Indian market is likely to head higher on Tuesday tracking positive global cues.
The Nifty future closed positive with gains of 0.69% at 22752 levels on Monday. India VIX was up by 2.38% from 11.34 to 11.61 levels.
In the cash market, foreign investors (FIIs) sold to the tune of 684 cr while domestic institutional investors (DIIs) bought to the tune of 3470 cr.
FIIs' Long short ratio of index futures improved to 45% as on a net basis, they bought 11554 index futures.
On the weekly options front, the maximum Call OI is placed at 23000 and then towards 23200 strikes while the maximum Put OI is placed at 22500 and then towards 22600 strikes.
“Options data suggests a broader trading range in between 22000 to 23000 zones while an immediate trading range in between 22500 to 22800 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
The Nifty PCR has seen an improvement from 0.90 to 1.38 levels, implying strength in the indices. Indices are in an overall uptrend, and the stance remains a 'buy on dips' one with slight caution, suggest experts.
“Going forward, while strong support lies around 22430-22450, the zone of 22630-22650 will be the immediate hurdle for the index for the day,” Sudeep Shah, Deputy Vice President, Head of Technical and Derivative Research, SBI Securities, said.
“Any sustainable move above the level of 22650 will lead to an extension of the rally towards 22770-22820 in the short term. If in case index slips below 22450, it will lead to further selling pressure in the index up to the 22350-22310 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: Ajit Mishra, SVP - Technical Research, Religare Broking Ltd told ETBureau
Axis Bank: Buy| Target Rs 1150| Stop Loss Rs 1040
Escorts: Buy| Target Rs 3350| Stop Loss Rs 2920
GAIL India: Buy| Target Rs 218| Stop Loss Rs 190
JSW Steel: Buy| Target Rs 940| Stop Loss Rs 845
Expert: Nooresh Merani, an independent technical analyst told ETNow
Eicher Motors: Buy| Target Rs 4500| Stop Loss Rs 4130
JSW Steel: Buy| Target Rs 950| Stop Loss Rs 860
IDFC: Buy| Target Rs 130| Stop Loss Rs 118
Expert: Kunal Bothra, Market Expert told ETNow
L&T: Buy| Target Rs 3910| Stop Loss Rs3775
HEG: Buy| Target Rs 2300| Stop Loss Rs 2000
SDBL: Buy| Target Rs 340| Stop Loss Rs 300
(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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