Stocks to buy today: VIP Industries, Tech Mahindra among top 8 trading ideas for 7 October 2024

Indian market is likely to trade higher on Monday tracking positive global cues.

The Indian equity markets concluded their fifth consecutive session in the red on October 4, with the Nifty closing around 25,000, down by 235.50 points or 0.93%.

From its recent life-highs, the Nifty has corrected nearly 1,300 points, which represents a 5% drop.

The Nifty index has broken below both the 20-day and 50-day exponential moving averages (EMA), closing beneath these key short-term indicators, data showed.

“This breakdown signals a strong bearish momentum likely to continue into the upcoming week. On the weekly chart, Nifty has formed a significant bearish candlestick pattern, further supporting the possibility of sustained downward pressure,” Mandar Bhojane, Technical Research Analyst at Choice Broking, said.

“If the index breaches and sustains below the 25,000 level, there is potential for further correction toward the 100-day EMA, which is positioned around the 24,375 level,” he said.“In the near term, 24,800 will act as a critical support zone, while a failure to hold above this level may intensify the selling pressure. The current technical trend suggests a sell on rise strategy, with fresh buying opportunities likely
to emerge only if the Nifty decisively moves above the 25,500 zone,” recommended Bhojane.

We have collated a list of stocks from the F&O basket along with cash market from various experts for traders who have a short-term trading horizon:

Expert: Sagar Doshi, Technical Analyst Research at Nuvama Wealth told ETBureau


Tech Mahindra:
Buy| Target Rs 1762| Stop Loss Rs 1565

APL Apollo: Buy| Target Rs 1755| Stop Loss Rs 1560

Expert: Kunal Bothra, Market Expert told ETNow


Balrampur Chini Mills: Buy| Target Rs 690| Stop Loss Rs 650

Alkem Laboratories: Buy| Target Rs 6325| Stop Loss Rs 6150

VIP Industries:
Buy| Target Rs 588| Stop Loss Rs 550

Expert: Nooresh Merani, an independent technical analyst told ETNow

Bank of Baroda: Buy| Target Rs 265| Stop Loss Rs 245

Tata Chemicals:
Buy| Target Rs 1250| Stop Loss Rs 1100

VIP Industries: Buy| Target Rs 650| Stop Loss Rs 535

(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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