Stocks to buy today: ONGC, Oil India among top 6 trading ideas for 29 September

The Indian market is likely to head higher on Friday tracking positive global cues.

India VIX was up by 10.73% from 11.58 to 12.82 levels on Thursday. Volatility spiked and touched 13 zones after four months and paved the way for the bears in the market.

Since it is the beginning of the new series, options data is scattered at various far strikes in the monthly series. On the weekly front, the maximum Call OI is placed at 19700 and then towards 19800 strikes.

The maximum Put OI is placed at 19500 and then towards 19400 strikes. Minor Call writing is seen at 19700 and then towards 19800 strikes while Put writing is seen at 19400 and then towards 19500 strikes.

“Option data suggests a broader trading range in between 19200 to 20000 zones while an immediate trading range in between 19400 to 19800 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty formed a Bearish Engulfing candle on the daily scale on Thursday and closed below its 50 DEMA with losses of around 190 points,” he said.

“Now till Nifty holds below 19550 zones, weakness could be seen towards 19442 then 19350 zones whereas hurdles are placed at 19600 then 19700 zones,” recommended Taparia.We have collated a list of stocks from various experts for traders who have a short-term trading horizon:

Expert: Kunal Bothra, Market Expert told ETNow
Ipca Laboratories: Buy| Target Rs 975| Stop Loss Rs 900

Gujarat Gas: Buy| Target Rs 430| Stop Loss Rs 405

DreamFolks Services Ltd: Buy| Target Rs 525| Stop Loss Rs 480

Expert: Nooresh Merani, an independent technical analyst told ETNow
ONGC: Buy| Target Rs 220| Stop Loss Rs 184

Axis Bank: Buy| Target Rs 1100| Stop Loss Rs 980

Oil India: Buy| Target Rs 350| Stop Loss Rs 285

(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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