Stocks to buy today: SBI, PNB among top 8 trading ideas for 4 October

The Indian market is likely to trade lower on Wednesday tracking muted global cues.

The S&P BSE Sensex fell more than 300 points while the Nifty50 closed below 19600 levels on Tuesday.

India VIX was up by 2.95% from 11.50 to 11.78 levels in the previous trading session. Volatility was slightly on the rise and made the market move in a choppy manner with the absence of strength to the bulls.

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 19600 and then towards 19700 strikes while Put writing is seen at 19500 and then towards 19400 strikes.

“Options data suggests a broader trading range in between 19200 to 20000 zones while an immediate trading range in between 19400 to 19700 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty formed a Bearish candle on the daily scale on Tuesday and has been forming lower highs from the last two sessions. The index is hovering near its 50 DEMA and the absence of follow-up is making the market get stuck,” he said.“Now till Nifty holds below 19550 zones, weakness could be seen towards 19442 then 19350 zones whereas hurdles are placed at 19650 then 19750 zones,” recommended Taparia.

We have collated a list of stocks from various experts for traders who have a short-term trading horizon:

Expert: Vinay Rajani, Senior Technical and Derivative Research Analyst at HDFC Securities told ETBureau

Gujarat Alkalies: Buy| Target Rs 783| Stop Loss Rs 720

Lemon Tree: Buy| Target Rs 130| Stop Loss Rs 110

Expert: Nooresh Merani, an independent technical analyst told ETNow

InterGlobe Aviation: Buy| Target Rs 2550| Stop Loss Rs 2360

SBI: Buy| Target Rs 640| Stop Loss Rs 585

EIH: Buy| Target Rs 270| Stop Loss Rs 220

Expert: Kunal Bothra, Market Expert told ETNow

D-Mart: Buy| Target Rs 3880| Stop Loss Rs 3630

PNB: Buy| Target Rs 88| Stop Loss Rs 78

Parag Milk Foods: Buy| Target Rs 234| Stop Loss Rs 215

(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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