iStockThe S&P BSE Sensex fell more than 100 points while the Nifty50 managed to hold on to 18,000 levels on Wednesday.
India VIX was down by 0.50% from 11.90 to 11.84 levels on Wednesday. Volatility spiked from lower levels in the last two sessions but overall comparative lower VIX has been comforting the bulls.
On the Options front, the weekly maximum Call OI is placed at 18,200 and then towards 18,100 strikes while the maximum Put OI is placed at 18,000 and then towards 17,900 strikes.
Call writing is seen at 18,100 then 18,250 strikes while Put writing is seen at 18,000 then 17,900 strikes.
“Options data suggests a broader trading range in between 17700 to 18500 zones while an immediate trading range in between 17900 to 18300 zones,”
Nifty50 failed to hold above 18,100 zones but was finding support near to 18050 levels in the previous trading session. The index formed a small-bodied Bearish candle on the daily frame.
“Nifty has negated the formation of higher highs from the last six trading sessions traded lower for the day,” he said.
“Now, the index has to hold above 18081 zones to witness an up move towards 18181 and 18250 zones while on the downside supports are placed at 18018 and 17971 marks,” recommended Taparia.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Jayesh Bhanushali, Senior Derivative & Technical Research Analyst at IIFL
PI Industries: Buy | Target Rs 3550 | Stop Loss Rs 3330
Grasim: Buy | Target Rs 1830 | Stop Loss Rs 1672
Canara Bank: Buy | Target Rs 335 | Stop Loss Rs 308
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of Economic Times)
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