Indian Stock Market Today: Key Trade Setup for Nifty 50 and Q2 Earnings Insights; 5 Stocks to Buy or Sell on November 6
The Indian stock market saw a strong recovery on Tuesday, with Nifty 50 rising by 0.91% to 24,213.30 and Sensex gaining 0.88% to close at 79,476.63. The Nifty Bank index also rose significantly by 1.94%, ending at 52,207.25. Sectors led by Metals recorded notable gains, while the FMCG sector saw some losses. Broader indices also showed some improvement, each up by around half a percent.
Today’s Trade Setup for Wednesday
Today, Nifty 50 has crucial support at the 24,000 level, with resistance anticipated around 24,400-24,500, according to Ajit Mishra, SVP, Research, Religare Broking Ltd. He noted that market movement will closely depend on global factors, especially the US presidential election results.
Nifty Bank’s trend also shows strength as long as it holds above 50,865, noted Hrishikesh Yedve, AVP, Technical & Derivatives Research at Asit C. Mehta Investment Intermediates. On the upside, it may face resistance near 52,580.
Global Market Outlook and Key Earnings Announcements
European markets showed mixed movement on Tuesday, and Asian markets mostly advanced ahead of the US election results expected today. Deepak Jasani, Head of Retail Research at HDFC Securities, expects sectors like Banks and Metals to remain strong in the near term, but the initial results of the US elections will likely influence market directions. Jasani recommends using any dips in the market for buying opportunities but advises using stop-loss measures for risk management.
Additionally, major companies releasing their Q2 results over the next few days will provide further insights and may influence the market’s direction.
Stocks to Buy Today
Sumeet Bagadia’s Picks
Executive Director, Choice Broking
- Ajmera Realty & Infra India Ltd
- Current Price: ₹963.35
- Target Price: ₹1030
- Stop Loss: ₹930
- Ajmera Realty is on an upward trend, hitting an all-time high with a significant breakout above the ₹925 resistance level. This movement, backed by strong trading volumes, suggests a positive continuation for the stock.
- Borosil Ltd
- Current Price: ₹491.35
- Target Price: ₹521
- Stop Loss: ₹475
Borosil has seen a bullish breakout above ₹480, setting a new 52-week high at ₹496. A rise in trading volumes strengthens its positive trend, with potential gains if it holds above today’s levels.
Ganesh Dongre’s Picks
Senior Manager, Technical Research, Anand Rathi
- Marico Ltd
- Current Price: ₹634
- Target Price: ₹655
- Stop Loss: ₹620
Marico is showing signs of a bullish reversal, with strong support at ₹620. At its current price of ₹634, the stock is a buy with an upside potential to ₹655.
- Axis Bank Ltd
- Current Price: ₹1170
- Target Price: ₹1198
- Stop Loss: ₹1155
Axis Bank displays a bullish reversal pattern, supported at ₹1155. Investors can buy at its current level, aiming for a rise toward ₹1198.
- Sun Pharma Advanced Research Company Ltd (SPARC)
- Current Price: ₹209
- Target Price: ₹220
- Stop Loss: ₹203
SPARC has a bullish outlook with recent support at ₹203. With the stock trading at ₹209, it offers a buying opportunity, targeting a potential increase to ₹220.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
