Stock Market Today: Trading setup for Nifty 50 on Sensex. Five stocks that can be bought or sold in Muhurat trading

Stock market today: Amid weak sentiment in global markets Indian stock market ended lower for the second session in a row on Thursday. The Nifty 50 index lost 135 points to close at 24,205, the BSE Sensex corrected 553 points to close at 79,389 and the Nifty Bank index closed 251 points lower at 51,555. Cash market volumes remained stable over the past few days , which indicates a lack of particular conviction among participants on both sides. The small-cap index closed 1.6% higher, although its advance-to-decline ratio remained steady at 1.82:1.

Global stocks were mostly lower on Thursday as investors faced uncertainty ahead of the US election next Tuesday. The mood soured after Facebook owner Meta Platforms and Microsoft warned of accelerating spending on artificial intelligence. Europe’s benchmark index fell on Thursday, hitting its worst monthly performance in a year.

Trading setup for Muhurat Trading 2024

Speaking on the outlook for Nifty today, Rajesh Bhosale, Equity Technical Analyst at Angel One said, “The end of October was a tough month for the bulls, wiping out the gains accumulated over the last two months, with Nifty shares falling over 6% in year. During the week, the 24,100 to 24,000 zone provided some support due to oversold conditions, but the index faced persistent resistance as it attempted a rebound. The 24500 level, part of the resistance zone around 24500-24600 created by the confluence of key moving averages, cannot be overcome, but a strong close above this range is needed before considering aggressive positions as the market appears poised for a high volatility phase. Conversely, a break below this week’s 24,100-24,000 support range could trigger further weakness, possibly pushing prices toward the 200 SMA near 23,500.”

On Nifty Bank’s outlook today, Hrishikesh Jedve, AVP, Technical & Derivatives Research at Asit C Mehta, said, “Nifty Bank opened with a gap down and faced pressure throughout to close at 51,475. The red candle on the daily scale suggests Continued decline: The 100-day exponential moving average (DEMA) at 51,150 provides short-term support, followed by the 51,000 levels. Thus, 51,000-51,150 will provide short-term support to the index while resistance is near the previous swing. Bank Nifty is expected to consolidate between 51000 and 52580 levels in the near future. A breakout on either side will determine the index’s next move.”

Talking about India’s prospects stock market today and triggers that could impact Dalal Street during Muhurat Trading 2024, Siddhartha Khemka, Head of Research, Asset Management, Motilal Oswal, said, “We expect this range-bound move to continue with increasing volatility as we enter a saturated events of the week. Investors’ focus.” will remain in the current results season as several index heavyweights like Titan, Dr Reddy’s, Tata Steel, Power Grid, Apollo Hospital, M&M, Trent, SBI, Tata Motors, Asian Paint, Divis Labs are set to announce their quarterly results next year . Globally, the US presidential election will be held on November 5th, followed by interest rate decisions from the US Federal Reserve and Bank of England, which will keep investors busy.”

Stocks worth buying today

Regarding stocks you can buy todayStock market experts Sumit Bagadia, executive director, Choice Broking, and Ganesh Dongre, senior manager, technical research, Anand Rathi, have recommended these five stocks to buy: Crisil, Fortis Healthcare, Natco Pharma, Chambal Fertilisers and Sun Pharma.

Sumit Bagadia’s Stock Recommendations Today

1) Crisil: Buy at ₹5474.75, target ₹5850, stop loss ₹5280.

An analysis of CRISIL’s daily charts suggests a favorable outlook for the next week, indicating sustained growth. Notably, the stock posted a notable high and low on the daily chart, with the company’s recent rally actually breaking through the neckline to set a new weekly high. This breakout indicates the potential for significant subsequent share price gains.

2) Fortis Healthcare: Buy at ₹624.70, target ₹665, stop loss ₹600.

FORTIS is currently trading on ₹642.7 and is showing a strong uptrend characterized by higher highs and higher lows, reflecting bullish sentiment. The stock recently broke out of a sideways continuation pattern, indicating further upside potential. It has bounced significantly from its 50-day EMA, a medium-term indicator that confirms the momentum is likely to continue. If the stock closes above its recent highs, it could start to rise further with a short-term target ₹665.

Ganesh Dongre shares can be bought today

3) Natco Pharma: Buy at ₹1402, target ₹1450, stop loss ₹1365.

Shares have significant support at ₹1365, which was a decisive moment in the recent auction. IN ₹1402, the stock demonstrated a final reversal in price action, suggesting potential continuation of upward momentum. Traders looking to take advantage of this opportunity may want to consider buying and holding the stock by setting a reasonable stop loss at ₹1365. Expected purpose of this transaction ₹1450 representing the next significant resistance level. This strategy allows traders to capitalize on the stock’s expected rise in the coming weeks.

4) Chambal fertilizers: Buy at ₹484, target ₹498, stop loss ₹475.

A notable bullish reversal pattern emerged in a recent analysis of near-term stock trends. This technical pattern suggests a temporary pullback in the stock price, potentially reaching approx. ₹498. The stock currently maintains a critical support level at ₹475. Given the current market price ₹484, the opportunity to purchase appears. This suggests that investors are considering buying shares at the current price, expecting growth towards the established target. ₹498.

5) Sun Pharma: Buy at ₹1858 target ₹1900, stop loss ₹1840.

On the daily chart of this stock, the breakout level ₹The 1858 price level was observed, signaling a potential uptrend. In addition to this breakout, the relative strength index (RSI) continues to rise, indicating increased buying momentum. Given these technical indicators, traders may consider buying the dip by entering the stock at a lower price. To manage risk, stop loss ₹1840 is recommended. The target price for this strategy is ₹1900 in the coming weeks, suggesting potential gains as the stock continues its upward trajectory.

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.