F&O stocks to buy today: Exide, Asian Paints among top 6 trading ideas for 29 May 2024
market is likely to trade lower on Wednesday tracking muted global cues.
The Nifty future closed negative with losses of 0.25% at 22,925 levels on Tuesday. India VIX was up by 4.36% from 23.19 to 24.20 levels.
On the Options front, the maximum Call OI is placed at 23,000 and then towards 23,200 strikes while the maximum Put OI is placed at 22,500 and then towards 22,700 strikes.
Call writing is seen at 23,000 and then towards 23,100 strikes while minor Put writing is seen at 22,700 and then towards 22,800 strikes.
“Options data suggests a broader trading range in between 22,500 to 23,300 zones while an immediate range in between 22,750 to 23,050 levels,” says Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited.
In the cash market, both FIIs and DIIs were net buyers on Tuesday to the tune of 65.57 cr and 3231.67 cr respectively. FIIs' Long short ratio for index futures has further improved to 53.96 as on a net basis, they bought 25,397 index futures.
“For the May monthly series, OI PCR is at 0.80, and max pain is at 22,900 strikes. The zone of 22,730-22,780 will act as crucial support for the index. Any sustainable move below the level of 22,730 will lead to an extension of correction up to the level of 22,600 level,” says Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities.
“While, on the upside, the zone of 22,950-23,000 level will act as crucial #resistance for the index. Any sustainable move above the level of 23,000 will lead to
