Stock market today: Trade setup for Nifty 50, Gautam Adani to global markets; 5 stocks to buy or sell Thursday— Nov 28

Stock Market Today: The consolidation phase continued as the benchmark Nifty 50 index and S&P BSE Sensex ended around 0.3% higher at 24,274.90 and 80,234.08, respectively.  Nifty Bank also ended 0.21% higher at 52,301.80. Most sectors ended in green, with energy and metal stocks leading the gains, while pharma and realty sectors ended weak. The broader market outperformed, with mid and small-caps gaining 0.7-1.3%

Trade Setup for Thursday

The short-term trend is bullish, as Nifty is trading above 5,10, and 20 DEMA. Once Nifty surpasses the near-term hurdle of the 50-day EMA (exponential Moving Average) placed at 24397, the next resistance comes in at 24700. Nifty could find support near 24075 on corrections, said Devarsh Vakil, Deputy Head Retail Research, HDFC Securities.

Technically, the Bank Nifty failed to cross the major barrier of 52,500-52,580, indicating weakness. Below 52,580, weakness will continue, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates. Investors should wait for a fresh breakout above 52,580.

Global Markets and Adani shares in focus

Easing geopolitical concerns and record highs on Wall Street lifted sentiment, while FPI inflows resumed after two months of selling pressure. Adani stocks gained momentum as group refuted bribery charges against Gautam Adani and certain officials.

US Federal Reserve minutes highlighted optimism about easing inflation and a resilient labor market, creating scope for gradual interest rate cuts, said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services. Investors now will watch key US economic data releases, including the second estimate of Q3 GDP growth, PCE inflation data, and initial jobless claims, which will provide further market direction, added Khemka

Stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi has suggested three stock ideas.

These include Ganesh Housing Corporation Ltd, Eclerx Services Ltd , SBI Life Insurance Company Ltd, ITC Ltd and Bharat Electronics Ltd (BEL). 

Sumeet Bagadia's stocks to buy today

1.Ganesh Housing Corporation Ltd- Bagadia recommends buying Ganesh Housing at ₹1241.1 keeping stop loss at ₹1195 for a target price of ₹1313

Ganesh Housing daily chart analysis offers a favourable view for the following week, 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, with the significant breakout above the key resistance level around 1195. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

2. Eclerx Services Ltd- Bagadia recommends buying Eclerx at ₹3462.85 keeping Stoploss at ₹3340 for target price of ₹3680

Eclerx is exhibiting strong bullish momentum, currently trading at an all-time high of 3515.85 levels. The recent breakout above the crucial resistance at 3325 levels is a significant technical development, supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

Ganesh Dongre's stocks to buy today

3.SBI Life Insurance Company Ltd-  Dongre recommends buying SBI Life Insurance at ₹1507 with Stoploss at ₹1480 for a target price of ₹1545.

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock's price, potentially reaching around ₹1545. At present, the stock is maintaining a crucial support level at Rs.1480. Given the current market price of Rs.1507 a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹1545.

4. ITC Ltd_ Dongre recommends buying ITC at ₹477 with Stoploss at ₹470 for a target price of ₹490

A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock's price, potentially reaching around Rs.490. The stock is currently maintaining a crucial support level at Rs.470. Given the current market price of Rs.477, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs.490

5. Bharat Electronics Ltd (BEL)- Dongre recommends buying Bharat Electronics at ₹307, keeping Stoploss at ₹300 for a target price of ₹322.

A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock's price, potentially reaching around Rs. 322. The stock maintains a crucial support level at Rs.300. Given the current market price of ₹307, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹322.

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