Indian market is likely to consolidate on Friday tracking mixed global cues.
The Nifty future closed negative with losses of 1.24% at 24,281 levels on Thursday.
On the options front, the maximum Call OI is placed at 24,500 and then towards 25,000 strikes while the maximum Put OI is placed at 23,000 and then towards 24,000 strikes.
Call writing is seen at 24,500 and then towards 24,200 strikes while Put writing is seen at 24,200 and then towards 24,000 strikes.
“Options data suggests a broader trading range in between 23,600 to 246,00 zones while an immediate range between 23,800 to 24,400 levels,” Chandan Taparia, Head, Equity Derivatives & Technicals, Wealth Management, MOFSL, said
“Nifty formed a bearish candle on the daily frame on Thursday and negated its lower highs formation of the last three sessions,” he said.
“Now the index has to hold above 24,150 zones, for a bounce towards 24,350 and 24,450 zones whereas supports are placed at 24,050 then 23,850 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: Amol Athawale, VP - Technical Research at Kotak Securities
Bank of Baroda: Buy| Target Rs 270| Stop Loss Rs 259
Biocon: Buy| Target Rs 337| Stop Loss Rs 322
L&T Technology Services: Buy| Target Rs 5,300| Stop Loss Rs 5,060
Balkrishna Industries: Buy| Target Rs 2,960| Stop Loss Rs 2,830
Expert: Kunal Bothra, Market Expert told ETNow
PNB: Buy| Target Rs 113| Stop Loss Rs 104
City Union Bank: Buy| Target Rs 186| Stop Loss Rs 177
Bank Of India: Buy| Target Rs 122| Stop Loss Rs 108
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
The Nifty future closed negative with losses of 1.24% at 24,281 levels on Thursday.
On the options front, the maximum Call OI is placed at 24,500 and then towards 25,000 strikes while the maximum Put OI is placed at 23,000 and then towards 24,000 strikes.
Call writing is seen at 24,500 and then towards 24,200 strikes while Put writing is seen at 24,200 and then towards 24,000 strikes.
“Options data suggests a broader trading range in between 23,600 to 246,00 zones while an immediate range between 23,800 to 24,400 levels,” Chandan Taparia, Head, Equity Derivatives & Technicals, Wealth Management, MOFSL, said
“Nifty formed a bearish candle on the daily frame on Thursday and negated its lower highs formation of the last three sessions,” he said.
“Now the index has to hold above 24,150 zones, for a bounce towards 24,350 and 24,450 zones whereas supports are placed at 24,050 then 23,850 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: Amol Athawale, VP - Technical Research at Kotak Securities
Bank of Baroda: Buy| Target Rs 270| Stop Loss Rs 259
Biocon: Buy| Target Rs 337| Stop Loss Rs 322
L&T Technology Services: Buy| Target Rs 5,300| Stop Loss Rs 5,060
Balkrishna Industries: Buy| Target Rs 2,960| Stop Loss Rs 2,830
Expert: Kunal Bothra, Market Expert told ETNow
PNB: Buy| Target Rs 113| Stop Loss Rs 104
City Union Bank: Buy| Target Rs 186| Stop Loss Rs 177
Bank Of India: Buy| Target Rs 122| Stop Loss Rs 108
(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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