F&O stocks to buy today: M&M, Voltas among top 8 trading ideas for 6 June
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Synopsis
F&O Stocks Today: The Indian market is set to trade higher on positive global cues, Nifty future closed at 22,584 levels with gains of 3.08%. India VIX dropped by 29.28%.
On the options front, the weekly maximum Call OI is placed at 23,000 and then towards 23,200 strikes, while the maximum Put OI is placed at 22,500 and then towards 22,200 strikes.
Call writing is seen at 23,000 and then towards 22,700 strikes, while minor put writing is seen at 22,400 and then towards 22,200 strikes.
“Options data suggests a broader trading range in between 21,500 to 23,200 zones while an immediate range between 22,200 to 22,900 levels,” says Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited.
FIIs sold to the tune of 5,656.26 crore while DIIs brought to the tune of 4,555.08 crore in the cash segment of Indian equity markets on Wednesday.
FIIs' Long short ratio for index futures has slightly improved to 17.49 as on a net basis, they bought 43,772 index futures, data showed.
Stocks Recommendations
“For the current weekly expiry, OI PCR is at 0.61, and the max pain is at 22,450 strikes. While, for June expiry OI PCR is at 1.08,” says Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities.
“The 22,700 strike has significant call open interest, followed by 22,800 strikes. On the put side, 22,600 has significant open interest, followed by 22,500 strikes,” he said.
“Going ahead, the zone of 22,350-22,400 is likely to act as immediate support for the index. As long as this support zone holds, the index is likely to test the level of 22,800, followed by 22,950 levels,” recommended Shah.
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: Rajesh Palviya, VP-Technical & Derivative Research, Axis Securities told ETBureau
United Spirits: Buy | Target Rs 1,510 | Stop Loss Rs 1,225
Bector Foods: Buy | Target Rs 1,810 | Stop Loss Rs 1,300
Voltas Futures (27 June Expiry): Buy | Target Rs 1,535 | Stop Loss Rs 1,410
TVS Motor Future (27 June Expiry): Buy | Target Rs 2,440 | Stop Loss Rs 1,410
Expert: Kunal Bothra, Market Expert told ETNow
Voltas: Buy | Target Rs 1,515 | Stop Loss Rs 1,415
Page Industries: Buy | Target Rs 40,500 | Stop Loss Rs 37,200
Bector Foods: Buy | Target Rs 1,460 | Stop Loss Rs 1,385
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of The Economic Times)
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