Stocks to buy & sell today: 3 short term trading ideas from experts for 26 December 2022 –
By The Economic Times
The Indian market is likely to trade higher on Monday tracking positive global cues.
The S&P BSE Sensex fell nearly 1,000 points on Friday while the Nifty50 managed to hold on to 17,800 levels.
The Covid fears, valuation concerns and selling from foreign institutional investors (FIIs) led to sharp fall on Friday, suggest experts.
The market selloff on Friday was the consequence of the cumulative impact of Covid fears.
Valuation concerns and margin calls in many momentum stocks.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services NSE 2.14 %, said.
The 320 point cut in Nifty was caused on a day.
When DIIs bought heavily for Rs 3,398 crores and FIIs sold only for Rs 706 crores.
FII and DII data suggests that the selling was triggered by HNIs and retail which, in turn.
Triggered margin calls in momentum stocks that led to steep cuts in these segments,” he said.
Heavy FII selling in call options in the derivatives segment indicate that recovery will be slow and tough.
Long term investors can nibble at high quality stocks in capital goods, telecom, banking and pharma,” added Vijayakumar.
The BSE Sensex fell below the psychologically important mark of 60,000 last week.
Asian indices were muted in trade.
The key resistance level for Nifty is placed around 18,100 while support is placed at 17,500.
“This week, investors will keep an eye out for fiscal deficit and Infrastructure output data.
Mohit Nigam, Fund Manager & Head – PMS, Hem Securities, said.
On the technical front, the key resistance level for Nifty 50 is 18100 and on the downside 17500 can act as strong support.
Key resistance and support levels for bank nifty are 42200 and 41300 respectively,” he added.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Chandan Taparia, Derivatives & Technical Analyst, MOSL, told ETBureau
M&M: Buy| Target Rs 1280| Stop Loss Rs 1196 Higher lows over three months and support buying seen near 1,200 zones making room for upside.
Deepak Nitrite NSE 3.27 %: Sell| Target Rs 1800| Stop Loss Rs 1930.
Lower lows from the last seven sessions and fresh selling can be seen after breakdown.
