Stocks to buy today: 6 short-term trading ideas by experts for 8 March 2023

The Nifty 50 index fell 89 points or 0.50% to 17,622, while the S&P BSE Sensex dropped 323 points or 0.54% to 59,901, as of 9.26 am.

Indian markets remained closed on Tuesday, March 7 2023, on account of a public holiday.

India VIX moved up by 0.72% from 12.18 to 12.26 levels on Monday. Volatility slightly moved higher for the day but overall it has been cooling off from the last few sessions, suggest experts.

On the weekly options front, the maximum Call OI is placed at 17,800 and then towards 18,000 strikes while the maximum Put OI is placed at 17,500 and then towards 17,600 strikes.

“Options data suggests a broader trading range in between 17,400 to 17,850 zones while an immediate trading range in between 17,550 to 17,850 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty continued its winning streak for the second consecutive session but formed a Bullish candle with a longer upper shadow which reflects Shooting star sort of pattern on daily scale,” he said.“Now, the Nifty has to hold above 17,650 zones, for an up move towards 17,777 then 17,850 zones whereas supports are placed at 17,535 then 17,442 zones,” recommends Taparia.

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

Expert: Ajit Nayak, Technical and Derivative Research Analyst at HDFC Securities told ETBureau

Jindal Stainless: Buy | Target Rs 318| Stop Loss Rs 287

Subros: Buy | Target Rs 315| Stop Loss Rs 279

Expert: Kunal Bothra, Market Expert told ETNow

Cipla: Buy | Target Rs 904| Stop Loss Rs 860

Expert: Jatin Gohil, Technical and Derivative Research Analyst, Reliance Securities told ETMarkets

Mahanagar Gas: Buy | Target Rs 1020-1080

Expert: Nooresh Merani, an independent technical analyst told ETNow

Power Grid: Buy | Target Rs 250| Stop Loss Rs 218

ONGC: Buy | Target Rs 180| Stop Loss Rs 150

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