Stock market today: Trade setup for Nifty 50 to Q2 results today; five stocks to buy or sell on Monday — Nov 11

Stock Market Today:  The markets consolidation continued for another week, losing over half a percent as correction phase continued. The benchmark Nifty-50 index and S&P BSE Sensex ended at 24,148.20 and 79,486.32, respectively. IT and Banks were top outperformers while Realty & utilities were the top underperformers. Bank Nifty ended at 51,561.20 during the week gone by. Broader indices performance was a mixed bag as small-cap stocks dropped nearly 2%, while mid-caps were relatively stable.

Trade setup for Monday

Nifty-50 index finding resistance at 24500 would have the important support near 24000 zone failing which it can retest the crucial zone of the 200 period moving average at 23500 levels said Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher.

Bank Nifty has been consolidating around the range of 50,500 to 52,580 for the last few weeks. It is unable to cross the barrier of 52,580, and on the downside, the index is obeying the 150-day exponential moving average (DEMA), which is close to 50,550 levels, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates.

Global market outlook & Q2 results today

With a key global event behind us, the market’s focus will now return to domestic factors, such as foreign fund flows and the final phase of the earnings season. Indian markets have shown a pattern of reacting more to global risks while not fully participating in positive global momentum.  Additionally, upcoming high-frequency economic data like IIP, CPI, and WPI inflation figures will be closely watched by market participants, said Ajit Mishra – SVP, Research, Religare Broking. 

Meanwhile there could be stock specific action on account the last leg of Q2 earnings to be announced next week, said experts

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 Innova Captab Ltd, Federal Bank Ltd, Blue Star Ltd , State Bank Of India Ltd and Adani Ports and Special Economic Zone Ltd. 

Sumeet Bagadia's stocks to buy today

1.Innova Captab Ltd- Bagadia recommends buying Innova Captab ₹951.55 keeping Stoploss at ₹915 with target ₹1010

Innova Captab 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, establishing a new week high. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

2. Federal Bank Ltd - Bagadia recommends buying Federal Bank at ₹206.77 keeping Stoploss at ₹199 with a target price of ₹216

Federal Bank is exhibiting strong bullish momentum, currently trading at an all-time high of 207.93 levels. The chart depicts a healthy uptrend backed by improving sentiment. The stock has maintained a strong upward momentum, as highlighted by the series of higher highs and higher lows. Recently, the price has approached ₹206.77, riding the wave of bullish strength. supported by robust trading volumes, reinforcing the strength in the stock.

Ganesh Dongre's stocks to buy today

3.Blue Star Ltd: Dongre recommends buying Blue Star at ₹1790 keeping Stoploss  at ₹1760 with a target price at ₹1850

The stock having a substantial support at Rs.1760, marking a crucial juncture in its recent trading. Presently, at Rs.1790, the stock has demonstrated a definitive reversal in price action, suggesting a potential continuation of its upward momentum. Traders keen on seizing this opportunity could consider buying and holding the stock, setting a prudent stop loss at ₹1760. The anticipated target for this trade is Rs.1850, representing the next significant resistance level. This strategy positions traders favorably to capitalize on the stock's anticipated rally in the weeks ahead..

4.State Bank Of India Ltd-  Dongre recommends buying State Bank Of India at ₹842 keeping Stoploss at ₹820 for a target price of ₹870.

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. 870. At present, the stock is maintaining a crucial support level at Rs.820. Given the current market price of ₹842, 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. 870

5.Adani Ports and Special Economic Zone Ltd - Dongre recommends buying Adani Ports at ₹1350 keeping Stoploss at ₹1325 with a target price of ₹1410

On the daily chart of this stock, a breakout at the Rs.1350 price level has been observed, signaling a potential upward trend. Complementing this breakout, the Relative Strength Index (RSI) is still turning up, indicating increasing buying momentum. Given these technical indicators, traders can consider buying on dips, entering the stock at a lower price point. To manage risk, a stop loss at Rs.1325 is recommended. The target price for this strategy is Rs.1410 in the upcoming weeks, suggesting a potential gain as the stock continues its upward trajectory.

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.