Stock Market Today: Trading Setup for Nifty 50 for Q2 Results Today; five stocks to buy or sell on Wednesday – November 6

Stock market today: Benchmark indices rose sharply on Tuesday. Nifty-50 the index ended 0.91% higher at 24,213.30. The Sensex, also up 0.88%, ended at 79,476.63. Nifty Bank shares rose 1.94 per cent to close at 52,207.25. Most other sectors led by the steel industry posted sharp growth, while the FMCG segment was among the few losers. Broader indices saw some relief, gaining half a percentage point each.

Trading setup for Wednesday

Bulls are trying to defend the 24,000 level but the upside seems limited, with significant resistance zone around 24,400-24,500, said Ajit Mishra – senior vice president, research, Religare Broking Ltd. Much will depend on global signals; all attention is focused on the United States. presidential elections.

As long as the Nifty Bank index holds at 50,865, the rally will continue. On the other hand, the recent swing high is at 52,580 which will be resistance for Bank Nifty. Overall, Bank Nifty shares are consolidating in a narrow range in the near team, said Hrishikesh Yedve, AVP, Technical and Derivatives Research at Asit C. Mehta Investment Intermediates.

Global Market Outlook and Q2 Results Today

European indices fluctuated between gains and losses on Tuesday. Asian markets were mostly higher on Tuesday, a day before the results of the US presidential election became known.

Banking and metals stocks may continue to be the focus in the short term, but initial signs of the US presidential election results will outweigh all other triggers on November 6, said Deepak Jasani, head of retail research at HDFC Securities. Traders could trade on the long side of dips using stop losses.

Meanwhile, index heavyweights reporting second-quarter results over the next few days will also determine the direction of the market.

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

1.Ajmera Realty and Infra India Ltd. -Bagadia recommends buying Ajmera Realty V ₹963.35 with stop loss at ₹930 at target price ₹1030

Ajmera is showing strong bullish momentum and is currently trading at an all-time high of 974.7. The recent break above the critical resistance level at 925 is a major technical development supported by high trading volumes and adding strength to the stock. This breakout suggests a potential continuation of the uptrend, offering investors an optimistic outlook.

2. Borosil LLC – Bagadia recommends buying Borosil V ₹491.35, keeping stop loss at ₹475 at target price ₹521

Borosil is currently trading at 491.35 and is in a strong uptrend with a bullish breakout above the 480 level. This recent surge indicates significant upward momentum. The sharp increase in trading volume further supports the bullish sentiment, with the stock recently clearing previous resistance levels to set a new 52-week high at 496. If the stock holds above today’s high, it could pave the way for near-term gains. target 521, which corresponds to the prevailing upward trajectory

Ganesh Dongre Stocks to Buy Today

3.Mariko Ltd.– Dongre recommends buying Mariko V ₹634 with stop loss at ₹620 at target price ₹655.

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 ₹655. The stock currently holds a crucial support level at Rs 620. Considering the current market price of Rs 634, there is a buying opportunity. This suggests that investors may consider buying shares at the current price in anticipation of growth towards the stated target. ₹655.

4.Axis Bank, LLC – Dongre recommends buying Axis Bank, LLC V ₹1170, keeping stop loss at ₹1155 at target price ₹1198

A notable bullish reversal pattern has emerged in a recent analysis of short-term stock trends. This technical pattern suggests that there may be a temporary recovery in the share price, which could potentially reach around Rs 1,199. The stock currently holds a crucial support level at Rs 1,155. Considering the current market price of Rs 1,170, 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 1,198.

5. Sun Pharma Advanced Research Company Ltd. (SPARK) _ Dongre recommends buying SPARC at ₹209 with stop loss at ₹203 at target price ₹220.

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. 220. The stock currently holds a crucial support level at Rs 203. Considering the current market price of Rs 209, 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. 220.

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