Stocks to buy or sell today: 5 short-term trading ideas by experts for 29 December 2022

Spoiling the Santa Rally seen over the first two days of the week, the Indian equity market remained under pressure for the second day on Thursday amid weak global cues.

US stocks finished sharply lower on Wednesday, as investors assessed economic data on the housing market amid concerns over rising interest rates and economic growth in 2023. US stocks fell for a second day on concerns that the end of China’s zero-Covid policy could lead to a rise in cases around the world.

On the technical front, the key resistance level for Nifty50 is 18,250 and on the downside 18,000 can act as strong support. Key resistance and support levels for Bank Nifty are 43,100 and 42,400 respectively, said Mohit Nigam of Hem Securities.

FIIs have sold shares to the tune of Rs 2,239 crore in the last three trading sessions and Rs 10,708 crore in the month so far, which is a sign of caution for investors.

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

Expert: Amit Trivedi, YES Securities

Buy Chambal Fertilizers at Rs 300-302 | Stop loss Rs 283 | Target Rs 340
During the recent swift decline, the stock managed to defend July month’s low. Appearance of multiple tall bullish candle indicates renewed buying interest and shift of band on the upside.

Brokerage: Reliance Securities

Buy Adani Ports
For today’s trade, long position can be initiated in the range of Rs 796- 804 for a target of Rs 827 with a strict stop loss of Rs 792.

Buy Coal India
For today’s trade, long position can be initiated in the range of Rs218- 221 for the target of Rs230 with a strict stop loss of Rs216.

Sell L&T
For today’s trade, short position can be initiated in the range of Rs2135- 2145 for the target of Rs2090 with a strict stop loss of Rs2155.

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