stocks to buy: Stocks to buy today: 8 short-term trading ideas by experts for 8 August

Indian market started on a flat note with a negative bias on Monday tracking mixed trends seen in other Asian markets. The S&P BSE Sensex fell 38 points while the Nifty50 was trading above 17,400 levels in the first 15-minutes of trade.

Sectorally, buying was seen in consumer durables, auto, capital goods, consumer discretionary, and power stocks while selling was seen in oil & gas, public sector, energy, and banking stocks.

Considering the fact that Nifty50 is trading near overbought levels, some consolidation cannot be ruled out. The crucial resistance level to watch out for is closer to 17,500 while on the downside 17,100-17,200 levels, suggest experts.

“The short-term trend for the Nifty remains positive as there’s no confirmation of reversal yet. However, the momentum readings on the daily chart are in an overbought zone and hence one should be vigilant on important market levels in the coming week,” Ruchit Jain, Lead Research, 5paisa.com, said.

Level of 17,160 which will be an important support now and hence all existing long positions should now be trailed with a stop loss below this support, he sadi. On the other hand, 17,500 is the immediate resistance, he added.

“A close above 17,500 could take the index towards 17,870. Traders are advised to keep a close tab on the above-mentioned levels and then trade in the direction of the breakout,” highlights Jain.

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

Expert: Chandan , Derivative & Technical Analyst, MOSL told ETBureau


ICICI Bank: Buy| Target Rs 875| Stop Loss Rs 820

The stock registered a price-volume breakout on the daily frame making higher highs – higher lows from the last seven sessions.

InterGlobe Aviation: Buy| Target Rs 2175| Stop Loss Rs 2035

The stock registered a price breakout on the weekly frame and surpassed its 50-WEMA with increase in volumes which is a positive sign for the bulls.

Tata Elxsi: Buy| Target Rs 9725| Stop Loss Rs 9100

The stock has been making higher lows from three months indicating supports are continuously shifting higher.

Expert: Kunal Bothra, Market Expert told ETNow


ACC: Buy| Target Rs 2320| Stop Loss Rs 2200

Coforge: Buy| Target Rs 4040| Stop Loss Rs 3870

Expert: Nooresh Merani, independent technical analyst told ETNow


Bharti Airtel: Buy| Target Rs 760| Stop Loss Rs 690

Jubilant FoodWorks: Buy| Target Rs 640| Stop Loss Rs 560

Lemon Tree: Buy| Target Rs 90| Stop Loss Rs 67

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