Market Update: Adani News, Nifty Trade Setup, and 5 Stocks to Watch on November 22

The Indian stock market continued to decline as weak investor sentiment prevailed on Thursday. Here’s what happened and what to watch for today:

Market Recap

• Nifty 50 dropped 0.72% to close at 23,350, while Sensex slipped 0.52%, ending at 77,155.79.
• Bank Nifty lost 0.5%, closing at 50,372.90.
• IT and Realty sectors helped cushion losses, but Metals, Pharma, FMCG, and mid-cap and small-cap stocks faced selling pressure.

What Impacted Markets?

1. Adani Group Bribery Allegations
   US prosecutors charged Gautam Adani with a $250 million bribery scheme linked to solar energy contracts in India. This led to heavy selling in banking stocks over fears of exposure to Adani group companies.
2. Russia-Ukraine War Escalation
   Rising geopolitical tensions, nuclear concerns, and global market weakness weighed further on investor sentiment.
3. FII Selling
   Despite signs of slowing, foreign institutional investor (FII) selling surged again, hurting financial stocks.

Trade Setup for Today

• Key Levels for Nifty: 23,350–23,400 support; 23,500–23,550 resistance.
• Key Levels for Sensex: 77,150–77,300 support; 77,700–78,000 resistance.
• Bank Nifty Outlook: Found support at its 200-day moving average. Sustaining above 50,652 could push the index to 51,000–51,500.

5 Stocks to Buy or Sell Today

Ganesh Dongre’s Recommendations:

1. Power Grid Corporation (Buy)
   • Entry: ₹325
   • Stop Loss: ₹315
   • Target: ₹335
   • Why Buy: Strong reversal pattern and support at ₹315 indicate upward momentum.
2. Jindal Steel & Power (Buy)
   • Entry: ₹871
   • Stop Loss: ₹860
   • Target: ₹895
   • Why Buy: Bullish reversal and strong support at ₹860 suggest a short-term uptrend.
3. GAIL India (Buy)
   • Entry: ₹185
   • Stop Loss: ₹180
   • Target: ₹193
   • Why Buy: Breakout at ₹185 and rising RSI signal strong buying momentum.

Anshul Jain’s Recommendations:

4. Divi’s Laboratories (Buy)
   • Entry: ₹5,977
   • Stop Loss: ₹5,937
   • Target: ₹6,077
   • Why Buy: Flag pattern breakout on the daily chart indicates near-term upside potential.
5. Amber Enterprises (Buy)
   • Entry: ₹6,530
   • Stop Loss: ₹6,450
   • Target: ₹6,750
   • Why Buy: Weekly flag pattern breakout suggests strong upward momentum ahead.

What to Watch Today

• Adani Group Stocks: Possible volatility due to legal developments.
• Banking Stocks: Keep an eye on any reaction to Adani-related exposure concerns.
• Global Market Trends: Movement in Asian and European markets might influence sentiment.

Investors are advised to monitor geopolitical developments and market levels carefully while navigating today’s trade.