On the global front, the US Federal Reserve left its benchmark interest rate unchanged on Wednesday.
The Nifty futures closed positively with gains of 0.87%, reaching 23,177 levels on Wednesday. India VIX closed nearly 2% higher at 18.56 in the previous trading session.
On the options front, the maximum Call OI is placed at 24,000, followed by the 23,000 strikes, while the maximum Put OI is placed at 23,000, followed by the 22,000 strikes.
Call writing is observed at the 23,150 and 24,000 strikes, while Put writing is seen at 22,500 and 23,100 strikes.
“Options data suggests a broader trading range between 22,700 and 23,700 zones, with an immediate range between 22,900 and 23,400 levels,” said Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited.“Nifty formed a bullish candle on the daily frame on Wednesday and has started forming higher highs and higher lows over the last two sessions,” he added.“Now the index must hold above 23,150 for strength towards 23,350, then 23,500, while supports are placed at 22,950 and 22,800,” Taparia recommended.
We have compiled stock recommendations from various experts for traders with a short-term trading horizon:
Expert: Kunal Bothra, Market Expert (ETNow)
IEX: Buy | Target: Rs 188 | Stop Loss: Rs 174
Manappuram Finance Ltd: Buy | Target: Rs 206 | Stop Loss: Rs 195
Bank of India: Buy | Target: Rs 118 | Stop Loss: Rs 105
Expert: Nooresh Merani, Independent Technical Analyst (ETNow)
Kotak Mahindra Bank Ltd: Buy | Target: Rs 2050 | Stop Loss: Rs 1880
Ramco Cements Ltd: Buy | Target: Rs 990 | Stop Loss: Rs 900
KEC International Ltd: Buy | Target: Rs 900 | Stop Loss: Rs 770
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
