The Nifty future closed negatively with losses of 0.84% at 25208 levels. India VIX rose 1.2% to close at 11.82 in the previous session.
On the options front, the maximum Call OI is placed at 25,500 and then towards 25,300 strikes while the maximum Put OI is placed at 25,000 and then towards 25,100 strikes.
Call writing is seen at 25,300 and then at 25,200 strikes, while Put writing is seen at 25,000 and then towards 25,2000 strikes.
“Options data suggests a broader trading range in between 24,600 to 25,600 zones while an immediate range between 24,900 to 25,400 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
The Nifty50 index broke its immediate support levels and sank below the 25,150 zone last week. It failed to sustain above 25550 and witnessed price and time correction for most of the week gone by.“It formed a bearish candle on the daily and weekly frame on Friday and has been forming a lower top-lower bottom structure on the lower time frame, indicating some selling pressure,” added Taparia.“Now if Nifty holds below 25,222 zones, then weakness could be seen towards 25,000, then 24,800 zones while hurdles are shifting lower at 25,300, then 25,450 zones,” he recommended.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Aakash Hindocha, Technical Analyst, Research at Nuvama Wealth told ETBureau
Voltas Ltd: Buy| Target Rs 1500| Stop Loss Rs 1325
Allied Builders & Distillers Ltd: Buy| Target Rs 482| Stop Loss Rs 430
REC: Buy| Target Rs 430| Stop Loss Rs 389
Expert: Sharan Lillaney, Independent SEBI Research Analyst
Piramal Enterprises Ltd: Buy| Target Rs 1290| Stop Loss Rs 1157
Whirlpool Ltd: Buy| Target Rs 1432| Stop Loss Rs 1312
BHEL: Sell| Target Rs 254| Stop Loss Rs 264
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)