F&O stocks to buy today: Escorts, Biocon among top 7 trading ideas for 7 June 2024

The Indian market is likely to head higher on Friday, tracking positive global cues.

The Nifty future closed positive with gains of 1.28% at 22,933 levels on Thursday.
India VIX cooled off by 12.39% from 18.89 to 16.55 levels.

On the options front, the weekly maximum Call OI is placed at 23,000 and then towards 23,500 strikes, while the maximum Put OI is placed at 22,500 and then towards 22,300 strikes.

Call writing is seen at 23,200 and then towards 23,000 strikes, while Put writing is seen at 22,800 and then towards 22,700 strikes.

“Options data suggests a broader trading range in between 22,200 to 23,500 zones while an immediate range between 22,500 to 23,100 levels,” says Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited.

FIIs sold to the tune of 6867.72 crore, while DIIs bought to the tune of 3718.38 crore in the cash segment of Indian equity markets.

FIIs' Long short ratio for index futures is at 17.16 as on a net basis, they bought 24,181 index futures, data showed.

“The 23,000 strike has a significant call open interest, followed by 23,200 strikes. On the put side, 22,800 has a significant open interest, followed by 22,700 strikes” says Sudeep Shah, Deputy Vice President and head of Technical and Derivative Research, SBI Securities.

“Going ahead, for the day, the zone of 22,630-22,650 is likely to provide a cushion in case of any immediate decline,” he said.

“While, on the upside, any sustainable move above the level of 22,920 will lead to a sharp upside move up to the level of 23,050, followed by the 23,150 level,” 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: Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities told ETBureau

Bata India: Buy | Target: Rs 1500 | Stop Loss: Rs 1434

Escorts: Buy | Target: Rs 4140 | Stop Loss Rs 3960

Berger Paints: Buy | Target: Rs 494 | Stop Loss: Rs 470

Wipro: Buy | Target: Rs 475 | Stop Loss: Rs 454

Expert: Kunal Bothra, Market Expert told ETNow

Biocon: Buy | Target: Rs 360 | Stop Loss: Rs 315

AB Capital: Buy | Target: Rs 250 | Stop Loss: Rs 218

Granules India: Buy | Target: Rs 500 | Stop Loss: Rs 440

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