Stocks to buy or sell: 8 short-term trading ideas by experts for 6 October 2022

The Indian market opened higher on Thursday tracking positive global cues. The S&P BSE Sensex rose over 400 points while Nifty50 reclaimed 17,400 levels in the first 15-minutes of trade.

Sectorally, buying was seen in metals, capital goods, realty, power, utilities, and IT stocks.

Nifty50 could face some resistance around 17400-17500 levels, but the larger trend is still on the upside.

The Nifty weekly contract has the highest open interest at 17500 for Calls and 17000 for Puts while monthly contracts have the highest open interest at 18000 for Calls and 16000 for Puts, said experts.

“The mother market US is now signalling a base case scenario of a short and mild recession. That’s why markets are bouncing back sharply from oversold levels,” Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

“And whenever there is a rally in US markets, India is outperforming reflecting the resilience of Indian economy and markets. Investors should not be carried away by the rallies because there are major challenges for the global economy and markets,” he said.

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

Expert: Devarsh Vakil, Deputy Head, Retail Research, HDFC Securities told ETBureau

Pfizer: Buy| Target Rs 4725| Stop Loss Rs 4190
The stock has surpassed a crucial resistance of 200-Days EMA with a jump in volumes.

Central Bank: Buy| Target Rs 21.5| Stop Loss Rs 19
The stock price has reached near its 50 & 200-Days EMA supports, which could result in a throwback.

Expert: Kunal Bothra, Market Expert told ETNow

TCS: Buy| Target Rs 3190| Stop Loss Rs 3050

Torrent Power: Buy| Target Rs 520| Stop Loss Rs 490

IRCTC: Buy| Target Rs 740| Stop Loss Rs 704

Expert: Nooresh Merani, an independent technical analyst told ETNow

Ashok Leyland: Buy| Target Rs 170| Stop Loss Rs 150

United Breweries: Buy| Target Rs 1900| Stop Loss Rs 1650

IDFC Ltd: Buy| Target Rs 80| Stop Loss Rs 66

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