Stock market today: Trade setup for Nifty 50 to Q2 results today; five stocks to buy or sell on Tuesday — Nov 12

Stock Market Today: Amidst a volatile trading session on Monday, the benchmark Nifty 50 index struggled to hold gains as it closed 0.03% lower at 24,141.30. The S&P BSE Sensex also ended almost flat at 79,496.15. Bank Nifty gained 0.61% to end at 51,876.75, shielding the market fall well supported by IT stocks. All other sectoral indices saw a decline, with Metals and Pharma seeing sharp cuts. Broader indices were also corrected with small caps, with deeper corrections than mid-caps.

Trade setup for Tuesday

The Nifty daily chart indicates that bulls were unable to sustain the upside bounce, though sharp downside momentum was also absent. This market action could give bulls hope of making a comeback from the lows. Deepak Jasani, Head of Retail Research at HDFC Securities, said the underlying trend of Nifty remains choppy with a weak bias. Nifty is moving in a broader high-low range of 24300/24600-23800 levels.

Bank Nifty is now likely to continue with the positive momentum towards the 52500 – 52850 zone over the next few trading sessions, and on the downside, 51300 – 51200 shall act as a crucial support zone, said Jatin Gedia, Technical Research Analyst at Sharekhan.

Global market outlook & Q2 results today

European Markets gained but Asian markets remained a mixed bag. In an attempt to support economic growth, China approved $839 billion refinancing of local government debt. However, this was below expectations and failed to enthuse global markets. FIIs have been selling equities for the last 29 consecutive days. Based on mixed global factors and subdued quarterly results, Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd, markets are expected to remain sideways.  Stock-specific action could continue because of the last leg of Q2 numbers to be announced this week. Key results on Tuesday include BSE, Motherson, Zydus Life, and Hyundai Motors, amongst others.

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 Coforge Ltd , Ramco Industries Ltd , HDFC Banks Ltd , IndusInd Bank Ltd and GAIL (India) Ltd

Sumeet Bagadia's stocks to buy today

1.Coforge Ltd- Bagadia recommends buying Coforge at ₹8006.9 keeping Stoploss at ₹7777 for a target of ₹8500

Coforge is exhibiting strong bullish momentum, currently trading at an all-time high of 8079.95 levels. The recent breakout above the crucial resistance at 7750 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.

2. Ramco Industries Ltd - Bagadia recommends buying Ramco Industries at ₹290.5 keeping stoploss at ₹280 for a target price of ₹310

Ramco Industries 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 270. This breakthrough indicates the possibility of a significant follow-through upward increase in the stock price.

Ganesh Dongre's stocks to buy today

3.HDFC Bank Ltd- Dongre recommends buying HDFC Bank at ₹1764 keeping Stoploss at ₹1730 for a target price of ₹1810 

The stock having a substantial support at Rs.1730, marking a crucial juncture in its recent trading. Presently, at Rs.1763, 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 ₹1730. The anticipated target for this trade is Rs.1810, representing the next significant resistance level. This strategy positions traders favorably to capitalize on the stock's anticipated rally in the weeks ahead

4. IndusInd Bank Ltd- Dongre recommends buying IndusInd Bank at ₹1058 with Stoploss at ₹1030 for a target price of ₹1610.

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. 1610. At present, the stock is maintaining a crucial support level at Rs.1030. Given the current market price of ₹1058, 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. 1610

5. GAIL (India) Ltd- Dongre recommends buying GAIL at ₹203 keeping Stoploss at ₹195 for a target price of ₹220

On the daily chart of this stock, a breakout at the Rs. 203 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.195 is recommended. The target price for this strategy is Rs.220 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