Stocks to buy today: SBI, NTPC among top 10 trading ideas for 1 August 2023

Indian market is likely to consolidate on Tuesday tracking mixed global cues. The S&P BSE Sensex rose more than 300 points while the Nifty50 closed above 19700 levels in the previous trading session.

India VIX was up by 2.69% from 10.14 to 10.41 levels on Monday. Volatility cooled off after spiking during the day but has been overall hovering near its lower band.

Since it is the beginning of the new series, Options data is scattered at various far strikes in the monthly series. On the weekly front, the maximum Call OI is placed at 19800 and then towards 20000 strikes.

The maximum Put OI is placed at 19600 and then towards 19700 strikes. Call writing is seen at 20000 and then towards 19950 strikes while the Put writing is seen at 19700 and then towards 19600 strikes.

“Options data suggests a broader trading range in between 19300 to 20200 zones while an immediate trading range in between 19500 to 20000 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty negated its lower lows of the last two sessions and respected the support of 20 DEMA. Now, the index has to hold above 19700 zones to extend the move towards 19867 then 19991 zones while on the downside support is placed at 19560 and 19433 zones,” he said.

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

Expert: Dharmesh Shah, Head – Technical, ICICI Securities told ETBureau
NTPC: Buy| Target Rs 229| Stop Loss Rs 211

HEG: Buy| Target Rs 1898| Stop Loss Rs 1748

Indian Bank: Buy| Target Rs 370| Stop Loss Rs 337

Praj Industries: Buy| Target Rs 453| Stop Loss Rs 413

Expert: Kunal Bothra, Market Expert told ETNow

Tata Steel: Buy| Target Rs 130| Stop Loss Rs 119

BEL: Buy| Target Rs 138| Stop Loss Rs 127

NHPC: Buy| Target Rs 58| Stop Loss Rs 48

Expert: Nooresh Merani, an independent technical analyst told ETNow

SBI: Buy| Target Rs 680| Stop Loss Rs 600

Bank of Baroda: Buy| Target Rs 250| Stop Loss Rs 217

NMDC: Buy| Target Rs 130| Stop Loss Rs 113

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

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Secular Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – seculartimes.com. The content will be deleted within 24 hours.

Leave a Comment