Buy or sell: Vaishali Parekh recommends buying these 3 stocks today – November 8

Stock market news: On Tuesday, November 7, domestic equity indices Sensex and the Nifty 50 ended a three-day winning streak due to profit booking in a few heavyweights amid weak global cues and fading optimism regarding the end of monetary tightening.

Sensex closed at 64,942.40, down 16 points, or 0.03%, and the Nifty 50 closed at 19,406.70, down 5 points, or 0.03%.

Nearly 240 stocks, including IndusInd Bank, Indian Oil Corporation, ONGC, Sun Pharma, Tata Elxsi, Trent, Zomato, Colgate Palmolive (India), and Varun Beverages, reached new 52-week highs in intraday trade on the BSE, despite the benchmark indices closing flat.

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The top three gainers in the Nifty 50 index at the close were shares of Sun Pharma (up 2%), BPCL (up 1.69%), and NTPC (up 1.57%). Within the Nifty 50 index, the most losing stocks at the end of the day were Hero MotoCorp (down 1.04%), Bajaj Finance (down 0.83%), and JSW Steel (down 0.77%).

Also Read: Stock Market Today: Nifty 50, Sensex end flat on profit booking; mid, smallcaps outperform

The biggest laggards among the Sensex were Bharti Airtel, Bajaj Finance, JSW Steel, Reliance Industries, Mahindra & Mahindra, ITC, Tata Consultancy Services, Wipro, HDFC Bank, and Larsen & Toubro. The biggest winners were Sun Pharma, NTPC, State Bank of India, IndusInd Bank, and Axis Bank.

The sectoral indices showed mixed performance: the Realty Index was the biggest loser, down 1.34%, while the Pharma Index was the top gainer, up 1.32%.

“If today’s price action at Dalal Street is any indication then the short-term technical outlook for Nifty is still in favor of the bulls. Technically, confirmation of strength only above Nifty’s biggest hurdles at 19,707 mark. Nifty’s biggest support is placed at 19,225 mark. Nifty’s 200 DMA at 18657 mark, ” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

Also Read: Nifty Realty index up 49% this year; does the realty sector have more steam left?

According to Vinod Nair, Head of Research at Geojit Financial Services, the market witnessed some resistance at higher levels as caution prevails due to the start of the key state elections, and further negative global cues on account of a more than expected fall in Chinese exports, highlighting a continued slowdown in global trade. Despite the extension of supply cuts by Saudi Arabia and Russia, crude oil prices moderated, a positive for India in the midst of geopolitical tension. This, along with the moderation in US bond yields and the positive ongoing earnings season, will support long-term returns.

Also Read: FIIs continue selling streak in Nov, offload ₹497 crore in Indian equities; When will buying resume?

Day trade guide by Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher for Wednesday’s session:

Parekh said Nifty after opening on a flat note remained rangebound throughout the session hovering near the 19,350-19,400 zone with bias maintained positive anticipating for further rise till 19,550 levels. As mentioned earlier, the levels near 19,200-19,250 would act as the support zone from current levels which needs to be sustained.

Bank Nifty during the intraday session maintained support near the important 200 period MA and recovered strongly with frontline banking stocks like ICICI Bank, Axis Bank, Kotak Bank and SBI showing improvement in the bias with a trend reversal. The index once breaches above the 44,000 zone shall further strengthen the trend establishing some conviction and can anticipate for further rise. The support for the day is seen at 19,300, while the resistance is seen at 19,550. Bank Nifty would have a daily range of 43,500–44,000 levels, according to Parekh.

Vaishali recommends buying the following stocks:

Buy Aditya Birla Capital Ltd at ₹174 with a stop loss of ₹170 and a target price of ₹186.

Buy BEML Ltd at ₹2,122.85 with a stop loss of ₹2,080 and a target price of ₹2,210.

Buy CG Power and Industrial Solutions Ltd at ₹388 with a stop loss of ₹381 and a target price of ₹410.

Nifty Spot Index

Support – 19,300/19,250

Resistance – 19,550/19,600

Bank Nifty Spot Index

Support – 43,500/43,450

Resistance – 44,000/44,050

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.