The Nifty faced strong selling pressure after opening flat and ended the day down on Monday at 23,995. Despite having a strong start, the Bank Nifty saw selling pressure and ended the day at 51,215. The INDIA VIX, on the other hand, increased by 5.01% and ended the day at 16.70, signalling a rise in market volatility.
Consistent FII selling, the impending FED interest rate announcement, and the ongoing US election poll will all contribute to market volatility in the following sessions due to a number of global events.
Nifty Outlook Today
“Technically, the Nifty formed a red candle on the daily chart, indicating weakness. However, the index was able to defend its previous support of 23,890 and stabilized near 24,000 levels. As long as it holds above 23,890, a potential pullback could drive it towards 24,200-24,300. A close below 23,890 may prompt additional selling pressure, potentially testing the 200-Days Exponential Moving Average (DEMA) near 23,500,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).
Bank Nifty Outlook
“Technically, Bank nifty developed a red candle on its daily chart, indicating weakness. However, the index has settled slightly above the 100-Days exponential moving average (DEMA) support at 51,160. Short-term trend line support is around 50,500, with the 150-DEMA near 50,470, marking a crucial support zone at 50,470-50,500. On the upside, 50,800 remains a key resistance level for the index in the near term,” Hrishikesh Yedve predicted.
Stocks To Buy Today
On Tuesday, November 5th, Choice Broking’s executive director, Sumeet Bagadia, recommended buying two stocks after the Nifty closed the previous session at 23,995.35, down 1.27% and below the crucial 24,000 support level.
Cartrade Tech
Buy CARTRADE in cash @ Rs 1107.1, stop-loss: Rs 1065, Target: Rs 1165
CARTRADE daily chart analysis offers a favourable positive potential momentum view for the following day, indicating a steady higher advance. Notably, the stock has produced a notable higher high and higher low pattern, and the company’s recent upward swing has effectively violated the neckline, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.
Adding to the positive momentum, there has been an increase in trading volume, indicating growing market interest. The stock formed a strong momentum view signifying a potential continuation of the uptrend following and the daily strength indicator RSI (14) is moving upwards and positioned above its reference line indicating a positive bias. Furthermore, CARTRADE is currently trading above its crucial 20-day, 50-day, and 100-day Exponential Moving Average (EMA) levels, reinforcing the bullish trend. Given the overall chart pattern, the analysis suggests a favourable long trading opportunity for investors.
Based on the above analysis we recommend buying CARTRADE in cash at CMP of 1107.1 for the target of 1165 with a stop loss of 1065.
Thyrocare Technologies
Buy THYROCARE in Cash @ Rs 970.55, stop-loss @ 935, Target @ 1030
THYROCARE is currently trading at 970.55, exhibiting a strong uptrend with sustained bullish momentum. The stock has formed a bullish continuation pattern and recently broke through previous resistance levels, setting a new 52-week high at 985. With the current positive momentum, it appears well-positioned to target higher levels. A decisive close above 985 could pave the way for a short-term target of 1030, aligning with the prevailing upward trajectory.
On the downside, immediate support is located at Rs 950, which can be considered an opportunity to buy on dips. The Relative Strength Index (RSI) is currently at 68.30 and is trending upward, indicating increasing buying momentum.
To prudently manage risk, it is advisable to set a stop-loss (SL) at Rs 935. This will help protect your investment in case of an unexpected market reversal.
In summary, based on technical analysis and current market conditions, THYROCARE appears to present an appealing buying opportunity for those targeting prices of Rs 1030, provided that appropriate risk management measures are in place.
