Stocks to buy today: 9 short-term trading ideas from experts for 3-4 weeks

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The Indian market closed in the green with gains of around 3% for the week ended July 8. The S&P BSE Sensex 54000 while the Nifty50 also closed decisively above the 16200 levels.

From a sector perspective, Consumer Durables, Capital Goods, Real Estate, Banks and Consumer Discretionary saw some buying this week.

Falling commodity prices have boosted demand for equities, experts suggest. Much of the price action will now be driven by India Inc.’s results this week, they say.

“During the week, the domestic market saw a bull run, led by consolidating commodity prices and reduced FII sales. Crude prices fell amid recession fears,” Vinod Nair, head of research at

said.

“Positive domestic macroeconomic and trade data from banks were the other main factors that helped boost market sentiment. As we head into the new earnings season, quarterly announcements will be the

of the market with an eye on updated guidance for fiscal year 2023,” he said.

We have collected the actions of various experts for traders who have a short-term trading horizon:

Expert: Pritesh Mehta, Principal Technical Analyst – Institutional Equities, YES SECURITIES told ETMarkets


Nippon Life India (NAM India): Buy | Objective: Rs 330 | Stop Loss: Rs 274
Our custom insurance and AMC index found respite towards the middle of the entire rally, from the April 2020 low to September 2021. The same also coincides with the three-year average.

The confluence of support led to a rally in action from the previous week. In space, NAM India is trying to break out of a basic model.

It has already staged a bullish turtle breakout on the P&F chart. The bullish three-soldier pattern suggests a move towards Rs 330. Hold a stop loss of Rs274.

Torrent Power: Buy| Objective: Rs 530 | Stop Loss: Rs460
The stock bounced off the demand zone, providing a low risk setup to play a reversal move. On the P&F chart, a bullish broadening pattern is observed followed by a bullish ABC breakout.

The vertical count offers upside potential of a rally towards Rs 530. Support for the same is seen at Rs 460

M&M Fin: Buy| Objective: Rs 230 | Stop-Loss: Rs 183
On the broader charts, the stock confirmed a breakout of the bullish triangle. In the process, it rose above the Rs 190 zone – which had acted as a major hurdle in the previous two months.

We expect follow-up moves to occur in the medium term after confirming a close above the midpoint of the current three-digit Gann channel.

On the P&F chart, a bullish turtle break is also seen, implying an upward move towards the Rs230 area. Traders can maintain a stop loss of Rs183 on long positions.

Expert: Anand James, chief market strategist at Geojit Financial Services, told ETMarkets


GATI: Buy| Buy between 142 and 146 | Target: Rs 155–165 | Stop Loss: Rs 136
After the decline we saw from April 2022 to the first half of May 2022, the stock has been moving in a triangular pattern since the second half of May.

Recently, it erupted from the resistance of the triangular pattern. On a weekly timeframe, it has been in a descending triangle pattern since January 2022 and is currently bouncing off lower trendline support.

The current move is targeting the Rs 170 pattern resistance. MACD showed bearish exhaustion which indicates short-term positivity; therefore, we expect Rs 165 in the near term.

Tata Chemicals: Buy| Target: Rs 860-890 | Stop Loss: Rs 809

After reaching an all-time high in October 2021, the stock is moving in a downward sloping trend channel. This week, it bounced off Rs 780 channel support and formed a bullish Marubozu-like candle indicating potential movement towards Rs 1000 channel resistance in the short to medium term.

In the very near term, we expect the stock to rebound towards Rs 890, a 38.2% Fibonacci retracement level of the May 22-June 22 move.

The MACD also showed exhaustion during the month, adding color to the rebound outlook.

Universal Carborundum: Buy| Objective: Rs 840 | Stop Loss: Rs 744
The stock retraced almost 50% of the movement we saw between October 2020 and January 2022.

This week, the price broke above the weekly Psar and the MACD broke above the signal line in the weekly time frame, hinting at a possible move towards the 61.8% Fibo retracement level of 890.

The monthly chart also saw a bullish Marubozu-like candle supporting our bullish expectation. However, we expect a modest move towards Rs 840 from current levels in the near term.

Expert: Chandan, Derivative and Technical Analyst, MOSL told ETBureau


Trent: Buy| Objective: Rs 1260 | Stop-Loss: Rs 1176
The stock recorded a price breakout on the weekly frame and continuously hit higher highs over the past five sessions.

Raymond: Buy| Objective: Rs 1020 | Stop-Loss: Rs 942
Follow-up buying was seen after the trend reversal on the weekly frame and the supports are moving higher, which is a positive sign for the bulls.

M&M Finance: Buy| Objective: Rs 207 | Stop Loss: Rs 194
The stock recorded a breakout in price volume on the weekly frame and is holding at the upper zones after breaking through past hurdles.

Tata Engines: Buy| Objective: Rs 462 | Stop Loss: Rs430
The stock broke out of its range with continued interest and buying volumes.

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

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