F&O stocks to buy today: RIL, Axis Bank among top 9 trading ideas for 17 May 2024
market is expected to trade higher on Friday tracking positive global cues.
The Nifty future closed positive with gains of 0.84% at 22473 levels on Thursday. India VIX was down by 1.33% from 20.27 to 20 levels.
On the weekly options front, the maximum Call OI is placed at 22500 and then towards 22600 strikes while the maximum Put OI is placed at 22000 and then towards 22200 strikes.
Minor Call writing is seen at 22500 and then towards 22400 strikes while Put writing is seen at 22300 and then towards 22200 strikes.
“Options data suggests a broader trading range in between 21800 to 22800 zones while an immediate range between 22200 to 22600 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
FIIs sold to the tune of Rs 776.49 cr while DIIs bought to the tune of Rs 2127.81 cr on Thursday. FIIs' Long short ratio for index futures is at 26.23 as on a net basis, they sold 14284 index futures.
“The weekly series, OI PCR, is at 1.07 while for the May monthly series, OI PCR is at 1.12, which implies a buy on dips strategy in Nifty,” Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities, said.
“While the current momentum is constructive, the zone of 22500-22530 will act as an immediate hurdle for the index. Any sustainable move above the level of 22530 will lead to a sharp upside rally in the index upto the level of 22680, followed by 22770 in the short term,” he said.
“On the downside, the zone of 22220-22180 will act as immediate
