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    Stocks to buy or sell today: 6 short-term trading ideas by experts for 30 January 2023

    Synopsis

    Nifty formed a Bearish Engulfing candle on weekly frame and gave a range breakdown. Now, till the index holds below 17777 zones, bounce could be sold for the downside move towards 17500 then 17350 zones whereas hurdles are placed at 17777 and 17850 zones.

    Stocks to buy or sell today: 6 short-term trading ideas by experts for 30 January 2023Agencies
    The Indian market is likely to open flat on Monday tracking muted global cues.

    The S&P BSE Sensex fell more than 800 points while the Nifty50 managed to hold on to 17,600 level on Friday.

    India VIX moved up by 18.14% from 14.66 to 17.32 levels on Friday.

    On the options front, the weekly maximum Call OI is placed at 18,000 and then towards 18,200 strikes while the weekly maximum Put OI is placed at 17,000 and then 17,500 strikes.

    “Options data suggests a broader trading range in between 17200 to 18200 zones due to upcoming event while an immediate trading range in between 17400 to 17800 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

    “Nifty formed a Bearish Engulfing candle on weekly frame and gave a range breakdown. Now, till the index holds below 17777 zones, bounce could be sold for the downside move towards 17500 then 17350 zones whereas hurdles are placed at 17777 and 17850 zones,” he said.

    We have collated stocks from various experts for traders who have a short-term trading horizon:

    Expert: Saga Doshi, Technical Analyst, Research, Nuvama Wealth

    JB Chemicals: Buy| Target Rs 2175| Stop Loss Rs 1955

    The stock recorded a breakout after a base building formation at Rs 1,900 which coincides with the rising trendline from August 2022.

    Deepak Nitrite: Sell| Target Rs 1700| Stop Loss Rs 1900

    The stock recorded a breakdown from a Bearish Flag and Pole pattern, indicating that bears have been tightening their grip.

    Bharat Forge: Sell| Target Rs 800| Stop Loss Rs 892

    The stock breached its lower end of the trading channel which paves way for stock testing levels of 800.

    Coromandel International: Sell| Target Rs 790| Stop Loss Rs 880

    The stock underperformed Nifty50 and recently it breached the crucial level of 860 giving a fresh breakdown.

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

    SBI: Buy| Target Rs 600| Stop Loss Rs 525

    GAIL India: Buy| Target Rs 110| Stop Loss Rs 95


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



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

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    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

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