F&O stocks to buy today: ICICI Bank, HUL among top 7 trading ideas for 10 May 2024
The Nifty future closed negative with losses of 1.43% at 22072 levels on Thursday. India VIX was up by 6.56% from 17.08 to 18.20 levels.
On the weekly options front, the maximum Call OI is placed at 22500 and then towards 22300 strikes while the maximum Put OI is placed at 22000 and then towards 21500 strikes.
Call writing is seen at 22200 and then towards 22300 strikes while marginal Put writing is seen at 21500 and then towards 21800 strikes.
“Options data suggests a broader trading range in between 21500 to 22500 zones while an immediate range between 21800 to 22300 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
In the cash segment, FIIs sold to the tune of Rs 6994.86 cr while DIIs bought to the tune of 5642.53 Cr on Thursday. FIIs' Long short ratio for index futures has further weakened to 32.9 as on a net basis, they sold 65614 index futures.
The Nifty May future has slipped by 1.42 percent and the cumulative OI of the current, next, and far series has surged by 19.07 percent, which indicates an overall short build-up.
“Nifty PCR is currently at 0.59. Going ahead, 21820-21840 will act as crucial support for the index. Any sustainable move below the level of 21820 will lead to further selling pressure in the index,” Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities, said.
“In that case, it is likely to test the level of 21600, followed by 21500 in the short term. While, on the upside, the zone of 22090-22070
