Stocks to buy today: RIL, NMDC among top 8 trading ideas by experts for 16 August 2023

Indian market is predicted to consolidate on Wednesday monitoring muted world cues.

The S&P BSE Sensex and the Nifty50 closed flat however with a constructive bias on Monday. Indian market remained shut on Tuesday on account of a public vacation.

India VIX was up by 4.12% from 11.52 to 11.99 ranges within the earlier buying and selling session. Volatility spiked to 12.75 in the course of the day however later cooled off thus paving the best way for the bulls at help zones.

On the weekly choices entrance, the utmost Name OI is positioned at 19600 after which in the direction of 19500 strikes whereas the utmost Put OI is positioned at 19400 after which in the direction of 19300 strikes.

Name writing is seen at 19450 after which in the direction of 19600 strikes whereas Put writing is seen at 19300 after which in the direction of 19200 strikes.

“Choices knowledge suggests a broader buying and selling vary in between 19000 to 19800 zones whereas a right away buying and selling vary in between 19200 to 19600 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Monetary Companies Restricted, mentioned.

“Nifty shaped a Bullish Hammer candle on the every day scale on Monday with longer decrease shadow indicating help close to key transferring common,” he mentioned.”Now the index has to carry above 19420 zones to witness a bounce in the direction of 19560 then 19620 zones whereas help exists at 19300 then 19250 zones,” recommends Taparia.

We have now collated a listing of shares from varied consultants for merchants who’ve a short-term buying and selling horizon:

Skilled: Jatin Gedia, Technical Analysis Analyst, Sharekhan by BNP Paribas informed ETBureau
Finolex Industries: Purchase| Goal Rs 244| Cease Loss Rs 200

SJVN: Purchase| Goal Rs 63| Cease Loss Rs 55

Godrej Industries: Purchase| Goal Rs 524| Cease Loss Rs 483

Skilled: Nooresh Merani, an unbiased technical analyst informed ETNow
NMDC: Purchase| Goal Rs 135| Cease Loss Rs 114

CARE Rankings: Purchase| Goal Rs 850| Cease Loss Rs 740

Finolex Industries: Purchase| Goal Rs 250| Cease Loss Rs 200

Skilled: Kunal Bothra, Market Skilled informed ETNow
RIL: Purchase| Goal Rs 2640| Cease Loss Rs 2540

Asian Paints: Purchase| Goal Rs 3280| Cease Loss Rs 3160

(Disclaimer: Suggestions, solutions, views, and opinions given by consultants are their very own. These don’t signify the views of the Financial Occasions)