Stock to buy today: [email protected]! 7 Expert Short-Term Trading Ideas for Volatile Markets
The national currency hit a low of 80.0175 at the start of trade from the previous close of 79.9775. Read also
The S&P BSE Sensex fell more than 100 points while the Nifty50 rebounded after falling below 16200 levels in the first 15 minutes of trading.
The dollar index extended its slide and slipped below 107.40 points to end at 107.28 with a loss of 0.5% on Monday. The July 27 USD-INR futures contract, however, settled on a positive note above 80 in the previous trading session.
The European Central Bank is due to meet on Thursday and is expected to raise interest rates for the first time in 11 years.
“Possible interest rate hikes by the ECB supported the euro and pushed the dollar index lower. The dollar index slipped to a one-week low on Monday against the basket of currencies” , said Rahul Kalantri, Vice President of Commodities, Mehta Equities.
“We expect the dollar index to remain volatile this week ahead of the ECB’s monetary policy meeting and could face strong resistance around the 109.00 levels. dollar, the rupee slipped again,” he said.
Kalantri expects the Rupee to remain volatile this week and may hold its key support level of 80.55 on a closing basis.
Against the backdrop of volatile stock markets, we’ve put together a list of the best buy ideas from various short-term experts:
Expert: Dharmesh Shah, Manager – Technical, at ETBureau
Bajaj Finance: Buy| Objective Rs 6240 | Stop Loss Rs 5910
Buy demand seen from the 80% retracement levels of the rally from April to October 2021 gives a favorable risk-reward ratio for the stock.
Titan Company: Buy| Target Rs 2320 | Stop Loss Rs 2155
The stock is in a descending channel breakout containing the entire decline and the RSI in a buy mode, which is positive for the bulls.
Ashok Leyland: Buy | Objective Rs 152 | Stop Loss Rs 141
Buy demand was seen on the upside of the demand line rejoining lows since March and a 38.2% retracement of the last upside move.
Expert: Kunal Bothra, the market expert told ETNow
Bajaj Finserv: Buy | Target Rs 13000 | Stop Loss Rs 11600
Can Fin Homes: Buy| Objective Rs 550 | Stop-Loss Rs 486
Expert: Independent technical analyst Nooresh Merani told ETNow
Bharti Airtel: Buy| Objective Rs 720 | Stop Loss Rs 658
Manappuram Finance: Buy| Objective Rs 105 | Stop Loss Rs 89
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)