Stocks to buy today: PVR, SBI among top 7 short term trading ideas for 5 May 2023

Stocks to buy today: PVR, SBI among top 7 short term trading ideas for 5 May 2023

Indian market is expected to consolidate on Friday tracking muted global cues. The S&P BSE Sensex rose more than 500 points while the Nifty50 closed above 18200 levels.

India VIX was down by 0.91% from 11.84 to 11.73 levels on Thursday. Volatility is hovering at lower zones and overall comparative lower VIX has been comforting the bulls.

On the Options front, the weekly maximum Call OI is placed at 18300 and then towards 18500 strikes while the maximum Put OI is placed at 18200 and then towards 18000 strikes.

Call writing is seen at 18600 then 18400 strikes while Put writing is seen at 18200 then 18100 strikes.

“Options data suggests a broader trading range in between 17900 to 18600 zones while an immediate trading range in between 18100 to 18400 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

The Nifty50 formed a strong bullish candle on the daily scale on Thursday as good buying was seen in heavyweight stocks.

“Overall, the base has shifted higher and now it has to hold above 18181 zones to witness an up move towards 18350 and 18400 zones while on the downside supports are placed at 18081 and 18018 marks,” recommends Taparia.

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

Expert: Shrikant Chouhan, Head of Research (Retail), Kotak Securities told ETBureau

SBI Life: Buy| Target Rs 1200| Stop Loss Rs 1149

HCL Technologies: Buy| Target Rs 1100| Stop Loss Rs 1050

SBI: Buy| Target Rs 600| Stop Loss Rs 570

PVR: Buy| Target Rs 1530| Stop Loss Rs 1460

Expert: Kunal Bothra, Market Expert told ETNow

ONGC: Buy| Target Rs 166| Stop Loss Rs 157

Grasim Industries: Buy| Target Rs 1850| Stop Loss Rs 1700

Asian Paints: Buy| Target Rs 3300| Stop Loss Rs 2800

(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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