Stock Market Today: Today’s Nifty 50 trade setup ahead of Q2 results; five stocks to buy or sell on Friday – Nov 8

Stock Market Today: After a two-day pause, markets continued to bearish on Thursday with the benchmark Nifty 50 index revising 1.16% to 24,199.35 as investors assessed the impact of Donald Trump’s victory. The S&P BSE Sensex also fell 1.04% to 79,541.79 points. Bank Nifty revised 0.77% to 51,916.50. All major sector indexes posted corrections in line with their benchmarks, with metals, pharmaceuticals and energy stocks leading the declines. Broader indexes also remained under pressure, closing down nearly half a percent.

Friday trading setup

Nifty has been encountering resistance at 24,500 levels and is hovering near the key support zone at 24,200 levels. Prabhudas Lilladher Vice President of Technical Research Vaishali Parekh said maintaining the support area of ​​24,200 points is crucial to keep the overall trend intact

Bank Nifty index faced rejection near 52,500 points. However, it still held the key support level of 51,750 – 51,650 points. Jatin Gedia, technical research analyst at Sharekhan, expects the market tone to remain sideways bullish from a short-term perspective.

Today’s Global Market Outlook and Second Quarter Results

The November MSCI reshuffle is expected to increase India’s weight in the MSCI Emerging Markets Index from 19.3% to nearly 19.8%. BSE, Voltas, Alkem Laboratories, Kalyan Jewelers and Oberoi Realty are now part of the MSCI Global Standard Index. Meanwhile, HDFC Bank will see an increase in its weighting in the second tranche of the index. Siddhartha Khemka, head of research at Motilal Wealth Management, said investors remained on the sidelines ahead of the Fed’s interest rate decision (and subsequently announced a 25 basis point rate cut), paying close attention to Chairman Jerome Powell’s comments on the future direction. financial services. After the initial euphoria following Trump’s victory in the presidential polls, the focus returned to fundamentals, while weak September quarter results continued to weigh on domestic markets.

Stocks bought today

Choice Broking executive director Sumeet Bagadia recommended two stocks for Thursday. Ganesh Dongre, senior manager of technical research at Anand Rathi, has three stock ideas today.

Buy Sumeet Bagadia Stock Today

1. Caplin Point Laboratories Ltd. – Bagadia recommends purchasing Caplin Point laboratory $2,121.7 stop loss remains at $2,045 with a target price of $2,250 people

Caplin Point is trading at 2,121.7, showing a strong bullish trend on the daily chart. Prior to this, the stock recently broke out of the consolidation phase and decisively broke through the neckline of 2,110 points. The stock’s price action remains above key exponential moving averages, highlighting the strength of the uptrend. Additionally, the recent all-time high of 2,176.75 has enhanced the bullish momentum. Given these technical signals, the uptrend appears to be continuing, with a short-term target of 2,250. This target is consistent with the stock’s current bullish trajectory and positive price action.

2. CarTrade Tech Ltd – Bagadia recommends buying CarTrade Tech $1,204.9, stop loss is Rs 1,160 and target price is $1,270

CarTrade daily chart analysis offers a favorable outlook for next week, pointing to a steady move higher. Notably, the stock has formed a pattern of higher highs and higher lows, and the company’s recent upward move has actually broken out of its neckline to set a new one-week high. This breakout signals the possibility of a significant subsequent rise in the stock price.

Ganesh Dongre stocks worth buying today

3. Tata Consultancy Services Ltd.– Bagadia recommends purchasing TCS $4,150, stop loss is $4,100 keep target $4,240

The stock found strong support at Rs 4,100, marking a key moment in its recent trading. Currently, the stock is trading at Rs 4,150 and the price action has clearly reversed, indicating that its upward momentum is likely to continue. Traders keen to take advantage of this opportunity may consider buying and holding the stock and trading in $4,100. The expected target for this trade is Rs 4,240, which represents the next important resistance level. This strategy allows traders to advantageously take advantage of the stock’s expected rebound in the coming weeks.

4.KNR Construction Co., Ltd.– Dongre recommends buying KNR Constructions Ltd $298 Keep stop loss at $290 target is $315.

A clear bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests that the stock price may see a temporary correction, possibly to around Rs. 315. Currently, the stock is holding at the critical support level of Rs 290. Given the current market price $298, a buying opportunity is emerging. This suggests that investors may consider buying the stock at the current price, which is expected to rise towards the stated target of Rs. 315.

5. Gail (India) Ltd. – Dongre recommends buying GAIL $210, stop loss remains at $202 The target price is $220

On the daily chart of the stock, there was a breakout of Rs. The price level of 210 is observed, indicating a potential upward trend. Complementing this breakout, the relative strength index (RSI) is still rising, indicating increasing buying momentum. Given these technical indicators, traders may consider buying the dip and entering the market at a lower price. To manage risk, it is recommended to place a stop loss at Rs. 202. The strategy has a price target of Rs 220 for the coming weeks, indicating potential upside as the stock continues to rise.

Disclaimer: The above views and recommendations only represent the views and recommendations of individual analysts or brokerage firms and have nothing to do with Mint. Investors are advised to consult a certified expert before making any investment decisions.