Stocks to buy today: SBI, ICICI Bank among top 9 trading ideas for 18 July 2023

Indian market is expected to consolidate on Tuesday tracking mixed global cues.

The S&P BSE Sensex rose more than 500 points while the Nifty50 closed above 19700 levels for the first time on Monday.

India VIX was up by 5.95% from 10.68 to 11.31 levels on Monday. Volatility slightly spiked and created momentum for indices to cheer at lifetime high zones.

On the weekly options front, the maximum Call OI is placed at 20000 and then towards 19800 strikes while the maximum Put OI is placed at 19600 and then towards 19500 strikes.

Minor Call writing is seen at 19900 then 20000 strike while meaningful Put writing is seen at 19600 then 19650 strike.

“Options data suggests a shift trading range in between 19400 to 20000 zones while an immediate trading range in between 19550 to 19900 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty formed a Bullish candle on the daily scale on Monday with a longer lower shadow indicating any minor dips are converted into buying opportunity,” he said.“Now the Nifty has to hold above 19650 zones to extend the move towards 19850 then 20000 zones while on the downside support is intact at 19515 and 19420 zones,” recommended Taparia.

We have collated stocks from various experts for traders who have a short-term trading horizon:

Expert: Dharmesh Shah, Head – Technical, ICICI Securities told ETBureau

SBI: Buy| Target Rs 628| Stop Loss Rs 584

Sun Pharma: Buy| Target Rs 1123| Stop Loss Rs 1047

Firstsource Solutions: Buy| Target Rs 147| Stop Loss Rs 134

GMDC: Buy| Target Rs 188| Stop Loss Rs 172

Expert: Kunal Bothra, Market Expert told ETNow

SRF: Buy| Target Rs 2350| Stop Loss Rs 2180

IndusInd Bank: Buy| Target Rs 1446| Stop Loss Rs 1370

PNB: Buy| Target Rs 72| Stop Loss Rs 57

Expert: Nooresh Merani, an independent technical analyst told ETNow

SBI: Buy| Target Rs 650| Stop Loss Rs 590

ICICI Bank: Buy| Target Rs 1050| Stop Loss Rs 950

Indus Tower: Buy| Target Rs 190| Stop Loss Rs 166

(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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