Stocks to buy today: 4 short-term trading ideas by experts for 16 May 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 closed just below 18400 on Monday.

Sectorally, buying was seen in realty, FMCG, telecom, and public sector while selling was seen in power, utilities and oil & gas stocks in the previous trading session.

India VIX was up by 2.51% from 12.85 to 13.17 levels on Monday. However, overall volatility is lower which is giving comfort to bulls for buy on decline stance in the market.

On the options front, the weekly maximum Call OI is placed at 18500 and then towards 18400 strikes while the maximum Put OI is placed at 18300 and then towards 18200 strikes.

Call writing is seen at 18650 then 18400 strike while Put writing is seen at 18400 then 18350 strike.

“Options data suggests a broader trading range in between 18000 to 18600 zones while an immediate trading range in between 18250 to 18500 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

Nifty formed a bullish candle on the daily scale as buying is visible at lower zones and it closed the day with decent gains near 18400 levels on Monday.

“Nifty50 has given the highest daily close in the previous nine sessions and supports are gradually shifting higher,” he said.

“Now, it has to continue to hold above 18350 zones to witness an up move towards 18442 and 18550 zones while on the downside supports are placed at 18250 and 18181 marks,” recommends Taparia.

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

Expert: Ajit Mishra, VP – Technicals, Religare Broking told ETBureau

Can Fin Homes: Buy| Target Rs 710| Stop Loss Rs 640

GNFC: Buy| Target Rs 690| Stop Loss Rs 605

L&T Finance Holdings: Buy| Target Rs 108| Stop Loss Rs 93

United Spirits: Buy| Target Rs 860| Stop Loss Rs 780

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