Indian market is likely to consolidate on Monday tracking mixed global cues.
The Nifty future closed negative with losses of 0.35% at 22575 levels on Friday. India VIX was up by 1.82% from 10.73 to 10.92 levels.
Since it is the beginning of the new series, options data is scattered at various far strikes. On the weekly options front, the maximum Call OI is placed at 22500 and then towards 23000 strikes.
The maximum Put OI is placed at 22400 and then towards 22000 strikes. Minor Call writing is seen at 22500 and then towards 22600 strikes while Put writing is seen at 22200 and then towards 22000 strikes.
“Options data suggests a broader trading range in between 22100 to 23000 zones while an immediate range between 22300 to 22700 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
In the cash market on Friday, FIIs sold to the tune of 3408.88 cr while DIIs bought to the tune of 4356.83 cr.
FIIs' Long short ratio for index futures is at 35.07 as on a net basis, they sold 45555 index futures.
“Strong support for the Nifty lies around 22350-22320, while resistance is seen at 22550-22580 levels on the upside. Any sustainable move above the level of 22580 will lead to an extension of the rally towards 22700-22750 in the short term,” Sudeep Shah, Deputy Vice President, Head of Technical and Derivative Research, SBI Securities, said.
In case the index slips below 22300, it will lead to further selling pressure in the index upto the 22220-22150 level, he said.
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: Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited told ETBureau
IDFC First Bank: Buy| Target Rs 91| Stop Loss Rs 82
Tata Power: Buy| Target Rs 460| Stop Loss Rs 425
BSE: Buy| Target Rs 3360| Stop Loss Rs 3130
Expert: Kunal Bothra, Market Expert told ETNow
Sun Tv: Buy| Target Rs 710| Stop Loss Rs 640
Axis Bank: Buy| Target Rs 1165| Stop Loss Rs 1115
City Union Bank: Buy| Target Rs 172| Stop Loss Rs 156
Expert: Nooresh Merani, an independent technical analyst told ETNow
RIL: Buy| Target Rs 3200| Stop Loss Rs 2850
Ashok Leyland: Buy| Target Rs 200| Stop Loss Rs 177
Godrej Properties: Buy| Target Rs 2850| Stop Loss Rs 2580
PNB: Buy| Target Rs 150| Stop Loss Rs 132
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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