Stock Market Update: Nifty 50 and Q2 Results – Five Stocks to Buy on Monday, November 4

Nifty 50 Trade Setup

After some consolidation, the Nifty 50 index closed slightly higher last week at 24,304.35, ending its previous weeks’ losses. The Bank Nifty also gained 1.7%, while industrials, real estate, metals, and healthcare stocks outperformed, with IT and auto lagging. Small-cap stocks were strong, jumping almost 5%.

Key Levels for Nifty and Bank Nifty

• Nifty 50: Currently ranging between 24,000–24,500. Breaking above 24,500 could push it up to 24,800, according to Ajit Mishra, SVP of Research at Religare Broking Ltd.
• Bank Nifty: Support is seen between 51,000–51,150, with resistance at its last peak near 52,580, as per Hrishikesh Yedve, AVP at Asit C. Mehta.

Global Market Watch & Upcoming Q2 Results

This week, investors are watching U.S. markets closely due to the upcoming U.S. elections on November 5 and the Federal Reserve’s policy meeting on November 8. With an active results season underway, major companies like Titan, Dr. Reddy’s, Tata Steel, Power Grid, Apollo Hospital, M&M, Trent, SBI, Tata Motors, Asian Paints, and Divis Labs are scheduled to release their Q2 earnings, which could add volatility to the market.

Stocks to Buy Today

Picks from Sumeet Bagadia, Executive Director at Choice Broking

1. Zomato Ltd
   • Buy Price: ₹248.99
   • Target: ₹265
   • Stop Loss: ₹240
   Zomato is showing signs of recovery after a downtrend. If the stock keeps gaining, it could continue moving upwards.
2. UTI Asset Management Company Ltd (UTI AMC)
   • Buy Price: ₹1,360.40
   • Target: ₹1,444
   • Stop Loss: ₹1,322
   UTI AMC has been trending upwards with higher highs and higher lows. It’s approaching resistance at ₹1,373.9, and a strong close above this could drive more gains.

Picks from Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi

3. Grasim Industries Ltd
   • Buy Price: ₹2,702
   • Target: ₹2,850
   • Stop Loss: ₹2,650
   Grasim shows a bullish reversal, suggesting a potential rise towards ₹2,850. Key support is at ₹2,650.
4. LIC Housing Finance Ltd
   • Buy Price: ₹632
   • Target: ₹660
   • Stop Loss: ₹605
   LIC Housing Finance also shows bullish signs, with a target of ₹660. Current support is at ₹605.
5. ITC Ltd
   • Buy Price: ₹489
   • Target: ₹503
   • Stop Loss: ₹480
   ITC is forming a bullish reversal, with a target of ₹503. Support at ₹480 presents a favorable entry point.