9 short-term trading ideas by experts for January 2023 series with 6-17% upside

The next big resistance for the index is placed at around 18,400. Budget 2023, rise in Covid cases, FII flows as well as earnings season will guide markets in the near term, suggest experts.

“As we start the new year 2023, we expect markets to remain sideways in a range in the near term. While fears of recession and spread of covid outside China is capping the upside, we are witnessing strong buying at lower levels which are supporting the markets on the downside,” Siddhartha Khemka, Head – Retail Research,

, said.

“Q3 results and the upcoming Union Budget could provide much needed fresh positive triggers to Indian equities,” he said.

Auto sector is likely to be in focus next week on back monthly auto sales data. Metals too will be in focus after China announced to raise export duty on metals.

We have collated a list of 9 trading ideas by expert for January 2023 series which could give 6-17% return in the next 3-4 weeks:

Expert: Anand James, Chief Market Strategist at

: Buy | LTP Rs 95 | Target Rs 104-110 | Stop Loss Rs 89 | Upside 16%

After declining for the last two months, the stock has bounced off the declining trendline support and has successfully broken above the PSar value of 91.

Also, the MACD has crossed above the signal line hinting at further upside for the stock in the next few months.

We expect the stock to move initially towards Rs 104, and thereafter towards Rs 110. Longs may be protected with stop loss placed below Rs 89.

: Buy | LTP Rs 329 | Target Rs 345 – 360 | Stop Loss Rs 315 | Upside 9%

Aptech had recently bounced off the declining trendline support and has now broken above the declining wedge pattern on daily charts.

Also, the MACD has broken above the signal line and the stock has closed above the PSar value of 325 indicating more positivity in the next few weeks.

We expect the stock to move towards Rs 345-360 levels. Longs may be protected with a stop loss placed below Rs 315.

: Buy | LTP Rs 572 | Target Rs 600-620 | Stop Loss Rs 550 | Upside 8%

The stock has been in a corrective mode since the start of December and has seen a bounce back from Rs 550 which is the 61.8% Fibonacci retracement level of the September 2022 low and December 2022 high.

Currently, it has formed a Morning Star candlestick pattern on daily charts along with exhaustion seen in the MACD forest pointing towards a bullish outlook for the stock in the next few weeks.

We expect the stock to move towards Rs 600 and thereafter towards Rs 620. Protect longs with stop loss placed below Rs 550.

Expert: Rameshver Dongre, Research Analyst – Equity Research at CapitalVia Global Research.

: LTP Rs 1,650 | Buy above Rs 1,670 | Stop Loss Rs 1,599 | Target Rs 1,790-1,860 | Upside 7%

The overall trend looks bullish for Bata India and after a correction, we observed RSI is in a positive divergence. The stock is also experiencing buying demand in the range of Rs 1,600-1,640.

One should buy Bata India on the breakout above Rs 1,670 with a stop loss of Rs 1,599, and near-term targets are placed around Rs 1,790 and Rs 1,860 level.

Lodha: LTP Rs 1,091 | Buy in the range of Rs 1,040-1,060| Stop Loss Rs 899 | Target Rs 1,240-1,320| Upside 17%

The major trend of stock is bullish on the weekly chart. After ideal correction, it has given a trendline resistance breakout on the higher side and is also maintaining above the 50 & 200-Days EMA.

Investors should maintain a bullish view of it as long as it sustains above the Rs 899 level and on the higher side Rs 1,240 and then Rs 1,320 level can be seen.

: LTP Rs 235 | Buy in the range of Rs 225-230 | Stop Loss Rs 209 | Target Rs 256-290 | Upside 14%

HPCL recent trend is bearish on the daily chart, but on the weekly charts, we can see RSI is strengthening and observed positive divergence.

Technically, on the chart, it has already given a breakout from a trendline and came to retest the support zone.

From this range of Rs 225-230, it is expected to resume its uptrend and can continue up to Rs 256 and Rs 290 levels. Our bullish view will be valid as long it sustains above the Rs 209 level.

Expert: Rupak De, Senior Technical Analyst at

: Buy | LTP Rs 933.75 | Target Rs 1,000| Stop Loss Rs 900 | Upside 7%

On the weekly chart, the index has formed a bullish harami pattern, suggesting a rise in optimism. Besides, the stock has been moving within a rising wedge pattern on the daily timeframe.

The momentum indicator has entered a bullish crossover on the weekly timeframe. In the short term, the stock may rise to Rs 1,000 if it remains above Rs 900.

: Buy | LTP Rs 333.30 | Target Rs 365 | Stop Loss Rs 314 | Upside 10%

On the weekly chart, the index has formed a bullish engulfing pattern, suggesting a rise in optimism. Besides, the stock has moved above the recent consolidation in the weekly timeframe.

The momentum indicator has entered a bullish crossover. In the short term, the stock may rise to Rs 360 if it remains above Rs 314.

: Buy | LTP Rs 116.50 | Target Rs 132 | Stop Loss Rs 110 | Upside 16%

The stock has witnessed a strong breakout on the weekly and daily charts with a sharp surge in volumes. The index has surpassed its previous swing high and is trading well above its short-term moving average of 20 simple moving averages.

The momentum indicator RSI is trading above the level of Rs 60 which confirms the strength of the stock. The lower-end support is visible at Rs 110 and the upside visible targets are Rs 132.

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