Stocks to buy or sell: Chandan Taparia recommends buying three stocks today – November 5

Shares that can be bought or sold: Interior stock market The Sensex and Nifty 50 indices fell over 1 percent on Monday, November 4, amid a widespread selloff. The Nifty 50 index closed 1.27 per cent lower at 23,995.35 points compared to 24,304.35 points at the previous market close.

The BSE Sensex closed 1.18% lower at 78,782.24 points in Monday’s trade. trade session compared to 79,724.12 points at the previous market close.

“great The index opened flat and the bears took over the session from the start and fell to the 23,800 zone. This was followed by some consolidation, and it closed with losses around 310 points. It formed a bearish candle on the daily chart and has been making lower highs in the last three sessions. Now until it stays below 24,000 zones, weakness can be seen in the 23,800 and then 23,650 zones, whereas the hurdles are in the 24,200 and then 24,350 zones,” said Chandan Taparia, Head, Equity Derivatives & Technical, Asset Management, MOFSL.

For options, the maximum call OI is 25,000, then the 24,300 strike, while the maximum put OI is 23,000, then the 23,500 strike. Call writing is observed at the 24,000 strike and then 24,100, while put writing is observed at the 23,000 strike and then 23,500. Options data suggests a wider trading range between the 23,000 and 24,300 zones, while the immediate range is considered between the levels of 23,500 and 242,00.

Nifty Bank

Talking about the outlook for Bank Nifty, Taparia further added, “Bank Nifty index opened on a neutral note but failed to sustain at 51,750 zones and gradually declined to 51,050 zones in the second half of the session. On a daily scale, a bearish candle has formed. sale pressure was seen in banking heavyweights and it corrected nearly 700 points to close near 51200. The index is stuck in a wider range as there is no further development in higher zones but it is hovering around 100DEMA. Now, until it holds below 51,500 zones, some weakness could be seen towards 51,000 and then 50,750 levels, while an upside barrier is seen at 51,500 and then 51,750 zones.”

Chandan Taparia has recommended three stocks to buy today. These shares State Bank of India, Mahindra and Mahindra LLC and National aluminum Company LLC

Promotions to buy

State Bank of India: Buy at ₹829 | Target price: ₹870 | Stop loss: ₹807

The stock is retesting a breakout from the consolidation zone with high buying volumes to support a potential move higher. Banks in PSU countries are holding up well despite general market weakness. The MACD indicator gave a bullish crossover and headed higher, confirming upward momentum, Taparia said.

Mahindra and Mahindra: buy at ₹2883 | Target price: ₹3,050 | Stop loss: ₹2795

The price has bounced up from major support levels and a large bullish candle is visible on the daily chart. It also crossed its key moving averages, indicating a reversal. The Stochastic indicator has left the oversold zone, which indicates bullish momentum.

National Aluminum Company: buy at ₹230 | Target price: ₹245 | Stop loss: ₹223

The stock formed a pennant pattern on the daily chart near its record high levels, suggesting a continuation of the uptrend. It maintains the 20 DEMA level with minor drops and is being bought. The rate of change indicator has risen, which may support an upward move.

Disclaimer: The opinions and recommendations expressed in this analysis are those of the individual analysts or brokerage firms and not of Mint. We strongly recommend that investors consult with certified experts before making any investment decisions as market conditions can change quickly and individual circumstances may vary.