The S&P BSE Sensex rose nearly 500 points while the Nifty50 closed just a shade below 20,000 on Thursday.
India VIX was up by 1.59% from 11.60 to 11.78 levels on Thursday. Volatility spiked to create momentum and cheer the bulls at lifetime high zones.
On the monthly options front, the maximum Call OI is placed at 20,000 and then towards 20,100 strike while the maximum Put OI is placed at 19,800 and then towards 19,900 strikes.
Minor Call writing is seen at 20,000 then 20,100 strikes while meaningful Put writing is seen at 19,800 then 19,900 strikes.
“Options data suggests a shift in trading range in between 19,700 to 20,300 zones while an immediate trading range in between 19,800 to 20,200 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“The base of the index is shifting higher and it is forming higher highs from the last six sessions,” he said.“Now the Nifty has to hold above 19850 zones to extend the move towards 20150 then 20200 zones while on the downside support is intact at 19850 and 19730 zones,” recommends Taparia.
We have collated a list of stocks from various experts for traders who have a short-term trading horizon:
Expert: Pritesh Mehta, Lead Technical Analyst – Institutional Equities at YES Securities told ETBureau
Grasim: Buy| Target Rs 1904| Stop Loss Rs 1775
Voltas: Buy| Target Rs 818| Stop Loss Rs 755
LIC: Buy| Target Rs 656| Stop Loss Rs 614
Expert: Kunal Bothra, Market Expert told ETNow
Axis Bank: Buy| Target Rs 1010| Stop Loss Rs 960
Sun Pharma: Buy| Target Rs 1130| Stop Loss Rs 1082
Paytm: Buy| Target Rs 885| Stop Loss Rs 834
Expert: Nooresh Merani, an independent technical analyst told ETNow
Grasim: Buy| Target Rs 1950| Stop Loss Rs 1770
GAIL India: Buy| Target Rs 125| Stop Loss Rs 107
NHPC: Buy| Target Rs 55| Stop Loss Rs 46
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)