Indian market is likely to consolidate on Monday tracking mixed global cues.
The S&P BSE Sensex fell more than 500 points while the Nifty50 closed below 19400 levels on Friday.
India VIX was down by 2.60% from 11.84 to 11.53 levels on Friday. Volatility sunk lower and is hovering near its lower band which may support the bulls near to immediate support zones.
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On the weekly options front, the maximum Call OI is placed at 19400 and then towards 19500 strikes while the maximum Put OI is placed at 19400 and then towards 19300 strikes.
Call writing is seen at 19400 then 19500 strike while Put writing is seen at 19200 then 19000 strike.
“Options data suggests a broader trading range in between 19100 to 19700 zones while an immediate trading range in between 19200 to 19500 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a small-bodied bullish candle on the weekly frame and has been forming higher lows from the last fifteen weeks,” he said.
“Now, the index has to hold above 19300 zones to extend the move towards 19420 and fresh all-time high levels of 19525 zones while on the downside support is intact at 19250 and 19100 zones,” recommended Taparia.
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We have collated stocks 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
Glenmark Pharma: Buy| Target Rs 720| Stop Loss Rs 673
Apollo Tyre: Buy| Target Rs 438| Stop Loss Rs 410
Tata Motors: Buy| Target Rs 650| Stop Loss Rs 600
Expert: Kunal Bothra, Market Expert told ETNow
Zeel: Buy| Target Rs 220| Stop Loss Rs 196
SBI: Buy| Target Rs 620| Stop Loss Rs 575
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Canara Bank: Buy| Target Rs 345| Stop Loss Rs 320
