Top 6 Trading Ideas for Monday, July 24, 2023: GAIL, L&T Stocks Recommended for Investment Today

Indian market is expected to trade higher on Monday, tracking positive global cues. The S&P BSE Sensex fell more than 800 points while the Nifty50 closed below the 19,800 level on Friday.

India VIX was down by 2.50% from 11.78 to 11.48 on Friday. Volatility cooled off from highs but is trading at its record low zones.

On the monthly front, the maximum Call OI is placed at 19900 and then towards 19800 strikes while the maximum Put OI is placed at 19800 and then towards 19700 strikes.

Call writing is seen at 19900 then 19800 strike while Put writing is seen at 19650 then 19600 strike.

“Options data suggests a shift in trading range in between 19500 to 20200 zones while an immediate trading range in between 19600 to 20000 zones,” Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services Limited, said.

“Nifty formed a bullish candle on the weekly frame with its highest-ever weekly close and has been making higher highs from the last seventeen weeks,” he said.

“Now the index has to hold above 19700 zones to extend the move towards 19900 then 20000 zones while on the downside support is placed at 19650 and 19550 zones,” recommended Taparia.We have collated a list of stocks from various experts for traders who have a short-term trading horizon:

Expert: Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services

Glenmark Pharma: Buy| Target Rs 790| Stop Loss Rs 736

Ashok Leyland: Buy| Target Rs 192| Stop Loss Rs 177

L&T: Buy| Target Rs 2700| Stop Loss Rs 2530

Expert: Nooresh Merani, an independent technical analyst told ETNow

ONGC: Buy| Target Rs 190| Stop Loss Rs 166

GAIL India: Buy| Target Rs 125| Stop Loss Rs 107

Bandhan Bank: Buy| Target Rs 240| Stop Loss Rs 213

(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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