Stocks to buy today: L&T, HCL Tech among top 7 short-term trading ideas for 23 May 2023

Indian market is expected to trade higher on Tuesday tracking positive global cues. The S&P BSE Sensex rose more than 200 points while the Nifty50 closed above 18300 on Monday.

India VIX was up by 2.20% from 12.30 to 12.57 levels. Volatility was slightly high during the day but overall lower levels continued comforting the bulls at support zones.

On the options front, the monthly maximum Call OI is placed at 18500 and then towards 18300 strikes while the maximum Put OI is placed at 18200 and then towards 18000 strikes.

Call writing is seen at 18500 and then towards 18300 strikes while meaningful Put writing is seen at 18200 and then towards 18300 strikes.

“Options data suggests a broader trading range in between 18000 to 18500 zones while an immediate trading range in between 18150 to 18450 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty formed a Bullish candle on the daily scale and negated its lower highs formation of the last four sessions,” he said.

“Now, the Nifty50 index has to hold above 18281 zones, for an up move towards 18400 and 18442 zones while on the downside supports exist at 18181 and 18081 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

JSW Steel: Buy| Target Rs 740| Stop Loss Rs 688

HCL Technologies: Buy| Target Rs 1150| Stop Loss Rs 1090

DLF Ltd: Buy| Target Rs 500| Stop Loss Rs 466

Expert: Nooresh Merani, an independent technical analyst told ETNow

L&T: Buy| Target Rs 2400| Stop Loss Rs 2180

Bharat Electronics: Buy| Target Rs 125| Stop Loss Rs 107

HCL Technologies: Buy| Target Rs 1250| Stop Loss Rs 1080

Bajaj Consumer: Buy| Target Rs 220| Stop Loss Rs 175

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