Indian market is likely to trade lower on Wednesday tracking mixed global cues.

The Nifty future closed positive with gains of 0.23% at 21628 levels on Tuesday. India VIX was down by 1.49% from 13.46 to 13.26 levels.

Overall, the volatility has been rising from the last two sessions which has given comfort to the bears at crucial support zones.

Positive setup was seen in stocks like DLF, Siemens, ABB, Apollo Tyre, Oberoi Realty, Abbot India, Hero MotoCorp, Trent, HPCL, Indigo, HDFC Life, Apollo Hospital, Sun Pharma, Bharti Airtel, L&T and Tata Motors.

On the weekly options front, the maximum Call OI is placed at 21700 and then towards 21800 strikes while the maximum Put OI is placed at 21500 and then towards 21400 strikes.

Call writing is seen at 21800 and then towards 21650 strikes while some Put writing is seen at 21600 and then towards 21500 strikes.

“Options data suggests a broader trading range in between 21200 to 222000 zones while an immediate trading range in between 21350 to 21700 zones,” Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Bearish candle and an Inside Bar on the daily scale on Tuesday and mechanical indicators are turning with bearish crossover,” he said.

“Now till it holds below 21650 zones, some profit booking could be seen towards 21400 then 21300 while on the upside hurdles exists at 21650 and 21750 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: Nagaraj Shetti, Technical Research Analyst at HDFC Securities told ETBureau
Samvardhana Motherson International: Buy| Target Rs 113| Stop Loss Rs 103

Borosil Renewables: Buy| Target Rs 535| Stop Loss Rs 495

Expert: Nooresh Merani, an independent technical analyst told ETNow
Granules India: Buy| Target Rs 450| Stop Loss Rs 400

BOSCH: Buy| Target Rs 24000| Stop Loss Rs 21800

UTI AMC: Buy| Target Rs 1000| Stop Loss Rs 860

Expert: Kunal Bothra, Market Expert told ETNow
Poonawala Fincorp: Buy| Target Rs 500| Stop Loss Rs 460

ICICI Bank: Sell| Target Rs 955| Stop Loss Rs 995

Borosil Renewables: Buy| Target Rs 540| Stop Loss Rs 490

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)


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