Stocks to buy today: M&M, BEL among top 6 trading ideas by experts for 4 September 2023

Indian market is expected to open higher on Monday tracking positive global cues. The S&P BSE Sensex rose more than 500 points while the Nifty50 closed above 19400 levels on Friday.

India VIX was down by 5.76% from 12.06 to 11.36 levels on Friday. Volatility cooled off from its highs and comforted the bulls at support zones.

Since it is 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 19600 and then towards 19500 strikes.

The maximum Put OI is placed at 19300 and then towards 19400 strikes. Call writing is seen at 19600 and then towards 19750 strikes while Put writing is seen at 19300 and then towards 19350 strikes.

“Options data suggests a broader trading range in between 19000 to 19700 zones while an immediate trading range in between 19250 to 19600 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty formed a strong Bullish candle on the daily frame on Friday which marks a spectacular start to the new series. It formed a Bullish candle on the weekly frame after the profit booking declines of the last five weeks,” he said.

“Now Nifty has to hold above 19444 zones for an up move towards 19580 and 19650 zones whereas support exists at 19300 then 19250 zones,” recommended Taparia.We have collated a list of stocks from various experts for traders who have a short-term trading horizon:

Expert: Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited

M&M: Buy| Target Rs 1663| Stop Loss Rs 1555

BEL: Buy| Target Rs 143| Stop Loss Rs 134

Tata Power: Buy| Target Rs 266| Stop Loss Rs 249

Expert: Nooresh Merani, an independent technical analyst told ETNow

ONGC: Buy| Target Rs 200| Stop Loss Rs 175

IndusInd Bank: Buy| Target Rs 1600| Stop Loss Rs 1380

LIC Housing Finance: Buy| Target Rs 480| Stop Loss Rs 418

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

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