The Nifty futures closed positively with gains of 0.80%, at 22,620 levels on Thursday.
On the options front, the maximum Call OI is placed at the 23,000 strike, followed by the 22,500 strike, while the maximum Put OI is placed at the 22,500 strike, followed by the 22,000 strike.
Call writing is seen at the 22,500 strike, followed by the 22,800 strike, while Put writing is seen at the 22,500 strike, followed by the 22,400 strike.
“Options data suggests a broader trading range between 22,000 and 23,000 zones, with an immediate range between 22,300 and 22,700 levels,” said Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited.
“Nifty formed a small-bodied bullish candle on the daily chart with a longer lower shadow, indicating that support-based buying remains intact for short-term recovery,” he added.“Now, the Nifty needs to hold above the 22,450 zones for an upward move towards 22,700, then 22,900 zones, while support has shifted higher to 22,400, then 22,250 zones,” recommended Taparia.
We have collated stock recommendations from various experts for traders with a short-term trading horizon:
Expert: Pritesh Mehta, Lead Technical Analyst at YES Securities, told ETBureau:
Jindal Steel: Buy | Target Rs 990 | Stop Loss Rs 880
Axis Bank: Buy | Target Rs 1,110 | Stop Loss Rs 1,005
Tata Steel: Buy | Target Rs 5,050 | Stop Loss Rs 4,670
Expert: Kunal Bothra, Market Expert, told ETNow:
D-Mart: Buy | Target Rs 3,750 | Stop Loss Rs 3,400
Axis Bank: Buy | Target Rs 1,075 | Stop Loss Rs 1,014
Nykaa: Buy | Target Rs 176 | Stop Loss Rs 163
Expert: Nooresh Merani, Independent Technical Analyst, told ETNow:
Axis Bank: Buy | Target Rs 1,100 | Stop Loss Rs 1,020
Coal India: Buy | Target Rs 420 | Stop Loss Rs 375
GMR Airport: Buy | Target Rs 85 | Stop Loss Rs 72
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
