F&O stocks to buy today: Wipro, ITC among top 9 trading ideas for 8 May 2024
The Nifty future closed negative with losses of 0.78% at 22375 levels on Tuesday. India VIX was up by 2.71% from 16.60 to 17.05 levels.
On the weekly options front, the maximum Call OI is placed at 22500 and then towards 22800 strikes while the maximum Put OI is placed at 22000 and then towards 21800 strikes.
Call writing is seen at 22400 and then towards 22500 strikes while Put writing is seen at 22250 and then towards 22150 strikes.
“Options data suggests a broader trading range in between 21800 to 22800 zones while an immediate range between 22100 to 22500 levels,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“Nifty has formed a Bearish candle on a daily frame on Tuesday and has been making lower highs from the last two sessions to close with losses of around 140 points,” he said.
“Now the index has to hold a key support of 22222 for the Index to move towards 22450 then 22550 zones whereas a hold below 22222 could open the downside towards 22100 and 22000 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: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas told ETBureau
Tech Mahindra: Buy| Target Rs 1345| Stop Loss Rs 1269
Bharti Airtel: Buy| Target Rs 1327| Stop Loss Rs 1271
ICICI Prudential Life: Buy| Target Rs 608| Stop Loss Rs 566
Expert: Nooresh Merani, an independent technical analyst told ETNow
ITC:
