Stocks to buy today: SBI, NMDC among top 9 trading ideas for 18 September 2023

Indian market is likely to consolidate on Monday tracking muted global cues.

The S&P BSE Sensex rose more than 300 points on Friday while the Nifty50 closed just a shade below 20200 levels.

India VIX was down by 3.69% from 11.32 to 10.90 levels in the previous trading session. Volatility cooled off in the latter part of the week and provided comfort to the bulls at support zones to touch fresh all-time high zones.

On the weekly options front, the maximum Call OI is placed at 20200 and then towards 20500 strikes while the maximum Put OI is placed at 20100 and then towards 20000 strikes.

Minor Call writing is seen at 20350 and then towards 20350 strikes while Put writing is seen at 20200 and then towards 20100 strikes.

“Options data suggests a shift in a higher trading range in between 19900 to 20400 zones while an immediate trading range in between 20000 to 20300 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty formed a strong Bullish candle on the weekly scale on Friday and has been forming higher highs – higher lows from the last two weeks,” he said.“Now the index has to hold above 20150 zones for an up move towards 20250 then 20300 zones whereas support exists at 20130 then 20050 zones,” recommends Taparia.

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

Expert: Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited told ETBureau

Grasim Industries: Buy| Target Rs 2070| Stop Loss Rs 1920

TVS Motor Company: Buy| Target Rs 1570| Stop Loss Rs 1470

SBI: Buy| Target Rs 625| Stop Loss Es 585

Expert: Kunal Bothra, Market Expert told ETNow

TVS Motor: Buy| Target Rs 1575| Stop Loss Rs 1460

Bandhan Bank: Buy| Target Rs 260| Stop Loss Rs 240

NMDC: Buy| Target Rs 159| Stop Loss Rs 143

Expert: Nooresh Merani, an independent technical analyst told ETNow

UPL: Buy| Target Rs 680| Stop Loss Rs 620

M&M: Buy| Target Rs 1700| Stop Loss Rs 1570

Biocon: Buy| Target Rs 320| Stop Loss Rs 268

(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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