Stocks to buy or sell today: 4 short-term trading ideas by experts for 16 January 2023

Indian market is expected to trade higher on Monday tracking positive global cues.

The S&P BSE Sensex rose more than 300 points while Nifty50 closed above 17,900 levels on Friday.

India VIX was down by 5.37% from 15.27 to 14.46 levels on Friday. Volatility cooled off during the day and accelerated the bulls at support zones. It needs to now come below 14 zones for stability to resume, suggest experts.

On the options front, the weekly maximum Call OI is placed at 18000 and then towards 18200 strikes while the maximum Put OI is placed at 17900 and then towards 17800 strikes.

Call writing is seen at 18200 then 18000 strikes while Put writing was seen at 17800 and then towards 17900 strikes.

“Options data suggests a shift in the trading range in between 17700 to 18300 zones while an immediate trading range in between 17800 to 18200 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty formed a Doji candle on the weekly frame and witnessed a tug of war between the bears and bulls throughout the week,” he said.

Taparia further added that the Nifty50 has to hold above 17950 zones for an up move towards 18081 and then towards 18181 zones whereas supports are placed at 17850 and 17777 zones.

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

Expert: Sagar Doshi, Technical Analyst - Research, Nuvama Wealth

Bajaj Finance: Buy| Target Rs 6400| Stop Loss Rs 5875
After a steep fall, momentum oscillators are turning north. Bajaj Finance seems ripe for a rally toward 6400.

IDFC: Buy| Target Rs 92| Stop Loss Rs 82.20
IDFC has broken out from a “Bullish Flag and Pole” pattern indicating revival of the bullish sentiments.

Indus Towers: Sell| Target Rs 172| Stop Loss Rs 191.50
On the swing charts, the stock has failed to give a bullish follow-through in its recent pullback.

United Spirits: Sell| Target Rs 787| Stop Loss Rs 876.50
United Spirits has given a breakdown from a “bearish flag and pole” indicating bearish momentum to continue.

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