Nifty immediate hurdle placed around 10,785; Top 4 short-term trading strategies

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Nifty future closed Thursday 0.41 percent lower at 10,725. On the option front, maximum Put open interest is seen at 10,500 followed by 10,600 strike, while maximum Call OI is seen at 11,000 followed by 10,900 strike.

Put writing is also seen at 10,700 while Call writing is seen at 11,000 followed by 10,900 strikes. Option data suggests an immediate trading range between 10,650 and 10,850 zones.

India VIX moved up 1.09 percent to 14.43. It has been moving upwards for the last eight consecutive sessions from 12.02 to 14.43 levels. Build-up of long positions were seen in Hexaware Technologies and Oil and Natural Gas Corporation (ONGC) while shorts build up were seen in Federal Bank, Ambuja Cements, Oriental Bank of Commerce, Voltas, Dr Reddy's Laboratories, Bharat Heavy Electricals (BHEL), Siemens, SRF and Union Bank of India.

Nifty has strong support at 10,689 levels, a break out will take it to 10,630. On the upper side, the index will face a hurdle at 10,785 levels. A crossover will take it to 10,825 levels.

Bank Nifty has support around 26,055 levels. A break out will take it to 25,954-25,880 levels while 26,267 will act as resistance, a crossover of which will take it to 26,365 levels.

Stock strategies

Monsanto India: The stock is looking good on daily chart. Buy between Rs 2760-2750 with a stop loss of Rs 2715. On the upper side, the stock may go up to Rs 2845-2850 levels in next 5-7 days.

Satin Creditcare Network: The stock has given strong upward break out on daily chart with volume. Buy between Rs 413-410 with a stop loss of Rs 404. On the upper side stock may go up to Rs 432-435 levels in next 5-7 days.

Derivative Strategy (Time period: Till expiry)

Oil and Natural Gas Corporation: Buy May future between Rs 189-187 with a stop loss of Rs 184.5 for an upside target of Rs 198-200.

Bharti Airtel: Buy May future on dips around Rs 411-408 with a stop loss of Rs 403 for an upside target of Rs 427-432.