Stock Market Today: Trading Setup for Nifty 50 for Q2 Results Today; five stocks to buy or sell on Monday – November 4

Stock market today: The Nifty-50 index consolidated last week; however, it ended 0.05% higher at 24,304.35, halting a streak of losses in previous weeks. Bank Nifty also ended the week higher by 1.7%. Industrials, real estate, metals and healthcare saw the highest growth, while IT and automotive were the biggest lags. However, there was a reprieve in the broader index, with the small-cap index rising nearly 5%.

Setting up trading for Monday

Nifty continues to consolidate in the 24,000-24,500 range and breakouts on either side are expected to determine the next direction. A break above 24,500 could lead the index to target 24,800, said Ajit Mishra, senior vice-president, research, Religare Broking Ltd.

For Bank Nifty, 51,000-51,150 levels will provide short-term support to the index while resistance lies near the previous swing high at 52,580, said Hrishikesh Jedve, AVP, Technical and Derivatives Research at Asit C. Mehta.

Global Market Outlook and Q2 Results Today

This week, investors will also be focused on developments in US markets, especially the upcoming US elections on November 5 and the Federal Reserve meeting on November 8.

We expect this range-bound move to continue with increasing volatility in an action-packed week. Investors’ attention will continue to be focused on the current earnings season as several index heavyweights such as Titan, Dr Reddy’s, Tata Steel, Power Grid, Apollo Hospital, M&M, Trent, SBI, Tata Motors, Asian Paint, Divis Labs are set to announce about your quarterly reports. results next week,” said Siddhartha Khemka, head of asset management research. Motilal Oswal Financial Services Ltd..

Stocks worth buying today

Sumit Bagadia, chief executive of Choice Broking, recommended two stocks for Tuesday. Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, has come up with three stock ideas for today.

Sumit Bagadia’s shares can be bought today

Zomato LLC – Bagadia recommends buying Zomato at ₹248.99, keeping stop loss at ₹240 at target price ₹265

The ZOMATO stock chart is showing some signs of recovery, but overall it is still in a downtrend. Currently the price is approx. ₹248.99. The recent rally from the 245 support levels is closely aligned with the 100-day EMA following an extended period of decline, hinting that the situation could improve if more buyers continue to support the stock.

Asset Management Company UTI Ltd- Bagadia recommends buying UTI KUA V ₹1360.40, keeping stop loss at ₹1322 at target price ₹1444

UTI AMC is currently trading around 1360.40, showing a strong uptrend since the beginning of the year. This trend is characterized by a pattern of higher highs and higher lows, indicating sustained buying interest and positive momentum. The stock recently hit an all-time high of 1373.9, marking a key resistance level that, if cleared at the close, could confirm further upside. If the stock manages to close above its higher levels, it could reach the short-term target of 1444.

Ganesh Dongre Stocks to Buy Today

3. Grasim Industries Ltd.– Dongre recommends buying Grasim Industries V ₹2702, keeping stop loss at ₹2650 holding target ₹2850.

A notable bullish reversal pattern has emerged in a recent analysis of short-term stock trends. This technical model suggests the possibility of a temporary recovery in the stock price, potentially reaching around ₹2850. The stock currently holds a crucial support level at Rs 2,650. Considering the current market price of Rs 2,702, there is a buying opportunity. This suggests that investors may consider buying the stock at the current price in anticipation of growth towards the stated target of Rs 2,850.

LIK Housing Finance, LLC– Dongre recommends buying LIC Housing Finance V ₹632, keeping stop loss at ₹605 at target price ₹660

A notable bullish reversal pattern has emerged in a recent analysis of short-term stock trends. This technical model suggests that there may be a temporary recovery in the share price, potentially reaching around Rs 660. The stock currently holds a crucial support level at Rs 605. Considering the current market price of rupees, there is a buying opportunity. This suggests that investors may consider buying the stock at the current price in anticipation of growth towards the stated target of Rs 660.

ITC LLC – Dongre recommends buying ITC LLC V ₹489, keeping stop loss at ₹480 at target price ₹503.

A notable bullish reversal pattern has emerged in a recent analysis of short-term stock trends. This technical model suggests the possibility of a temporary recovery in the share price, which could potentially reach around Rs. 503. The stock currently holds a crucial support level at Rs 480. Considering the current market price of Rs 489, there is a buying opportunity. This suggests that investors may consider buying the stock at the current price in anticipation of growth towards the stated target of Rs. 503.

Disclaimer: The opinions and recommendations expressed above are those of the individual analysts or brokerage firms and not of Mint. We advise investors to consult with certified experts before making any investment decisions.