Stocks to buy today: 9 short-term trading ideas by experts for 21 March 2023

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

The S&P BSE Sensex fell more than 300 points while Nifty50 closed below the 17,000 mark on Monday.

India VIX was up by 8.38% from 14.77 to 16 levels on Monday. Volatility has been on the rise from the last three weeks which is giving some discomfort to the bulls.

On the weekly options front, the maximum Call OI is placed at 17200 and then towards 17000 strike while the maximum Put OI is placed at 16900 and then towards 17000 strikes.

“Options data suggests a broader trading range in between 16600 to 17400 zones while an immediate trading range in between 16800 to 17200 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty formed a Bearish candle with long lower shadow similar to a Hammer on daily scale on Monday indicating that buying can be seen at support zones but absence of follow up is resisting it at higher zones,” he said.

“Now, Nifty has to cross and hold above 17071 zones to witness a bounce towards 17171 and 17250 zones, while on the downside supports are seen at 16850 and 16800 levels,” 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

BPCL: Buy| Target Rs 388| Stop Loss Rs 344
Noticeable traction was seen in the stock after months of consolidation. BPCL surpassed the previous swing high as well which is a sign of strength.

DLF: Buy| Target Rs 392| Stop Loss Rs 355
The stock recovered strongly after retesting the trendline support on the weekly charts.

Godrej Consumer Products: Buy| Target Rs 1035| Stop Loss Rs 920
The stock recorded a fresh breakout on the daily chart. It is likely to inch gradually higher from the current levels.

Expert: Kunal Bothra, Market Expert told ETNow

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

SBI: Buy| Target Rs 540| Stop Loss Rs 508

Federal Bank: Buy| Target Rs 135| Stop Loss Rs 126

Expert: Nooresh Merani, an independent technical analyst told ETNow

Infosys: Buy| Target Rs 1500| Stop Loss Rs 1380

L&T: Buy| Target Rs 2500| Stop Loss Rs 2140

IEX: Buy| Target Rs 170| Stop Loss Rs 145

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

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