Stocks to buy today: RIL, SBI among top 9 short-term trading ideas for 29 May 2023

The S&P BSE Sensex rose over 600 points while the Nifty50 closed just a shade below 18,500 levels on Friday.

India VIX was down by 4.95% from 12.52 to 11.90 levels on Friday. Cooling off volatility gave strength to the bulls and aided the fresh leg of rally in the index.

Since it’s the beginning of the new series, Options data is scattered at various far strikes in the monthly series. On the weekly front, the maximum Call OI is placed at 18500 and then towards 19,000 strikes.

The maximum Put OI is placed at 18400 and then towards 18,300 strikes. Minor Call writing is seen at 18700 then 18800 strikes while Put writing is seen at 18,400 then 18,300 strikes.

“Options data suggests a broader trading range in between 18200 to 18800 zones while an immediate trading range in between 18,300 to 18,650 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty index has been witnessing buying interest at key levels which is keeping the overall momentum intact to commence the next leg of the rally. It formed a Bullish candle on the weekly frame and has been forming higher highs from the last nine weeks,” he said.“Now, the index has to hold above 18,442 zones, for an up move towards 18,600 and 18,888 zones while on the downside support exists at 18333 and 18,281 zones,” recommended Taparia.

We have collated 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
Reliance Industries: Buy | Target Rs 2620 | Stop Loss Rs 2450

IDFC First Bank: Buy | Target Rs 73 | Stop Loss Rs 67

Canara Bank: Buy | Target Rs 324 | Stop Loss Rs 297

Marico: Buy | Target Rs 570 | Stop Loss Rs 530

Expert: CA Rudramurthy, managing director at Vachana Investments told ETNow
Bharti Airtel: Buy | Target Rs 840 | Stop Loss Rs 810

SBI: Buy | Target Rs 600 | Stop Loss Rs 585

Expert: Nooresh Merani, an independent technical analyst told ETNow
HCL Technologies: Buy | Target Rs 1250 | Stop Loss Rs 1100

L&T: Buy | Target Rs 2400 | Stop Loss Rs 2150

Gujarat Gas: Buy | Target Rs 550 | Stop Loss Rs 485

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