F&O stocks to buy today: RIL, SBI among top 10 trading ideas for 16 January 2024
The Nifty future closed positive with gains of 0.88% at 22140 levels on Monday. India VIX was up by 5.27% from 13.10 to 13.79 levels. Volatility was slightly on the rise and created momentum at lifetime high zones.
Positive setup was seen in OFSS, Glenmark, Aurobindo Pharma, Granules, ONGC, Indian Hotels, Rec Ltd, BEL, Bharti Airtel, PFC, Godrej Properties, IRCTC, RIL, UBL, Apollo Hospital etc.
On the weekly options front, the maximum Call OI is placed at 22500 strikes and then towards 22300 strikes while the maximum Put OI is placed at 22000 strikes and then towards 21800 strikes.
Call writing is seen at 22800 strikes and put writing is seen at 22000 strikes.
“Options data suggests a broader trading range in between 21500 to 22500 zones while an immediate trading range in between 21800 to 22300 zones,” Chandan Taparia, Senior Vice President | Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty formed a bullish candle on the daily scale on Monday with a long lower shadow which indicates that every small decline is being bought in the market,” he said.
“Now the index has to hold above 22000 zones, for an up move towards 22222 then 22350 zones while on the downside support exists at 21950 and 21850 zones,” recommended Taparia.
We have collated a list of stocks from the F&O basket along with cash market from various experts for traders who have a short-term trading horizon:
Expert: Dharmesh Shah, Head – Technical, ICICI Securities told ETBureau
RIL: Buy| Target Rs 2940| Stop Loss Rs 2688
State Bank of India: Buy| Target Rs 690| Stop Loss Rs 611
Coforge: Buy| Target Rs 7090| Stop Loss Rs 6320
Hudco: Buy| Target Rs 143| Stop Loss Rs 126
Expert: Kunal Bothra, Market Expert told ETNow
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