Stock Market Today: Trade Setup for Nifty 50, Russia-Ukraine Impact, and 5 Stocks to Buy or Sell on Thursday — Nov 21

Indian stock markets found some relief on Tuesday after days of losses. The Nifty 50 and Sensex closed higher by 0.28% and 0.31%, respectively, finishing at 23,518.50 and 77,578.38. Bank Nifty also ended the day 0.52% higher at 50,626.50. Among sectors, realty, auto, consumer durables, and pharma saw gains, while metals and energy lagged behind. Broader indices performed better, recording nearly half a percent rise.

Trade Setup for Thursday, Nov 21

Nifty 50

According to Deepak Jasani, Head of Retail Research at HDFC Securities, Nifty is showing a technical pattern that suggests the market lacks the strength for a sustained bounce. He expects Nifty to form a higher low before any significant recovery and predicts a trading range of 23,350–23,815 in the near term.

Bank Nifty

Hrishikesh Yedve, AVP of Technical and Derivatives Research at Asit C. Mehta Investment Intermediates, noted that Bank Nifty closed just above the critical 50,600 resistance level. If it holds above this point, it may show further strength. However, on the downside, the 200-day exponential moving average (DEMA) around 49,920 will act as a key support level.

Russia-Ukraine Tensions & Market Impact

Geopolitical tensions between Russia and Ukraine continue to weigh on global markets. The conflict intensified with Ukraine’s recent missile strikes into Russian territory, leading to mixed market performances. European markets remained weak, while Asian markets showed a mixed trend.

Crude oil prices softened, and the Dollar Index struggled to breach the 107 level, which provided some relief for the Indian Rupee. However, Foreign Institutional Investors (FIIs) have continued to be net sellers in November, adding to market pressure.

Siddhartha Khemka, Head of Research at Motilal Oswal Financial Services, warned that the Russia-Ukraine situation, combined with the ongoing Maharashtra state elections, will keep the Indian markets volatile. The election results, which are due on November 23, are expected to significantly influence investor sentiment.

Top 5 Stock Picks for Thursday

Sumeet Bagadia’s Recommendations (Choice Broking)

1. CarTrade Tech Ltd
   • Buy at: ₹1,306.35
   • Stoploss: ₹1,260
   • Target Price: ₹1,385
   • Rationale: CarTrade is displaying strong bullish momentum and recently broke through a critical resistance level at ₹1,240. The stock is trading at an all-time high, backed by strong trading volumes, suggesting a continuation of the upward trend.
2. T D Power Systems Ltd
   • Buy at: ₹440.70
   • Stoploss: ₹425
   • Target Price: ₹470
   • Rationale: T D Power Systems has been steadily recovering after a period of sideways movement. The stock is approaching a crucial resistance at ₹450. Breaking above this level could trigger further upward momentum, potentially reaching ₹470.

Ganesh Dongre’s Recommendations (Anand Rathi)

3. National Aluminium Co. Ltd (NALCO)
   • Buy at: ₹240
   • Stoploss: ₹234
   • Target Price: ₹248
   • Rationale: A bullish reversal pattern has emerged in NALCO’s short-term trend analysis. With strong support at ₹234, the stock is poised for a potential rise to ₹248.
4. ICICI Bank Ltd
   • Buy at: ₹1,248
   • Stoploss: ₹1,230
   • Target Price: ₹1,275
   • Rationale: ICICI Bank is showing a bullish reversal pattern, suggesting temporary retracement toward ₹1,275. The stock has strong support at ₹1,230, making it an attractive buy.
5. Container Corporation of India Ltd (CONCOR)
   • Buy at: ₹786
   • Stoploss: ₹775
   • Target Price: ₹815
   • Rationale: CONCOR is exhibiting a bullish trend with a strong support level at ₹775. The stock is expected to move toward ₹815, backed by favorable technical indicators.

What to Watch Today

1. Nifty Movement: Monitor whether Nifty stays within the predicted range of 23,350–23,815.
2. Bank Nifty Strength: Watch if Bank Nifty holds above 50,600 to signal further gains or tests support near 49,920.
3. Global Geopolitics: Keep an eye on Russia-Ukraine developments and their impact on crude oil prices and the Dollar Index.
4. Election Results: Stay alert to updates from the Maharashtra elections as they will influence market sentiment leading up to November 23.

The market may remain volatile, so investors are advised to stay cautious and focus on technically strong stocks with favorable risk-reward ratios.