Stocks to buy today: 5 short-term trading ideas from experts for 24 January 2023

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

The S&P BSE Sensex rose more than 300 points while the Nifty50 reclaimed 18100 levels on Monday.

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

On the options front, the maximum Call OI is placed at 19000 and then towards 20000 strikes, while the maximum Put OI is placed at 18000 and then towards 18500 strikes.

"Options 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.

Nifty formed a small-bodied bullish candle on the daily scale on Monday and negated its lower lows formation of the last four sessions.

“Now, Nifty has to hold above 18550 zones, for an up move towards 18700 then 18881 zones whereas supports are at 18442 and 18350 zones,” added Taparia.

If the momentum continues, the Nifty50 could surpass 18200 levels on the upside amid strength in banks, as well as strong Q3 results, suggest experts.

"The ongoing momentum has the potential to break the 17800-18200 range on the upside. The stellar performance of the banking segment stands out in this Q3 results season," Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

"Remain invested in banking stocks, particularly the high-quality names, despite the run-up in prices," he added.
We have collated stocks from various experts for traders who have a short-term trading horizon:

Expert: Ajit Mishra, VP - Technical Research, Religare Broking Ltd told ETBureau
Bharat Forge: Buy | Target: Rs 970 | Stop Loss: Rs 830
Eicher Motors: Buy | Target Rs 3480 | Stop Loss Rs 3040
ITC: Buy | Target: Rs 360 | Stop Loss: Rs 325
Wipro: Buy | Target: Rs 442 | Stop Loss: Rs 388

Expert: Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt. Ltd told ETMarkets
ICICI Bank: Buy | Target Rs 920 | Stop Loss: Rs 855

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