Stock market today: Trade setup for Nifty 50 to Q2 results today; five stocks to buy or sell on Wednesday — Nov 13

Stock Market Today: The Selloff in the market intensified on Tuesday with Benchmark Nifty-50 Index ending 1.07% lower at 23,883.45. S&P BSE Sensex also at 78,675.18 ended 1.03% lower. Bank Nifty at 51,157.80 also lost 1.39% as most sectoral indices  including auto, FMCG, and metal, faced losses in line with the benchmark indices with only exception of IT and Real Broader indices were spared either, losing nearly 1.5% each.

Trade Setup for Wednesday

Nifty has now edged closer to its previous swing low of around 23800, with banking heavyweights leading the decline and dampening hopes of a recovery. It can  test the long-term moving average at the 200 DEMA level, around 23,540 said Ajit Mishra – SVP, Research, Religare Broking Ltd. He adviced participants to adjust their positions accordingly and prioritize selective stock picking.

Nifty Bank index has been consolidating in the range of 50,500 to 52,580 and if sustains below 50,500, then only fresh selling pressure could be possible, otherwise, the index will continue its consolidation said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates

Global market outlook & Q2 results today

Most of Asian markets ended in red on Tuesday and European markets remained week. 

FII-triggered selling pressure continued to impact the domestic market, said Vinod Nair, Head of Research, Geojit Financial Services. The recent strengthening of the dollar, driven by aggressive ‘Trumponomics’ is adding fears. Additionally, the anticipated rise in domestic inflation, due to increasing food prices, along with depreciating Rupee, may influence the RBI’s monetary policy, said Nair.

Meanwhile stock specific reaction may continue with key Q2 results for Eicher Motors, Torrent Power, Kalyan Jewellers, PI Industries amongst others expected on Wednesday

Stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Anshul Jain, Head of Research at Lakshmishree Investment and Securities has suggested three stock ideas.

These include Eris Lifesciences Ltd, Ami Organics Ltd, Kernex Microsystems (India) Ltd , Axis Bank Ltd and Tata Steel Ltd

Sumeet Bagadia's stocks to buy today

1. Eris Lifesciences Ltd : Bagadia has recommended buying Eris Lifesciences at ₹1369.45 Stoploss at ₹1320 for a target price of ₹1444

Eris chart highlights a solid upward move, with prices surging sharply, signalling renewed bullish strength. The bullish momentum is supported by a strong uptick in buying volume. The stock is approaching its previous swing high marked as 1440.85 levels., signalling increased buying pressure that could potentially lead to further upward movement This breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors.

2.Ami Organics Ltd- Bagadia recommends buying Ami Organics at ₹2046.3 keeping Stoploss at ₹1980 with a target price of ₹2150

Ami Organics showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹2,046. The stock has been experiencing robust buying interest, leading to consecutive gains and an attempt to consolidate after the recent surge.

Anshul Jain's stocks to buy today

3.Kernex Microsystems (India) Ltd - Anshul Jain recommends buying Kernex Microsystems , which  is currently forming a promising double bottom pattern over 45 days, signaling a potential bullish reversal. With this setup, Jain recommends to consider buying Kernex Microsystems at around ₹822. To protect your investment, set a stop loss at ₹800 and target a profit at ₹875

4. Axis Bank Ltd - Anshul Jain recommends buying Axis Bank which is shaping a robust 35-day triangle pattern on the daily chart, accompanied by diminishing volumes, suggesting a breakout is imminent. This is an ideal buy opportunity for Axis Bank as per Jain at around ₹1155. To manage risk, set a stop loss at ₹1135 and aim for a target price of ₹1195.

5. Tata Steel Ltd_- Tata Steel is forming a compelling double bottom pattern on the daily chart over six days, signaling a potential bullish reversal, said Jain. With volumes drying up, indicating selling exhaustion, it's an opportune moment to buy at Tata Steel at around ₹144. Set a stop loss at ₹138 and target a profit at ₹154.

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