India’s VIX index, a measure of market volatility, rose 3.33% to 14.48, indicating heightened caution among participants.
Experts said a balanced tug-of-war between call and put writers reflected market indecision in the derivatives space as traders waited for a clear trigger.
24,000 strike calls accumulated a hefty open interest of 99.93 million contracts, reinforcing its position as a key resistance level. On the contrary, 23,500 strikes accumulated 85.02 million contracts, confirming a strong support zone. “Active participation in the $23,700-$24,000 call range and the $23,600-$23,500 put band suggests that the immediate price range of $24,000 will be “This highlights the resistance at $23,500 and solid support at $23,500.”
“There were roughly equal additions in both call and put options, creating a narrow range of 23,500-24,000 and reinforcing the stalemate between bulls and bears,” he said. added.
The put-call ratio (PCR) improved from 0.74 to 0.97, reflecting a subtle shift towards bullish sentiment. The 23,500-24,000 range is characterized by significant open interest additions in both puts and calls, further reinforcing the stall. Currently, Nifty is below 200-DEMA and trading around the major support zone of 23,500. At current levels, the index faces potential headwinds. On the positive side, the 23,900-24,000 region has been reinforced by intense call writing, posing a tough challenge for bulls,” Dameja said.
Here is a list of stocks for short-term trading according to experts.
Expert: Jatin Gedia – Technology Research Analyst at BNP Paribas Sharekhan
APL Apollo: Buy | Target Rs 1,639 | Stop Loss Rs 1,550
ITC: Buy | Target Rs 498 | Stop Loss Rs 477
Lemon Tree: Buy | Target Rs 162 | Stop Loss Rs 149
Expert: Nooresh Merani, Independent Technical Analyst
Indian Coal: Buy | Target Rs 420 | Stop Loss Rs 377
Apollo Hospital: Buy | Target Rs 7,700 | Stop Loss Rs 7,200
Chennai Petro: Buy | Target Rs 680 | Stop Loss Rs 610
(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. They do not represent the views of Economic Times)
