Stocks to buy today: 8 short term trading ideas by experts for 17 May 2023

Indian market is expected to consolidate on Wednesday tracking muted global cues. The S&P BSE Sensex fell more than 400 points while the Nifty50 closed below 18300 levels on Tuesday.

India VIX was up by 0.93% from 13.17 to 13.29 levels on Tuesday. There is a small surge in the volatility from lower levels in the last two sessions which is leading to swings in the market on either side.

On the options front, the weekly maximum Call OI is placed at 18400 and then towards 18500 strikes while the maximum Put OI is placed at 18300 and then towards 18200 strikes.

Call writing is seen at 18400 then 18350 strikes while minor Put writing is seen at 18150 then 18100 strikes.

“Options data suggests a broader trading range in between 18000 to 18600 zones while an immediate trading range in between 18100 to 18450 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty formed a Bearish Belt Hold and a Bearish Engulfing pattern on a daily scale on Tuesday. Now, it has to hold above 18250 zones to witness an up move towards 18400 and 18442 zones while on the downside supports are placed at 18181 and 18081 marks,” recommended Taparia.

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

Expert: Nagaraj Shetti, Technical and Derivative Analyst, HDFC Securities told ETBureau

Transport Corporation of India: Buy| Target Rs 710| Stop Loss Rs 652

ICICI Securities: Buy| Target Rs 525| Stop Loss Rs 480

Expert: Nooresh Merani, an independent technical analyst told ETNow

Coal India: Buy| Target Rs 260| Stop Loss Rs 234

Tata Power: Buy| Target Rs 230| Stop Loss Rs 205

Maharashtra Seamless: Buy| Target Rs 530| Stop Loss Rs 425

Expert: Kunal Bothra, Market Expert told ETNow

Gujarat Narmada Valley: Buy| Target Rs 675| Stop Loss Rs 630

Devyani International: Buy| Target Rs 196| Stop Loss Rs 180

Sanghi Industries: Buy| Target Rs 85| Stop Loss Rs 70

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