Stocks to buy today: DLF, RIL among top 4 short-term trading ideas for 11 August 2023

Indian market is likely to consolidate on Friday tracking mixed global cues. The S&P BSE Sensex fell more than 300 points while the Nifty50 closed below 19600 levels in the previous session.

India VIX was up by 2.33% from 11.14 to 11.40 levels on Thursday. Volatility inched higher and caused some discomfort to the bulls.

On the weekly options front, the maximum Call OI is placed at 19600 and then towards 19700 strikes while the maximum Put OI is placed at 19500 and then towards 19400 strikes.

Minor Call writing is seen at 19600 and then towards 19700 strikes while Put writing is seen at 19500 and then towards 19400 strikes.

“Options data suggests a broader trading range in between 19000 to 20000 zones while an immediate trading range in between 19400 to 19700 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty formed a Bearish candle and an Inside Bar on the daily scale on Thursday with long lower shadow indicating buying was visible at the base but follow-up is missing at higher zones,” he said.

“Now the Nifty has to hold above 19500 zones for an up move towards 19650 and 19700 zones whereas supports are placed at 19500 and 19420 zones,” recommends Taparia.We have collated a list of stocks from various experts for traders who have a short-term trading horizon:

Expert: Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities told ETBureau

DLF: Buy| Target Rs 505| Stop Loss Rs 483

RIL: Buy| Target Rs 2620| Stop Loss Rs 2490

Wipro: Buy| Target Rs 430| Stop Loss Rs 412

Tata Steel: Buy| Target Rs 124| Stop Loss Rs 118

(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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