Stock to buy today: 7 short-term trading ideas by experts for 20 January 2023

Indian markets opened flat on Friday tracking muted global cues.

Nifty50 failed to hold on to 18,100 levels in the first 15 minutes of trade.

Experts are of the view that as long as Nifty50 is above to hold on to 18,000-18,047 then bulls could make a comeback.

Nifty50 is now stuck in a narrow band of 17,800-18,200 and is likely to remain in this range in the absence of major triggers, they say.

“Triggers to take Nifty beyond 18,200 are not yet visible. Large Q3 results from the likes of RIL, ICICI Bank and Kotak have to be closely watched for indications,” Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

“Data on Capex, credit growth, and manufacturing and services PMI indicate that the growth rebound in the economy is robust. Capital goods segment has the potential to outperform this year,” he said.

India VIX was down by 0.28% from 14.08 to 13.40 levels on Thursday. Volatility has been hovering at lower levels from the last nine weeks and supporting the bulls to hold the overall command.

On the Options front, the maximum Call OI is placed at 19,000 and then towards 20,000 strikes while the maximum Put OI is placed at 18,000 and then towards 18,500 strikes.

“Option data suggests a broader trading range in between 18400 to 19200 zones while an immediate trading range in between 18400 to 18800 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

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

Expert: Pritesh Mehta, Lead Technical Analyst – Institutional Equities, Yes Securities told ETBureau
DLF: Buy| Target Rs 405| Stop Loss Rs 360
Consolidation above 370 is in a mature phase. Positive follow-up action could lift the stock till Rs 405 zone.

Apollo Pipes: Buy| Target Rs 570| Stop Loss Rs 501
The stock rebounded off the support zone. A break above Rs 530 could unlock upside potential till 570.

SBI Life: Buy| Target Rs 1400| Stop Loss Rs 1280
With sustained move above important moving averages, the stock is expected to travel north.

Expert: Kunal Bothra, Market Expert told ETNow
UPL: Buy| Target Rs 800| Stop Loss Rs 725

RateGain: Buy| Target Rs 400| Stop Loss Rs 360

Expert: Nooresh Merani, an independent technical analyst told ETNow
ONGC: Buy| Target Rs 170| Stop Loss Rs 146

Hero MotoCorp: Buy| Target Rs 2900| Stop Loss Rs 2740

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