F&O stocks to buy today: Dabur, JSW Steel among top 8 trading ideas for 11 June 2024

The Indian market opened on a cautious note on Tuesday tracking global cues.

The Nifty future closed negative with losses of 0.41% at 23,230 levels on Wednesday. India VIX was down by 2.84% from 16.88 to 16.40 levels.

On the options front, the weekly maximum Call OI is placed at 24000 and then towards 23,500 strikes while the maximum Put OI is placed at 23,000 and then towards 22,800 strikes.

Call writing is seen at 23,500 and then towards 23,400 strikes while Put writing is seen at 23,000 and then towards 22,900 strikes.

“Options data suggests a broader trading range in between 22,700 to 23,700 zones while an immediate range between 23,000 to 23,500 levels,” says Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited.

Both FIIs and DIIs were net buyers in the cash segment of India equity markets on Monday to the tune of 2,572.38 cr and 2,764.46 cr respectively.

FIIs' Long short ratio for index futures is at 34.25 as on a net basis, they bought 48,938 index futures, data showed.

“For the weekly expiry, OI PCR is at 0.82. While, for June expiry OI PCR is at 1.12. The 23,300 strike has significant call open interest, followed by 23400 strikes. On the put side, 23,200 has significant open interest, followed by 23,000 strikes,” says Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities.

“Going ahead, for the day, the zone of 23,100-23,070 will act as immediate support for the index. Any sustainable move below the level of 23,070 will lead to further profit booking in index up to 22,950 level,” he said.

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

RIL: Buy| Target Rs 3090| Stop Loss Rs 2838

L&T: Buy| Target Rs 3720| Stop Loss Rs 3414

Aditya Birla Fashion & Retail: Buy| Target Rs 350| Stop Loss Rs 308

Expert: Kush Bohra, Founder at kushbohra.com told ETNow

Sunteck Realty Ltd: Buy| Target Rs 535-544| Stop Loss Rs 515

Dabur India: Buy| Target Rs 629-636| Stop Loss Rs 612

Expert: Nooresh Merani, an independent technical analyst told ETNow

JSW Steel Ltd: Buy| Target Rs 950| Stop Loss Rs 900

Shree Cements: Buy| Target Rs 29000| Stop Loss Rs 26700

LTFoods: Buy| Target Rs 280| Stop Loss Rs 238

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