Indian market is expected to open higher on Friday tracking positive global cues.
The Nifty future closed positive with gains of 0.28% at 21983 levels on Thursday. India VIX was down by 4.65% from 16.33 to 15.57 levels. Volatility cooled off after steaming in the entire week and paved the way for the bulls in the market.
Positive setup was seen in stocks like Berger Paint, Hindustan Copper, Indus Tower, MCX, Ambuja Cement, Persistent, Indian Hotel, United Spirits, Persistent, Concor, Siemens, TVS Motor etc. among others.
Since it is the beginning of a new series, options data is scattered at various far strike prices. On the weekly front, the maximum Call OI is at 22200 and then towards 22300 strikes while maximum Put OI is placed at 21800 and then towards 21900 strikes.
Call writing is seen at 22300 and then towards 22200 strikes while some Put writing is seen at 21800 and then towards 21900 strikes.
“Options data suggests a broader trading range in between 21400 to 22500 zones while an immediate trading range in between 21700 to 22350 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“The index is trading at the lower band of the rising channel by connecting the recent swing lows of 21137, 21530 and 21860 levels,” he said.
“Now the index has to hold above 22000 zones, for an up move towards 22222 then 22350 zones whereas supports are placed at 21900 then 21750 zones,” recommended Taparia.
We have collated a list of stocks from the F&O basket along with cash market from various experts for traders who have a short-term trading horizon:
Expert: Kunal Bothra, Market Expert told ETNow
SBI Life: Buy| Target Rs 1630| Stop Loss Rs 1520
Biocon: Buy| Target Rs 320| Stop Loss Rs 254
City Union Bank: Buy| Target Rs 146| Stop Loss Rs 130
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
