Buy Stocks Today: 7 short-term trading ideas from experts for February 20, 2023

The Indian market pared gains after opening marginally higher on Monday, following mixed global signals. The S&P BSE Sensex moved below 61,000 while the Nifty50 stayed at 17,900.

At the sector level, there was some buying in auto and FMCG stocks, while there was selling in healthcare, oil & gas, energy and IT stocks.

The Indian VIX was up 1.51% on Friday from 12.89 to 13.08. Volatility has been reduced in recent sessions.

On the options front, the monthly maximum call OI is placed at 18,000 and then towards 18,500 strikes, while the maximum put OI is placed at 18,000 and then towards 17,500 strikes.

“Options data suggests a broader trading range between the 17700 to 18300 zones, while the immediate trading range is shifting between the 17800 to 18100 zones,” said Chandan Taparia, derivatives analyst at Motilal Oswal Financial Services Limited.

“Nifty formed a small-bodied bullish candle on a weekly frame with larger shadows on either side, suggesting a bull-bear tug-of-war near $18,000,” he said.

“Now the index needs to hold above 17,888 zones for an upward move towards 18,081 and then 18,181 zones while placing supports at 17,888 and 17,777 zones,” Taparia pointed out. We’ve compiled stocks from various experts for short-term traders

Expert: Chandan Taparia, Derivative & Technical Analyst, Motilal Oswal Fin Services to ETBureau

L&T: Buy| Target Rs 2325| Stop loss Rs 2175
The stock is holding well above its 50-WEMA with a bullish engulfing candle on the daily frame.

UltraTech Cements: Buy| Target Rs 7625| Stop loss Rs 7135
The stock has exited its consolidation range and surpassed resistance zones as volumes increased.

ONGC: Buy| Target Rs 163| Stop loss Rs 152
ONGC has been making higher highs over the past 5 months and has held up well over the past 9 sessions which is a positive sign.

Expert: Kunal Bothra, market expert to ETNow

Coal India: Buy| Target Rs 226| Stop loss Rs 212

RIL: Buy| Target Rs 2500| Stop loss Rs 2360

Expert: Nooresh Merani, an independent technical analyst told ETNow

ONGC: Buy| Target Rs 180| Stop loss Rs 148

Wipro: Buy| Target Rs 440| Stop loss Rs 398

(Disclaimer: Recommendations, suggestions, views and opinions of experts are their own. These do not represent the views of The Economic Times) Buy Stocks Today: 7 short-term trading ideas from experts for February 20, 2023

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