Stocks to buy today: Bharat Forge, Wipro among top 9 trading ideas for 19 July 2023
The S&P BSE Sensex rose more than 200 points, while the broader Nifty50 rose 37 points to end at a new record high of 19,749 on Tuesday. India VIX was up by 3.49% from 11.31 to 11.71 levels on Tuesday.
Volatility slightly spiked and created momentum for indices to cheer at lifetime high zones. On the weekly options front, the maximum Call OI is placed at and then towards 19,800 strikes while the maximum Put OI is placed at 19,600 and then towards 19,500 strikes.
Minor Call writing is seen at 19,800 then 20,000 strike while Put writing is seen at 19700 then 19750 strike. “Options data suggests a shift trading range in between 19,400 to 20,000 zones while an immediate trading range in between 19550 to 19900 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.
“The Nifty50 formed a small-bodied bearish candle on the daily scale on Tuesday with longer lower shadow indicating any minor dips are converted into buying opportunity,” he said. The base of the index is shifting higher.
It is forming a higher high formation from the last four sessions. “Now, Nifty has to hold above 19,650 zones to extend the move towards 19,850 then 20,000 zones while on the downside support is intact at 19,650 and 19,515 zones,” recommended Taparia.We have collated stocks from various experts for traders who have a short-term trading horizon:Expert: Jay Thakkar, Head Alternate Research, Sharekhan by BNP Paribas told ETBureauICICI Bank: Buy| Target Rs 1025| Stop Loss Rs 950Wipro: Buy| Target Rs 450| Stop Loss Rs 400Tata Consumer: Buy| Target Rs 900| Stop Loss Rs 835Expert: Kunal Bothra, Market Expert told ETNowBharat Forge: Buy| Target Rs 900| Stop Loss Rs 855Aurobindo Pharma: Buy| Target Rs 780| Stop Loss
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