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    Stocks to buy today: 6 short-term trading ideas by experts for 22 May 2023

    Synopsis

    The Indian market may remain stable on Monday, keeping in line with the mixed global cues. The S&P BSE Sensex increased by 300 points on Friday, and Nifty50 finished over the 18,200 level. India VIX descended by 3.91% from 12.79 to 12.30 levels, reducing the volatility and aiding the market. Options data shows the maximum Call OI at 18,200, and the maximum Put OI at 18,200. The experts suggest a broad trading range between 17,900 to 18,400 zones and an immediate trading range between 18,050 to 18,350 zones.

    Stocks to buy: 6 short-term trading ideas by experts for 20 April, 2023iStock

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    The Indian market is likely to consolidate on Monday tracking mixed global cues.

    The S&P BSE Sensex rose nearly 300 points while the Nifty50 closed above 18,200 level on Friday.

    India VIX was down by 3.91% from 12.79 to 12.30 levels on Friday. Volatility shrinked during the day and paved the way for the bulls in the market at support zones.

    On the options front, the monthly maximum Call OI is placed at 18,200 and then towards 18,500 strikes while the maximum Put OI is placed at 18,200 and then towards 18,000 strikes.

    Call writing is seen at 18,450 then 18,400 strikes while minor Put writing is seen at 18,100 then 18,000 strikes.

    “Options data suggests a broader trading range in between 17,900 to 18,400 zones while an immediate trading range in between 18050 to 18350 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services, said.

    “Nifty formed a Bullish hammer pattern on the daily scale with a longer lower shadow indicating buying at support zones. It formed a Bearish candle on the weekly frame but has been forming higher highs from the last eight weeks which suggests supports are gradually shifting higher,” he said.

    “Now, the index has to hold above 18181 zones, for an up move towards 18333 and 18442 zones while on the downside supports exist at 18081 and 18018 zones,” recommends Taparia.

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

    Expert: Kunal Bothra, Market Expert told ETNow

    Bank of Baroda: Buy| Target Rs 190| Stop Loss Rs 176.50
    ICICI Bank: Buy| Target Rs 980| Stop Loss Rs 920
    Motherson Sumi: Buy| Target Rs 86| Stop Loss Rs 78

    Expert: Nooresh Merani, an independent technical analyst told ETNow

    Infosys: Buy| Target Rs 1340| Stop Loss Rs 1250
    NIIT: Buy| Target Rs 450| Stop Loss Rs 370
    IndusInd Bank: Buy| Target Rs 1500| Stop Loss Rs 1190

    (Disclaimer: Recommendations, suggestions, views, and opinions given by 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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