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F&O stocks to buy today: BEL, SBI Life among top 3 trading ideas for 9 February 2024

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Indian market is likely to consolidate on Friday tracking mixed global cues.

The Nifty future closed negative with losses of 0.80% at 21827 levels on Thursday. India VIX was up by 2.13% from 15.50 to 15.83 levels. Volatility has been on the rise for the last four weeks, creating market swings.

Positive setup was seen in stocks like Cummins India, Trent, HAL, SBI, Tata Communication, Tata Power, Alkem, IOC, Canara Bank, BPCL, OFSS, Voltas, Coal India, TCS, RIL and DLF.

On the options front, the maximum Call OI is placed at 22000 and then towards 22500 strikes while the maximum Put OI is placed at 21800 and then towards 21500 strikes.

Call writing is seen at 22000 and then towards 22100 strikes while some Put writing is seen at 21800 and then towards 21700 strikes.

“Options data suggests a broader trading range in between 21300 to 22200 zones while an immediate trading range in between 21500 to 22000 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.“Nifty formed a Bearish candle on the daily scale with longer lower shadow on Thursday which indicates tug of war between the bulls & bears,” he said.“Now the index has to hold above 21650 zones for an up move towards 21950 and 22100 zones while on the downside supports are placed at 21550 and 21450 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: Pritesh Mehta, Lead Technical Analyst at YES Securities told ETBureau

SBI Life: Buy| Target Rs 1615| Stop Loss Rs 1390

BEL: Buy| Target Rs 205| Stop Loss Rs 177

CDSL: Buy| Target Rs 2235| Stop Loss Rs 1920

(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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