Stock to buy today: LIC, ICICI Bank among top 9 trading ideas for 7 September 2023

Indian market is likely to consolidate on Thursday tracking mixed global cues. The S&P BSE Sensex rose more than 100 points while the Nifty50 closed above 19600 levels on Wednesday.

India VIX was down by 1.32% from 10.82 to 10.67 levels in the previous session. Volatility has been cooling off from the last four sessions and comforting the bulls at support zones.

On the weekly options front, the maximum Call OI is placed at 19700 and then towards 19600 strikes while the maximum Put OI is placed at 19500 and then towards 19400 strikes.

Call writing is seen at 19650 and then towards 19750 strikes while Put writing is seen at 19550 and then towards 19450 strikes.

“Options data suggests a broader trading range in between 19200 to 19800 zones while an immediate trading range in between 19450 to 19700 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty formed a hammer candle on the daily frame on Wednesday with a longer lower shadow indicating support-based buying is intact. It has been forming higher highs from the last four sessions and closed with gains of 36 points,” he said.

“Now the index has to hold above 19550 zones for an up move towards 19700 then 19800 zones whereas support exists at 19500 then 19444 zones,” recommended Taparia.We have collated a list of stocks from various experts for traders who have a short-term trading horizon:

Analyst: Jayesh Bhanushali, Senior Derivative and Technical Analyst at IIFL Told ETBureau

Syngene International: Buy| Target Rs 880| Stop Loss Rs 810

JSW Energy: Buy| Target Rs 398| Stop Loss Rs 370

LIC: Buy| Target Rs 710| Stop Loss Rs 660

Expert: Kunal Bothra, Market Expert told ETNow

CESC: Buy| Target Rs 104| Stop Loss Rs 85

D-Mart: Buy| Target Rs 4000| Stop Loss Rs 3695

Andhra Sugars: Buy| Target Rs 133| Stop Loss Rs 121

Expert: Nooresh Merani, an independent technical analyst told ETNow

ICICI Bank: Buy| Target Rs 1000| Stop Loss Rs 948

Power Grid: Buy| Target Rs 280| Stop Loss Rs 245

LIC: Buy| Target Rs 760| Stop Loss Rs 660

(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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