Stocks to buy today: RIL, NMDC among top 8 trading ideas by experts for 16 August 2023
The S&P BSE Sensex and the Nifty50 closed flat but with a positive bias on Monday. Indian market remained shut on Tuesday on account of a public holiday.
India VIX was up by 4.12% from 11.52 to 11.99 levels in the previous trading session. Volatility spiked to 12.75 during the day but later cooled off thus paving the way for the bulls at support zones.
On the weekly options front, the maximum Call OI is placed at 19600 and then towards 19500 strikes while the maximum Put OI is placed at 19400 and then towards 19300 strikes. Call writing is seen at 19450 and then towards 19600 strikes while Put writing is seen at 19300 and then towards 19200 strikes.
«Options data suggests a broader trading range in between 19000 to 19800 zones while an immediate trading range in between 19200 to 19600 zones,» Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said. «Nifty formed a Bullish Hammer candle on the daily scale on Monday with longer lower shadow indicating support near key moving average,» he said.
«Now the index has to hold above 19420 zones to witness a bounce towards 19560 then 19620 zones whereas support exists at 19300 then 19250 zones,» recommends Taparia. We have collated a list of stocks from various experts for traders who have a short-term trading horizon:Expert: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas told ETBureauFinolex Industries: Buy| Target Rs 244| Stop Loss Rs 200SJVN: Buy| Target Rs 63| Stop Loss Rs 55Godrej Industries: Buy| Target Rs 524| Stop Loss Rs 483Expert: Nooresh Merani, an independent technical analyst told ETNowNMDC: Buy| Target Rs 135| Stop Loss Rs 114CARE Ratings: Buy| Target Rs 850| Stop Loss Rs 740 Finolex Industries: Buy| Target Rs 250|
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