Stock market news: Equity benchmark indices Sensex and Nifty 50 made a notable recovery to finish the day with impressive gains, despite a sluggish start on Tuesday, driven by a surge in buying of services and telecom stocks amid positive sentiment regarding a US-India trade agreement.
The Sensex opened lower, dropping 411.32 points or 0.49% to 83,124.03. Similarly, the 50-share Nifty 50 fell by 125.1 points, or 0.48%, to 25,449.25 in early trading.
Nevertheless, both indices staged a robust comeback and ended the session on a high note. The Nifty 50 increased by 0.47% to close at 25,694.95, while the Sensex gained 0.4% to reach 83,871.32.
Investors reacted positively to comments from U.S. President Donald Trump indicating that a trade agreement with India is imminent. The stocks of shrimp exporters and various textile companies that depend on the U.S. market saw significant increases on this day.
According to a notice from BSE, shares of Tata Motors commercial vehicle segment will be listed on the stock exchanges on November 12. Tata Motors Commercial Vehicles will be available for trading on both BSE and NSE.
Trade Setup for Wednesday
Rupak De, a Senior Technical Analyst at LKP Securities, noted that the Nifty 50 experienced fluctuations throughout the day before finishing with a notable gain. The strong performance on Tuesday pushed the index back above the 21EMA on the daily chart. The RSI is close to achieving a bullish crossover. Additionally, the 21EMA and 50EMA have formed a positive crossover.
“The short-term outlook appears promising for an upward move toward higher levels, with a potential target of 26,000. Support is now set at 25,600. Looking ahead, the outlook for Nifty 50 remains positive, with a stop loss at 25,600 and a target of 26,000,” said De.
Global Markets, Q2 results, Bihar election, US-China trade talks to IPO frenzy
Vinod Nair, Head of Research at Geojit Investments Ltd, noted that the domestic market opened softly due to worries regarding the possible effects of the Delhi explosion. Nevertheless, it made a significant recovery and finished at the day’s high, buoyed by global developments as the U.S. Senate passed a bill to conclude the longest federal shutdown in history.
Further, Nair said that notably, the Q2 earnings season is approaching its conclusion and is anticipated to wrap up positively, aided by a stronger-than-expected performance from the broader market. The rally was bolstered by gains in the IT, automotive, metal, and FMCG sectors.
“Investors are now looking forward to the upcoming domestic inflation figures, with hopes of continued moderation driven by a consistent drop in food prices-heightening the likelihood of further policy easing by the RBI. Moving forward, earnings are projected to show a strong rebound in the third quarter, supported by various domestic advantages, although success will largely depend on the finalization of a trade agreement with the U.S,” said Vinod Nair.
Stocks to buy today
Regarding stocks to buy today, market experts-Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, recommended these eight intraday stocks for today: Ashok Leyland Ltd, National Aluminium Company Ltd (NALCO), Housing & Urban Development Corporation Ltd (HUDCO), SBI Cards and Payment Services Ltd, Oil and Natural Gas Corporation Ltd (ONGC), Hero MotoCorp Ltd, VA Tech Wabag Ltd, and Marksans Pharma Ltd.
Sumeet Bagadia’s stock picks
Ashok Leyland Ltd: Bagadia recommends buying Ashok Leyland share price at ₹146 keeping a stoploss at ₹141 with a Ashok Leyland share price target of ₹156.
Sumeet Bagadia said that Ashok Leyland share price was currently trading at 146 and has recently made an all-time high of 146.78, reflecting strong bullish momentum. On the Daily timeframe, the stock has formed a rounding bottom pattern and given a breakout from the Neck line of 144, leading to an all-time high close.
“The daily chart structure also remains constructive as the stock continues to form higher highs and higher lows, reaffirming the strength of the prevailing uptrend. On the upside, immediate resistance is seen near 147, and a breakout above this zone could trigger fresh Short term target of 156,” said Bagadia.
National Aluminium Company Ltd (NALCO): Bagadia recommends buying NALCO share price at ₹265.66 keeping a stoploss at ₹256 with a NALCO share price target of ₹285.
According to Sumeet Bagadia, NALCO share price was currently trading at 265.66, maintaining a strong upward trajectory. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum. It recently reached its all-time high of 266.4. A breakout above this level could further accelerate buying interest. The Exponential Moving Averages (EMAs) for the 20, 50, 100, and 200-day periods are all trending upwards, reinforcing the bullish outlook.
“In conclusion, based on the technical analysis and current market conditions, NALCO share price presents a promising buying opportunity for those aiming for a 285 target, provided that appropriate risk management strategies are in place,” said Bagadia.
Ganesh Dongre’s stocks to buy today
Housing & Urban Development Corporation Ltd (HUDCO): Ganesh Dongre recommends buying HUDCO share price at ₹230 with a stoploss at ₹223 with HUDCO share price target of ₹243.
Ganesh Dongre said that HUDCO share price has been exhibiting a strong and consistent bullish pattern, indicating sustained investor interest and positive price momentum. The stock is currently trading at ₹230 and has established a solid support base at ₹223. This level has historically acted as a cushion, and the recent price action suggests a reversal from this support, reinforcing bullish sentiment.
“The technical setup points to the potential for a price retracement toward the ₹243 level in the near term. Given the renewed strength and the favourable risk-reward ratio, entering at the current market price with a stop-loss placed at ₹223 offers a strategic opportunity to capture the expected upside move. The outlook remains positive as long as the stock holds above its key support zone,” said Ganesh Dongre.
SBI Cards and Payment Services Ltd: Ganesh Dongre recommends buying SBI Cards share price at ₹864 with a stoploss at ₹845 with SBI Cards share price target of ₹895.
Ganesh Dongre said that SBI Cards share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹864 and maintaining a strong support at ₹845.
“The technical setup indicates the potential for a price retracement towards the ₹895 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹864 offers a prudent approach to capturing the anticipated upside,” said Dongre.
Oil and Natural Gas Corporation Ltd (ONGC): Ganesh Dongre recommends buying ONGC share price at ₹249 with a stoploss at ₹243 with ONGC share price target of ₹262.
Ganesh Dongre said that ONGC share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹249 and maintaining a strong support at ₹243.
“The technical setup indicates the potential for a price retracement towards the ₹262 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹243 offers a prudent approach to capturing the anticipated upside target 262,” said Dongre.
Shiju Koothupalakkal intraday stocks for today
Hero MotoCorp Ltd: Shiju Koothupalakkal recommends buying Hero MotoCorp share price at ₹5,417 with a Hero MotoCorp share price target of ₹5,570 with a stop loss of ₹5,340.
Shiju Koothupalakkal said that the stock after a short dip has taken support near the strong support at 5,240 zone with a double bottom formation and with a decent recovery visible has crossed above the 50EMA at 5,345 zone to improve the bias, anticipating for fresh another round of upward move in the coming sessions.
“The RSI has corrected well from the overbought zone and is currently well placed indicating a positive trend reversal to signal a buy. With the chart technically looking good, we suggest buying the stock for an upside target of 5,570 keeping the stop loss of 5,340 level,” said Koothupalakkal.
VA Tech Wabag Ltd: Shiju Koothupalakkal recommends buying VA Tech Wabag share price at ₹1,410 with a VA Tech Wabag share price target of ₹1,475 with a stop loss of ₹1,375.
Shiju Koothupalakkal said that the stock has been in consolidation for quite some time and after a short dip has once again regained strength with a bullish candle formation on the daily chart to improve the bias expecting for further gains in the coming sessions.
“The RSI has been hovering near the oversold zone and has indicated a positive trend reversal to signal a buy and with much upside potential visible, can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 1,475 keeping the stop loss of 1,375 level,” said Koothupalakkal.
Marksans Pharma Ltd: Shiju Koothupalakkal recommends buying Marksans Pharma share price at ₹193.90 with a Marksans Pharma share price target of ₹204 with a stop loss of ₹189.
Shiju Koothupalakkal said that the stock has indicated a gradual pick up from the bottom made near 163 zone and recently has moved past the important 50EMA at 183 zone to improve the bias and with volume participation on the rise, we anticipate further rise in the coming days.
“The RSI is on the rise indicating strength and with upside potential visible, one can expect for further gains. With the chart technically looking good, we suggest buying the stock for an upside target of 204 keeping the stop loss of 189 level,” said Shiju.