Stock market today: Trade setup for Nifty 50 to Q2 results today; five stocks to buy or sell on Thursday — Oct 31

Stock Market Today: The Benchmark Nifty 50 index ended lower on Wednesday after a volatile session. The index broke its two-day winning streak, falling 0.51% to close at 24,340.85. The S&P BSE Sensex, at 79,942.18, was also down 0.53%. 

The Nifty Bank at 51,807.50 fell about 1% , while the pharma IT and consumer durables segments also saw correction. Broader indices managed to show resilience and the small-cap index gained over a percent

Trade setup for Thursday

Nifty closed near the opening level and the intra day low on October 30. Deepak Jasani, Head of Retail Research at HDFC Securities said that 24500 is proving to be a tough resistance for the Nifty. Nifty could now stay in the 24074-24500 band for the near term and the breach of either level could decide its future direction.

The bank Nifty is currently trading around the key hourly moving averages 51800 – 51600 and is likely to resume its up move towards 52400 – 52500 zone from short term perspective, said Jatin Gedia – Technical Research Analyst at Sharekhan.

Global market outlook and Q2 Results Today

Ahead of the US Fed decision, US elections and US October jobs report, investors played it safe, which put pressure on global markets on Wednesday.

Vinod Nair, Head of Research, Geojit Financial Services, said that the domestic market is trying to show some signs of a recovery from the recent lows as the Diwali festival approaches. A notable decline in crude oil prices bolstered market sentiment, though it also indicates a potential slowdown in global demand. Currently, stock-specific action related to ongoing Q2 earnings, which is mainly weak, is expected to drive the market sentiment in the near term.

Stocks to buy today

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

These include Poly Medicure Ltd , Jagsonpal Pharmaceuticals Ltd , Syrma SGS Technology Ltd , AIA Engineering Ltd and Praj Industries Ltd. 

Sumeet Bagadia's stocks to buy today

Poly Medicure Ltd- Bagadia recommends buying Poly Medicure at ₹2790.45 keeping Stoplos at ₹2680 for a target [rice of ₹2985

Poly Medicure has recently experienced a significant breakthrough above the crucial resistance zone ranging from 2500 to 2600 on the daily chart. This breakout has been accompanied by a consolidation of the upward movement, characterized by Rounding Bottom Pattern. The strong bullish sentiment is further validated by a noticeable surge in trading volume.

Jagsonpal Pharmaceuticals Ltd - Bagadia recommends buying Jagsonpal Pharmaceuticals at ₹521.65 keeping Stoploss at ₹503 with a target price at ₹555

Jagsonpal is exhibiting strong bullish momentum, currently trading at an all-time high of 554.9 levels. The recent breakout above the crucial resistance at 500 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.Syrma SGS Technology Ltd _ Dongre recommends buying Syrma SGS Technology at ₹505 keeping a stoploss at ₹480 for a target price of ₹540.

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 ₹540. At present, the stock is maintaining a crucial support level at Rs.480. Given the current market price of Rs.505, 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. 540.

4. AIA Engineering Ltd - Dongre recommends buying AIA Engineering at ₹3950 keeping Stoploss at ₹3900 for a target price of ₹4050

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 Rs.4100. At present, the stock is maintaining a crucial support level at Rs.3900. Given the current market price of Rs.3950, 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.4050

5. Praj Industries Ltd - Dongre recommends buying Praj Industries Ltd at ₹ 720 keeping Stoploss at ₹705 for a target price of ₹735.

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 Rs. 735. At present, the stock is maintaining a crucial support level at Rs.705. Given the current market price of Rs.720, 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. 735.

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.