Stocks to buy today: Zomato, Eicher among top 7 trading ideas for 8 September

The Indian market is expected to consolidate on Friday tracking mixed global cues. The S&P BSE Sensex rose nearly 400 points while the Nifty50 closed above 19700 levels on Thursday.

India VIX was down by 1.83% from 10.67 to 10.87 levels in the previous session. Volatility has been cooling off from the last three weeks and comforting the bulls at support zones.

On the weekly options front, the maximum Call OI is placed at 19800 and then towards 19900 strikes while the maximum Put OI is placed at 19600 and then towards 19500 strikes.

Call writing is seen at 20000 and then towards 19900 strikes while Put writing is seen at 19600 and then towards 19500 strikes.

“Options data suggests a shift in broader trading range in between 19400 to 20000 zones while an immediate trading range in between 19500 to 19900 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty formed a strong Bullish candle on the daily frame on Thursday with a longer lower shadow indicating strong support-based buying. It has been forming higher highs from the last five sessions and closed with gains of around 120 points,” he said.

“Now Nifty has to hold above 19650 zones for an up move towards 19888 then 19991 zones whereas support exists at 19650 then 19550 zones,” recommends Taparia.We have collated a list of stocks from various experts for traders who have a short-term trading horizon:

Expert: Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities told ETBureau

Eicher Motors: Buy| Target Rs 3500| Stop Loss Rs 3340

HDFC Life: Buy| Target Rs 675| Stop Loss Rs 645

M&M Finance: Buy| Target Rs 310| Stop Loss Rs 295

Zomato: Buy| Target Rs 104| Stop Loss Rs 97.50

Expert: Kunal Bothra, Market Expert told ETNow

HDFC Bank: Buy| Target Rs 1650| Stop Loss Rs 1575

Deepak Fertilisers: Buy| Target Rs 700| Stop Loss Rs 625

M&M Finance: Buy| Target Rs 320| Stop Loss Rs 290

(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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