Chandan Taparia recommendations: How to trade Airtel, Dixon Tech, RVNL shares on May 31
Stocks to buy: The Indian stock market saw a significant sell-off on Thursday, May 30, coinciding with the expiry day of May futures and options (F&O) contracts. The Sensex concluded the session down by 617 points, marking a decrease of 0.83 percent, settling at 73,885.60. Meanwhile, the Nifty 50 wrapped up the day at 22,488.65, registering a decline of 216 points or 0.95 percent.“Nifty index opened negative and dropped in the first tick itself which was followed by some range bound move in the first half of the session.
The second half witnessed sustained weakness and it broke immediate support zones to touch low of 22417 levels. The last hour saw a quick recovery and it closed with losses of around 220 points. It formed a Bearish candle on daily scale and is forming lower highs from the last three sessions.
Now till it holds below 22500 zones weakness could be seen towards 22350 then 22222 zones whereas hurdles can be seen at 22600 then 22750 zones," said Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSL.Also read: Lok Sabha Elections 2024 Trading Strategy: Analysts predict Nifty to shine above 23,000; Here's how to trade on June 4Meanwhile, India VIX was at 24.18 levels. Volatility spiked above 26 levels during the week and has caused discomfort to the bulls. VIX needs to fall below 16-18 zones for stability and a smoother ride in the market.Since it is beginning of new series option data is scattered at various strike price.
On weekly front, Maximum Call OI is at 23000 then 22800 strike while Maximum Put OI is at 22000 then 22500 strike. Minor Call writing is seen at 22500 then 22600 strike while minor Put writing is seen at 22400 then 22200 strike. Option data suggests a
. Read more on livemint.com
