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    Stocks to buy today: Top 5 short-term trading ideas by experts for 23 December 2022

    Synopsis

    Nifty50 breached the 18,000 mark on Friday and the next big support for the index is placed at 17,900 levels. Experts advise investors to pick quality socks on dips.

    Stocks to buy today: Top 5 short-term trading ideas by experts for 23 December 2022Agencies
    Indian market opened in the red following muted global cues.

    Nifty50 breached the 18,000 mark on Friday and the next big support for the index is placed at 17,900 levels. Experts advise investors to pick quality socks on dips.

    The Nifty weekly contract has the highest open interest at 18,500 for Calls and 18,100 for Puts while monthly contracts have the highest open interest at 19,000 for Calls and 18,000 for Puts.

    Data suggests that the highest new OI addition was seen at 18,150 for Calls and 18,100 for Puts in weekly and at 19,000 for Calls and 18,200 for Puts in monthly contracts.

    “Our projected target of 17,900 has continued to attract prices lower, positive divergences in oscillators are beginning to show up, reducing the odds of falls beyond the same,” Anand James - Chief Market Strategist at Geojit Financial Services, said.

    “This contention is important as we had warned about the possibility of having to consider the possibilities of 16,800, should we get to the present levels,” he said.

    “We expect reversal attempts once in the 18,000 vicinities, but the inability to scale 18,250 on the bounce should confirm a downtrend aiming at 17,670 initially,” recommend James.

    Strong US data as well as a rise in COVID cases are weighing on market sentiment across the globe, suggest experts.

    Data from the US on micro and macro numbers suggests that the hawkish monetary stance from the US Fed is likely to continue.

    “The global market backdrop continues to be weak due to the strong economic data from the US. The paradox of good economic news turning out to be bad news for markets is playing out,” Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

    “Data from US on consumer confidence, jobless claims, and Q3 GDP numbers surprised on the upside indicating continuation of the hawkish monetary stance from the Fed. The high market volatility of the last 6 days is likely to continue,” he said.

    “There is an element of overreaction in the market to the Covid news. Even though a ‘Santa Claus rally’ appears unlikely, investors can buy high-quality stocks in telecom, banking, and capital goods on dips,” added Vijayakumar.

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

    Brokerage Firm: Reliance Securities

    Asian Paints: Buy| Target Rs 3130| Stop Loss Rs 3014

    Shree Cements: Buy| Target Rs 24210| Stop Loss Rs 23190

    Bata India: Buy| Target Rs 1675| Stop Loss Rs 1602

    Expert: Pritesh Mehta, Lead Technical Analyst – Institutional Equities, YES Securities

    ICICI Prudential Life Insurance: Buy| Target Rs 505| Stop Loss Rs 425

    The stock has defended the previous low and has been consolidating around a three-digit Gann number of 441.

    Expert: Nooresh Merani, an independent technical analyst told ETNow

    Kotak Mahindra Bank: Buy| Target Rs 1950| Stop Loss Rs 1770

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



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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
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