stocks to buy today: Stocks to buy today: 8 short-term trading ideas by experts for 16 March 2023

By Jason Junior On Mar 16, 2023

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Indian market is expected to trade flat-to-higher on Thursday tracking mixed global cues. The S&P BSE Sensex fell more than 300 points while the Nifty50 closed below 17000 on Wednesday.

India VIX marginally moved up by 0.46% from 16.22 to 16.29 levels on Wednesday. Volatility is quoting near the highest levels of the last 28 trading sessions thus giving overall grip to bears in the market, suggest experts.

On the weekly options front, the maximum Call OI is placed at 17200 and then towards 17500 strikes while the maximum Put OI is placed at 16800 and then towards 16700 strikes.

“Options data suggests a broader trading range in between 16600 to 17400 zones while an immediate trading range in between 16800 to 17250 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

The Nifty50 index continued its losing streak for the fifth consecutive session and recently corrected by more than 850 points from 17800 to 16938 zones.

“Nifty closed the day with losses of around 70 points by forming a bearish candle on daily scale and has been making lower lows from the last six trading sessions on Wednesday,” Taparia said.

“Now, till it remains below 17171 zones, weakness could continue towards next support of 16800 then 16666 levels while on the upside hurdles are seen at 17171 and 17250 levels,” he recommends.We have collated stocks from various experts for traders who have a short-term trading horizon:

Expert: Jayesh Bhanushali, Sr Derivative & Technical Research Analyst at IIFL told ETBureau

GMR Infra: Buy| Target Rs 43.7| Stop Loss Rs 39.80

Petronet LNG: Buy| Target Rs 248| Stop Loss Rs 229

Expert: Kunal Bothra, Market Expert told ETNow

Kotak Mahindra Bank: Buy| Target Rs 1725| Stop Loss Rs 1645

IEX: Buy| Target Rs 158| Stop Loss Rs 148

Glenmark Pharma: Buy| Target Rs 460| Stop Loss Rs 415

Expert: Nooresh Merani, an independent technical analyst told ETNow

HDFC Bank: Buy| Target Rs 1650| Stop Loss Rs 1500

Power Grid: Buy| Target Rs 250| Stop Loss Rs 223

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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