Stocks to buy Today: Sun Pharma and Axis Bank, among 7 short-term trading ideas by experts

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The Indian market rebounded after being in red for three consecutive sessions. The S&P BSE Sensex rallied more than 200 points while the Nifty50 reclaimed 16,000 levels in the first 15 minutes of trade.

Sectorally, the buying of healthcare, FMCGs, autos, capital goods and consumer durables was predominant, while the selling of IT, metals, electricity and in government was dominant.

For the fourth consecutive session, the Indian rupee fell to a new record low against the greenback during morning trade.

Despite negative global cues, the market opened strong with strong gains. The US stock markets closed in the red due to retail inflation rising to 9.1%, the highest rate in 41 years.

“Even though US CPI inflation data for June was eagerly awaited, it came in at 9.1%, against expectations of 8.8%. However, US markets experienced a slight decline, less than 1%. It is important that we note that US core inflation (inflation minus foods and energy) is decreasing and CPI inflation will also decline going forward as crude prices have sharply corrected,” Dr. V K Vijayakumar Chief Investment Strategist.

, said.

Foreign institutional investors (FIIs), remain net sellers in India’s equity market cash segment. Wednesday’s net sales by FIIs was Rs 2,840 crore, while net buyers were Rs 1,799 million.

Experts believe that DIIs will be there to support the market in every dip, even though FIIs used the July rally as a way to push for more big selling.

“This renewed FII selling may strengthen the bears, but DIIs and retail investors are likely to turn strong buyers at every dip since India’s economic fundamentals are strong and, more importantly, valuations are attractive, particularly in segments/stocks where FIIs are selling,” added Vijayakumar.

Technically, traders need to pay attention to 15,800 levels. Experts recommend traders look for targets closer than 16600 in the next weeks.

“We expect the buy-on-dips strategy to continue to be profitable for market participants. Any dip between now and 15,800-15,700 should therefore be used as an incremental buying opportunity to provide strong support for market participants. Nifty is placed at July low of 15,500,” Dharmesh Shah, Head – Technical, ICICI direct, said in a note.

He said, “Eventually, the index will resolve higher and gradually move towards 16,600 in the coming weeks.”

For traders with a short-term trading plan, we have collected stocks from different experts:

Expert: Jayesh Bhanushali, Sr Derivatives & Technical Research Analyst, IIFL to ETBureau


KEC International: Buy| Target Rs 465| Stop Loss Rs 434
The stock has given an Inverse Head & Shoulder pattern breakout with high volumes which is a positive sign for the bulls.

PI Industries: Buy| Target Rs 3000| Stop Loss Rs 2875
On the daily chart, the stock showed a symmetrical triangle breakout.

Indus Tower: Buy| Target Rs 228| Stop Loss Rs 217
Bulls will benefit from the addition of long positions to the stock future.

Expert: Kunal Bothra, Market Expert told ETNow

Stock Ideas by Experts for July 14, 2022

ET Now interviewed a variety of experts to get their recommendations for today’s trading session. Kunal Bothra’s buy/sell recommendation is for Sun Pharma and City Union Bank, and Nooresh Merani’s buy/sell recommendation is for Axis Bank & Dr. Reddy’s Labs. Take a look at the targets and stoploss.



Sun Pharma: Buy| Target Rs 888| Stop Loss Rs 848

Citi

: Buy| Target Rs 156| Stop Loss Rs 147

Expert: Nooresh Merani, an independent technical analyst who spoke to ETNow


Axis Bank: Buy| Target Rs 720| Stop Loss Rs 668

Dr Reddy’s Laboratories: Buy| Target Rs 4800| Stop Loss Rs 4400

(Disclaimer) Recommendations and suggestions made by experts are their opinions. These opinions do not reflect the views of Economic Times.

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