Stocks to buy today: NTPC, Tata Steel among top 8 trading ideas for 26 July 2023

Indian market is likely to consolidate on Wednesday tracking mixed global cues. The S&P BSE Sensex and Nifty50 closed mixed on Tuesday.

India VIX was down by 12.08% from 11.65 to 10.24 levels in the previous trading session. Volatility significantly dropped and made the index move in a range-bound manner amid a lack of momentum.

On the monthly options front, the maximum Call OI is placed at 19800 and then towards 19700 strikes, while the maximum Put OI is placed at 19700 and then towards 19500 strikes.

Call writing is seen at 19700, then 19750 strikes, while Put writing is seen at 19600 and then towards 19650 strikes.

“Options data suggests a shift in trading range in between 19500 to 20100 zones while an immediate trading range in between 19500 to 19900 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“The Nifty has been making lower highs – lower lows from the last three sessions but overall momentum is missing on either side,” he said.

“Now Nifty has to hold above 19600 zones to extend the move towards 19786 then 19888 zones while on the downside support is placed at 19560 and 19433 zones,” recommends Taparia.We have collated a list of stocks from various experts for traders who have a short-term trading horizon:

Expert: Nagaraj Shetti, Technical and Derivative Analyst at HDFC Securities told ETBureau

Sobha: Buy| Target Rs 610| Stop Loss Rs 560

Godfrey Phillips India: Buy| Target Rs 1780| Stop Loss Rs 1630

Expert: Kunal Bothra, Market Expert told ETNow

NTPC: Buy| Target Rs 210| Stop Loss Rs 195

Tata Steel: Buy| Target Rs 126| Stop Loss Rs 115

Balmer Lawrie: Buy| Target Rs 156| Stop Loss Rs 142

Expert: Nooresh Merani, an independent technical analyst told ETNow

NTPC: Buy| Target Rs 220| Stop Loss Rs 196

Axis Bank: Buy| Target Rs 1050| Stop Loss Rs 945

Maharashtra Seamless: Buy| Target Rs 600| Stop Loss Rs 475

(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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