Chandan Taparia recommendations: How to trade Escorts, Dixon Tech, Glenmark Pharma shares on June 7?
Stocks to buy: The Indian stock market sustained its positive momentum, indicating stability post the Lok Sabha election 2024 results, on June 7. Both the Sensex and the Nifty 50 indices climbed by almost 1 percent each, marking the second successive session of gains.
This upward trend reflects optimism regarding political stability and policy continuity following the formation of a new coalition government. Also read: Microsoft, Nvidia & Apple's combined value is bigger than Chinese stock market; what is driving tech optimism?“Nifty index opened gap up by 180 points and witnessed swings within a range throughout the day.
It took support near 22650 and went on to cross 22900 zones to close with gains of around 200 points. It formed a small bodied Bullish candle on daily frame with longer lower shadow and has started to form higher lows from the last two sessions.
Now it has to hold above 22750 zones for an upside move towards 22950 then 23100 zones whereas supports are placed at 22650 then 22450 zones," said Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSLIndia VIX cooled off by 12.39% from 18.89 to 16.55 levels. Volatility crashed for the second consecutive day and comforted the bulls to hold at higher zones.On option front, Weekly Maximum Call OI is at 23000 then 23500 strike while Maximum Put OI is at 22500 then 22300 strike.
Call writing is seen at 23200 then 23000 strike while Put writing is seen at 22800 then 22700 strike. Option data suggests a broader trading range in between 22200 to 23500 zones while an immediate range between 22500 to 23100 levels.On the Bank Nifty outlook, Taparia said, “Bank Nifty Index opened gap up and gradually extended the momentum towards 49650
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