Stocks to buy or sell today: Tata Motors, Gravita among top 9 trading ideas for 19 December 2024

India VIX, a gauge of market volatility, dipped marginally by 0.78% to 14.37, reflecting growing apprehension among traders.

The derivatives market shows a bearish undertone, with aggressive call writing leading the session. The 24,500-strike call accumulated the highest open interest at 1.14 crore contracts, underscoring it as a formidable resistance level.

Conversely, the 24,000-strike put holds 85.55 lakh contracts, signifying robust support. “Heavy call writing in the 24,200–24,500 range reinforces strong resistance, while diminishing put positions at lower levels indicate waning bullish sentiment,” said Dhupesh Dhameja, Derivatives Analyst at SAMCO Securities.

“The put-call ratio (PCR) declined sharply to 0.37 from 0.48, highlighting a bearish tilt. However, the oversold PCR suggests that a temporary pullback cannot be ruled out. The ‘max pain’ level at 24,500 implies limited downside in the near term,” he added.

For any significant upside, the index must sustain above 24,500, which could trigger short-covering rallies toward the psychological 25,000 level. “Until a decisive breakout above resistance occurs, a ‘sell on rise’ approach remains prudent. On the downside, a breach below 24,150 could open the door to further declines, with 24,000 serving as a critical support zone backed by strong put writing,” recommended Dhameja.We have collated a list of stocks from the F&O basket, along with cash market recommendations from various experts, for traders with a short-term trading horizon:

KFin Technologies Ltd: Buy | Target Rs 1,575 | Stop Loss Rs 1,225

Gravita India: Buy | Target Rs 2,830 | Stop Loss Rs 2,270

Universal Cables Ltd: Buy | Target Rs 940 | Stop Loss Rs 721

Tata Motors: Sell | Target Rs 740 | Stop Loss Rs 772

RBL Bank: Sell | Target Rs 160 | Stop Loss Rs 172

Muthoot Finance: Buy | Target Rs 2,160 | Stop Loss Rs 2,080

Dr Reddy’s Laboratories: Buy | Target Rs 1,400 | Stop Loss Rs 1,230

Tata Steel: Sell | Target Rs 130 | Stop Loss Rs 146

Muthoot Finance: Buy | Target Rs 2,250 | Stop Loss Rs 2,000

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