Stocks to buy or sell today: 5 short-term trading ideas by experts for 2 January 2023

Indian market was trading flat on Monday tracking muted global cues.

The S&P BSE Sensex and Nifty50 closed with gains of about 2% for the week ended December 30.

US stock markets ended on the negative side on Friday and closed the year on a negative note amid aggressive interest rate hikes to bring down inflation.

Rise in interest rates, recession fears, the Russia-Ukraine war as well as rising concerns over Covid cases in China will keep the markets on edge in 2023, suggest experts.

“This decline in forex reserves is to defend the rupee amid pressures caused majorly by global developments. On the technical front, 17950 and 18300 are immediate support and resistance in Nifty 50,” Mohit Nigam, Fund Manager & Head - PMS, Hem Securities, said.

“For Bank Nifty 42,200 and 43,500 are immediate support and resistance respectively,” he added.

As per NSDL data, FPIs have bought equity for Rs 6254 crores through the exchange up to 30th December.

The total FPI sell figure through the exchange for CY 2022 is Rs 146048 crores. But FPIs have invested Rs 24608 crores through the primary market in 2023.

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

Expert: Sagar Doshi, Technical Analyst, Research, Nuvama told ETBureau

SBI Life: Sell| Target Rs 1185| Stop Loss Rs 1275
The stock has formed a “Bearish Engulfing” pattern on the daily charts and reinforced a bearish momentum.

JSW Steel: Buy| Target Rs 825| Stop Loss Rs 740
The stock recorded a strong multi-top breakout after closing above levels of 770 resulting in a close above the Covid rally.

Balkrishna Industries: Buy| Target Rs 2290| Stop Loss Rs 2059
The stock has formed a “Rounding Bottom” pattern associated with a bottom formation.

SRF: Sell| Target Rs 2130| Stop Loss Rs 2370
Underperformance against Nifty is evident as SRF has failed to breach its swing high of 2,370.

Expert: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt. Ltd told ETMarkets

Hikal: Buy| Target Rs 450| Stop Loss Rs 395

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