Today’s stock: Trading setup for Nifty 50 results till Q2 today; five stocks to buy or sell Wednesday — November 6

Today’s stock market: Benchmarks saw a sharp rebound on Tuesday with Nifty-50 index closes 0.91% higher at 24,213.30 .Sensex also gains 0.88% to close at 79,476.63. Nifty Bank rose 1.94% to end at 52,207.25. Most other metal-led sectors posted strong gains, while the FMCG segment was among the few losers. The broader indexes saw some relief gaining half a percent each.

Trade setup for Wednesday

Bulls are working to defend the 24,000 level and upside potential looks limited with a significant resistance zone around 24,400-24,500, said Ajit Mishra – SVP, Research, Religare Broking Ltd. Much will depend on global indices, all eyes on the US presidential election.

As long as the Nifty Bank index holds 50,865, the relief rally will continue. On the other hand, the latest swing is placed near 52,580 which will act as resistance for Bank Nifty. Overall, Bank Nifty is consolidating in a narrow range in the close team said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates

Global market outlook and Q2 results today

European indices flirted between gains and losses on Tuesday. Asian markets were mostly higher on Tuesday, a day before the results of the US presidential election.

Banks and metals stocks may continue to be in the spotlight in the near term, but initial indications of the US presidential election outcome would outweigh all other triggers on November 6, said Deepak Jasani, head of retail research, HDFC Securities. Traders could trade long on dips with stop losses.

Meanwhile, the index heavyweights announcing Q2 results in the coming days will also decide the direction of the market

Stocks to buy today

Sumeet Bagadia, chief executive at Choice Broking, recommended two stock picks for Tuesday. Ganesh Dongre, senior manager of technical research at Anand Rathi suggested three stock ideas for today.

Sumeet Bagadia Stocks to Buy Today

1.Ajmera Realty & Infra India Ltd -Bagadia recommends buying Ajmera Realty TO ₹963.35 with Stop Loss at ₹930 for a target price of ₹1030

Ajmera is showing strong bullish momentum, currently trading at an all-time high of 974.7 levels. The recent breakout above the crucial resistance at the 925 levels is a significant technical development supported by robust trading volumes, reinforcing the stock’s strength. The finding suggests a potential continuation of the uptrend, providing an optimistic outlook for investors.

2. Borosil Ltd- Bagadia recommends buying Borosil TO ₹491.35 keeping Stop loss at ₹475 for a target price of ₹521

Borosil is currently trading at 491.35 and is showing a strong uptrend with a bullish breakout above the 480 level. This recent rally indicates significant upside momentum. A sharp increase in trading volume further supports the bullish sentiment, with the stock recently breaking above previous resistance levels and setting a new 52-week high at 496. If the stock holds above today’s high, it could pave the way for a short-term . target of 521, in line with the prevailing upward trajectory

Ganesh Dongre Stocks to Buy Today

3.Marico Ltd– Dongre recommends buying Marico TO ₹634 with Stop Loss at ₹620 for a target price of ₹655.

In the recent analysis of the short-term trend of stocks, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary pullback in the share price, potentially coming around ₹655. The stock is currently holding a crucial support level at Rs.620. Given the current market price of Rs.634, a buying opportunity arises. This suggests that investors may consider buying the stock at the current price, anticipating a rise towards the target identified by ₹655.

4.Axis Bank Ltd – Dongre recommends buying Axis Bank Ltd TO ₹1170 keeping Stop Loss at ₹1155 for a target price of ₹1198

In the recent analysis of the short-term trend of stocks, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary pullback in the share price, potentially reaching around Rs 1199. The stock is currently holding a crucial support level at Rs 1155. Given the current market price of Rs.1170, a buying opportunity arises. This suggests that investors may consider buying the stock at the current price, anticipating a rise towards the identified target of Rs 1198.

5. Advanced Research Company Sun Pharma Ltd (SPARC) _ Dongre recommends buying SPARC at ₹209 with Stop Loss at ₹203 for a target price of ₹220.

In the recent analysis of the short-term trend of stocks, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary pullback in the share price, potentially reaching around Rs. 220. The stock is currently holding a crucial support level at Rs.203. Given the current market price of Rs.209, a buying opportunity arises. This suggests that investors may consider buying the stock at the current price, anticipating a rise towards the identified target of Rs. 220.

Disclaimer: The opinions and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. We advise investors to consult certified experts before making any investment decisions.