Stocks to buy: 7 short-term trading ideas by experts for 7 February 2023

Indian market is likely to trade higher on Tuesday tracking positive global cues.

The S&P BSE Sensex fell more than 300 points while the Nifty50 closed below 17800 levels on Monday.

India VIX moved up by 2% from 14.40 to 14.68 levels on Monday. Volatility has overall cooled down from higher levels from the last three sessions and now needs to hold below 14 zones for market stability.

On the options front, the weekly maximum Call OI is placed at 18000 and then towards 18500 strikes while the maximum Put OI is placed at 17000 and then towards 17600 strikes.

“Options data suggests a broader trading range in between 17400 to 18300 zones while an immediate trading range in between 17600 to 18000 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty formed an Inside Bar and a Bearish candle with long lower shadow on a daily scale which indicates buying interest on declines,” he said.

“Now, Nifty index needs to hold above 17777 zones, for an up move towards 17950 then 18081 zones whereas supports are placed at 17650 and 17500 zones,” recommends Taparia.

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

Expert: Ajit Mishra, VP - Technicals at Religare Broking told ETBureau

Apollo Tyres: Buy| Target Rs 385| Stop Loss Rs 315
Noticeable traction is seen in auto and related packs. The stock is inching gradually higher and looks upbeat for an upmove.

Godrej Consumer Products: Buy| Target Rs 1020| Stop Loss Rs 890
The stock is set for a breakout from the trendline resistance.

KPI Technologies: Buy| Target Rs 860| Stop Loss Rs 720
The stock has witnessed a breakout from a congestion zone of late and is trading at a record high.

Expert: Kunal Bothra, Market Expert told ETNow

Bajaj Finance: Buy| Target Rs 6250| Stop Loss Rs 5900

Siemens: Buy| Target Rs 3160| Stop Loss Rs 3015

Expert: Nooresh Merani, an independent technical analyst told ETNow

LTIMindtree: Buy| Target Rs 5000| Stop Loss Rs 4500

L&T Finance Holdings: Buy| Target Rs 100| Stop Loss Rs 86

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