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F&O Stocks to Buy Today: RIL, SBI among Top 10 Trading Ideas for April 2, 2024


The Indian market is expected to consolidate on Tuesday, following muted global signals.

The Nifty futures closed positively with gains of 0.54% at 22,610 levels on Monday. India’s VIX fell by 5.84% from 12.83 to 12.08.

Since this is the start of the new series, the options data is scattered at different very high prices. On the weekly options front, the maximum Call OI is placed at 23,000 then towards 22,500 strikes while the maximum Put OI is placed at 22,000 then towards 22,200 strikes.

“Options data suggests a wider trading range between 22,000 and 22,800 zones, while immediate trading range between 22,300 and 22,600 zones,” said Chandan Taparia, derivatives analyst at Motilal Oswal Financial Services Limited.

In the spot market, foreign investors (FII) started the new financial year in selling mode to the tune of Rs 522 cr while domestic institutional investors (DII) continued to be net buyers on Monday to the tune of Rs 1,208 cr. cr.

The Long Short ratio of FIIs for index futures at the start of a new series is 45% because on a net basis they have purchased 2264 index futures contracts. “There is strong support around 22180. The area of ​​22500-22520 will be the immediate hurdle for today’s index,” said Sudeep Shah, assistant vice president, head of technical and derivatives research at SBI Securities. “Any sustained move above the 22520 level will result in a short covering move of Nifty towards 22650.-22680 in the near term,” he said.

“If the index falls below 22,180, it will cause additional selling pressure on the index up to the 22,050-22020 level,” recommended Shah.

We have collected a list of stocks from the F&O basket as well as the spot market from various experts for traders with a short-term trading horizon:

Expert: Dharmesh Shah, Technical Head, ICICI Securities, told ETBureau

RIL: Buy | Target Rs 3108| Stop-loss Rs 2898

SBI: Buy | Target Rs 792 | Stop-loss Rs 738

Adani Ports: Buy | Target Rs 1455| Stop-loss Rs 1336

SAILING: Buy | Target Rs 148 | Stop-loss Rs 135

Expert: Market expert Kunal Bothra told ETNow

LIC: Buy | Target Rs 1030 | Stop-loss Rs 940

UltraTech Cements: Buy| Target Rs 10,190 | Stop-loss Rs 9820

Wonderla Holidays: Buy | Target Rs 1050 | Stop losses Rs 960

Expert: Nooresh Merani, an independent technical analyst, told ETNow

IRCTC: Buy | Target Rs 1100| Stop losses Rs 950

ICICI Bank: Buy| Target Rs 1200| Stop-loss Rs 1070

Mahindra Lifespace Developers: Buy | Target Rs 750 | Stop-loss Rs 590

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)


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