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    Stocks to buy today: 9 short-term trading ideas by experts for 5 August

    Synopsis

    “We have stepped into a consolidation period with ample opportunities for traders on either side, especially given the rise in VIX,” Anand James - Chief Market Strategist at Geojit Financial Services, said.

    Stocks to buy today: 9 short-term trading ideas by experts for 5 AugustiStock
    Indian market started on a strong note on Friday tracking positive global cues. The S&P BSE Sensex rallied more than 200 points while the Nifty50 rose above 17400 levels in the first 15-minutes of trade.

    Sectorally, buying was seen in telecom, IT, banks, capital goods, and FMCG while some selling was seen in oil & gas, Energy, auto, and consumer durable space.

    Experts are of the view that the Nifty50 could consolidate near 17,500 levels on the upside amid a rise in India VIX so far this week, a gauge of volatility in the stock market.

    The formation of a broadening wedge pattern puts an end to the blistering series of up moves, but not necessarily the uptrend as such, suggest experts.

    “We have stepped into a consolidation period with ample opportunities for traders on either side, especially given the rise in VIX,” Anand James - Chief Market Strategist at Geojit Financial Services, said.

    “Favoured view also expects upside attempts to slow down on approach to 17,450-570 region and downside attempts to slow down on approach to the 17,220 vicinity. Directional moves may wait for 17570-17160range to be broken,” he added.

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

    Expert: Pritesh Mehta, Lead Technical Analyst, Yes Securities told ETBureau


    ICICI Prudential Life Insurance: Buy| Target Rs 610| Stop Loss Rs 542

    The stock recorded a bullish double top pattern, and turtle & ABC breakouts on P&F chart which suggest that the upmove is likely to continue.

    Havells India: Buy| Target Rs 1460| Stop Loss Rs 1260
    There are multiple positive patterns at play on the P&F chart (bear trap reversal &bullish turtle).

    MindTree: Buy| Target Rs 3920| Stop Loss Rs 3380
    It is coming off a base-building pattern post consolidation around its two-year mean.

    Expert: Chandan Taparia, Derivative & Technical Analyst, MOSL told ETNow

    Infosys: Buy| Target Rs 1665| Stop Loss Rs 1570

    Asian Paints: Buy| Target Rs 3600| Stop Loss Rs 3375

    Havells India: Buy| Target Rs 1360| Stop Loss Rs 1280

    Expert: Nooresh Merani, independent technical analyst told ETNow

    Wipro: Buy| Target Rs 470| Stop Loss Rs 428

    Sun Pharma: Buy| Target Rs 950| Stop Loss Rs 890

    Wonderla Holidays: Buy| Target Rs 300| Stop Loss Rs 255

    (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)



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    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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