F&O stocks to buy today: RIL, SBI among top 10 trading ideas for 2 April 2024

economictimes.indiatimes.com:

The Nifty future closed positive with gains of 0.54% at 22,610 levels on Monday. India VIX was down by 5.84% from 12.83 to 12.08 levels.

Since it is the beginning of the new series, options data is scattered at various far-strike prices. On the weekly options front, the maximum Call OI is placed at 23,000 and then towards 22,500 strikes while the maximum Put OI is placed at 22,000 and then towards 22200 strikes.

“Options data suggests a broader trading range in between 22000 to 22800 zones while an immediate trading range in between 22300 to 22600 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

In the cash market, foreign investors (FIIs) started the new FY on a sell mode to the tune of Rs 522 cr while domestic institutional investors (DIIs) continued to be net buyers on Monday to the tune of Rs 1208 cr.

FIIs' Long short ratio for index futures at the Inception of a fresh series is at 45% as on a net basis, they bought 2264 index futures.

“There is a strong support lies around 22180. The zone of 22500-22520 will be the immediate hurdle for the index for the day,” Sudeep Shah, Deputy Vice President, Head of Technical and Derivative Research, SBI Securities, said.

“Any sustainable move above the level of 22520 will lead to a short-covering move in Nifty towards 22650-22680 in the short term,” he said.

“If the index slips below 22180, it will lead to further selling pressure in the index upto the 22050-22020 level,” recommended Shah.

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