Indian market opened flat on Wednesday tracking muted global cues. The S&P BSE Sensex broke below 59500 levels while Nifty50 held on to 17800 levels in the first 15-minutes of trade.
Crucial support for the index is placed at 17400 levels and a break below this level could take Nifty50 towards 17000, suggest experts.
The highest new open interest (OI) addition was seen at 18000 for Calls and 17000 for Puts in weekly and at 18000 for Calls and 16500 for Puts in monthly contracts.
“The bullish exhaustion that emerged after entering the 17860-960 band hints at a full-fledged reversal, but we are inclined to look for a bounce back from the 17700 vicinity,” Anand James – Chief Market Strategist at
, said.
“However, a close below the same today could substantially increase the odds of a 17000-16650 plunge, though one may wait for a break of 17430 as confirmation,” he said.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Vinay Rajani, CMT (Senior Technical and Derivative Analyst), Securities told ETBureau
: Buy| Target Rs 450| Stop Loss Rs 400
The stock surpassed a crucial double top resistance of Rs 410 on a closing basis. Indicators and oscillators are bullish.
: Buy| Target Rs 1125| Stop Loss Rs 1065
The stock price has registered a new all-time high at 1,097 and is placed above all the important moving averages.
Brokerage: Securities told ETMarkets
: Sell| Target Rs 280| Stop Loss Rs 298
Short positions can be initiated in the range of Rs 292-295 for the target of Rs 280 with a strict stop loss of Rs 298.
: Buy| Target Rs 328| Stop Loss Rs 315
Long position can be initiated in the range of Rs 317- 320 for the target of Rs 328 with a strict stop loss of Rs 315.
: Sell| Target Rs 276| Stop Loss Rs 292
Short positions can be initiated in the range of Rs 286- 289 for the target of Rs 276 with a strict stop loss of Rs 292.
Expert: Kunal Bothra, Market Expert told ETNow
Buy or Sell: Stock ideas by experts for September 21, 2022
ET Now spoke to various experts and here’s what they have to recommend for today’s trading session. Nooresh Merani has a buy/sell recommendation on Bharti Airtel and Sun Pharma while Kunal Bothra has buy/sell recommendation on United Spirits and Oberoi Realty for today’s trading session. Check out the targets and stoploss.
: Buy| Target Rs 900| Stop Loss Rs 866
: Buy| Target Rs 1300| Stop Loss Rs 1250
: Buy| Target Rs 51,400| Stop Loss Rs 49,650
Expert: Nooresh Merani, an independent technical analyst told ETNow
: Buy| Target Rs 950| Stop Loss Rs 885
: Buy| Target Rs 850| Stop Loss Rs 770
United Spirits: Buy| Target Rs 950| Stop Loss Rs 850
(Disclaimer: 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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