Stocks to buy today: Ambuja Cements, IndusInd Bank among 9 short-term trading ideas for 11 May 2023

By Nick J Adam On May 11, 2023

Indian market is expected to trade higher on Thursday tracking positive global cues. S&P BSE Sensex rose nearly 200 points while Nifty50 settled above 18300 levels on Wednesday.

India VIX was up by 3.17% from 12.67 to 13.08 levels on Wednesday. Volatility has been rising from the last four sessions and creating swings in the market.

On the options front, the weekly maximum Call OI is placed at 18500 and then towards 18400 strikes while the maximum Put OI is placed at 18200 and then towards 18300 strikes.

Call writing is seen at 18450 then 18500 strikes while Put writing is seen at 18300 then 18200 strikes.

“Options data suggests a broader trading range in between 17800 to 18500 zones while an immediate trading range in between 18150 to 18400 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty formed a Doji candle on a daily scale with long lower shadow indicating support-based buying seen at any meaningful declines,” he said.

“Now, Nifty has to continue to hold above 18250 zones to witness an up move towards 18400 and 18442 zones while on the downside supports are placed at 18181 and 18081 marks,” recommends Taparia.We have collated stocks from various experts for traders who have a short-term trading horizon:

Expert: Rajesh Palviya, VP-Technical & Derivative Research, Axis Securities told ETBureau

Greaves Cotton: Buy| Target Rs 176| Stop Loss Rs 144

Firstsource Solutions Ltd: Buy| Target Rs 151| Stop Loss Rs 122

CreditAccess Grameen: Buy| Target Rs 1130| Stop Loss Rs 990

KEC International: Buy| Target Rs 645| Stop Loss Rs 525

Expert: Kunal Bothra, Market Expert told ETNow

Tata Communications: Buy| Target Rs 1330| Stop Loss Rs 1250

Divi’s Laboratories: Buy| Target Rs 3550| Stop Loss Rs 3350

IndusInd Bank: Buy| Target Rs 1225| Stop Loss Rs 1145

Expert: Nooresh Merani, an independent technical analyst told ETNow

Ambuja Cements: Buy| Target Rs 440| Stop Loss Rs 395

Coal India: Buy| Target Rs 255| Stop Loss Rs 230

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

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