trading ideas: Stocks to buy or sell today: 7 short-term trading ideas by experts for January 6, 2023
On Thursday, the S&P BSE Sensex fell more than 300 points while the Nifty50 broke below 18,000 levels on a closing basis. While, India VIX was down by 1.43% from 15.19 to 14.98 levels.
Volatility needs to now cool down below 14 zones for stability to resume.
On the options front, the weekly maximum Call OI is placed at 18,000 and then towards 18,200 strikes while the weekly maximum Put OI is placed at 18,000 and then towards 17,700 strikes.
Meaningful Call writing is seen at 18,000 then 18,200 strikes while minor Put writing at 18,000 then 17,900 strikes.
“Options data suggests a broader trading range in between 17700 to 18500 zones while an immediate trading range in between 17850 to 18250 zones,” Chandan
, Analyst-Derivatives at Limited, said.
“Nifty formed a Bearish candle on the daily scale on Thursday with long lower shadow indicating support-based buying. It has to cross and hold above 18018 zones for an up move towards 18123 and 18181 zones whereas support exists at 17850 then 17777 zones,” he said.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Pritesh Mehta, Lead Technical Analyst, Yes Securities told ETBureau
General Insurance: Buy| Target Rs 1400| Stop Loss Rs 1230
The stock recorded an ABC breakout post-bullish anchor column which points towards starting off a new trend on the upside.
: Sell| Target Rs 1400| Stop Loss Rs 1580
The pattern of three crows and a bearish turtle break suggests a continuation of the downtrend since October.
: Buy| Target Rs 88| Stop Loss Rs 75
The presence of a green tall bar post a pullback from a support zone implies a reversal in trend in place since April.
Expert: Kunal Bothra, Market Expert told ETNow
: Buy| Target Rs 2820| Stop Loss Rs 2700
: Buy| Target Rs 8750| Stop Loss Rs 8350
Expert: Nooresh Merani, an independent technical analyst told ETNow
: Buy| Target Rs 185| Stop Loss Rs 165
GCPL: Buy| Target Rs 960| Stop Loss Rs 900
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
