONGC is making higher highs from the last 5 months and is holding well from the last 9 sessions which is a positive sign.
Expert: Kunal Bothra, Market Expert told ETNow
Coal India: Buy| Target Rs 226| Stop Loss Rs 212
RIL: Buy| Target Rs 2500| Stop Loss Rs 2360
Expert: Nooresh Merani, an independent technical analyst told ETNow
ONGC: Buy| Target Rs 180| Stop Loss Rs 148
Wipro: Buy| Target Rs 440| Stop Loss Rs 398
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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