Stock market today: Trade setup for Nifty 50 to Q2 results today; five stocks to buy or sell on Wednesday — Nov 6

Stock Market Today: The Benchmark indices saw a sharp rebound on Tuesday with Nifty-50 index ending with 0.91% higher at 24,213.30 .Sensex too with 0.88% gains ended at 79,476.63. Nifty Bank was up 1.94% ending at 52,207.25,. Most other sectors led by Metals saw sharp gains, while the FMCG segment stood among the few losers. Broader indices saw some relief gaining half a percent each.

Trade setup for Wednesday

The bulls are working to defend the 24,000 level and, upside potential appears limited, with a significant resistance zone around 24,400-24,500 said Ajit Mishra – SVP, Research, Religare Broking Ltd. Much will depend on global cues, with all eyes on the U.S. presidential election.

As long as Nifty Bank index holds 50,865, relief rally will continue. On the upside, recent swing high is placed near 52,580, which will act as resistance for Bank Nifty. The overall Bank Nifty is consolidating in a narrow range in the near team said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates

Global market outlook and Q2 Results Today

Europe's indices flirted between gains and losses on Tuesday. Asian markets mostly rose Tuesday, a day before results from the US presidential election rolled in. 

Banks and Metals stocks could continue to be in focus in the short term but the initial indications of outcome of US Presidential elections would override all other triggers on Novemver 06 said Deepak Jasani, Head of Retail Research, HDFC Securities. Traders could trade on the long side on dips with stop losses in place. 

Meanwhile index heavy weights announcing Q2 results during the next few days will also decide the market direction

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 are Ajmera Realty & Infra India Ltd, Borosil Ltd , Marico Ltd, Axis Bank Ltd and Sun Pharma Advanced Research Company Ltd

Sumeet Bagadia's stocks to buy today

1.Ajmera Realty & Infra India Ltd -Bagadia recommends buying Ajmera Realty at ₹963.35 with Stop Loss at ₹930 for a target price of ₹1030

Ajmera is exhibiting strong bullish momentum, currently trading at an all-time high of 974.7 levels. The recent breakout above the crucial resistance at 925 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.Borosil Ltd- Bagadia recommends buying Borosil at ₹491.35 keeping Stop loss at ₹475 for a target price of ₹521

Borosil is currently trading at 491.35 and displays a strong uptrend, with a bullish breakout above the 480 level. This recent surge indicates significant upward momentum. A sharp increase in trading volume further supports the bullish sentiment, with the stock recently breaking through previous resistance levels and setting a new 52-week high at 496. If the stock holds above today’s high, it could pave the way for a short-term target of 521, in line with the prevailing upward trajectory

Ganesh Dongre's stocks to buy today

3.Marico Ltd- Dongre recommends buying Marico at ₹634 with Stop Loss at ₹620 for a target price of ₹655.

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 ₹655. At present, the stock is maintaining a crucial support level at Rs.620. Given the current market price of Rs.634 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 ₹655.

4.Axis Bank Ltd - Dongre recommends buying Axis Bank Ltd at ₹1170 keeping Stop Loss at ₹1155 for a target price of ₹1198

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.1199. At present, the stock is maintaining a crucial support level at Rs.1155. Given the current market price of Rs.1170, 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.1198

5. Sun Pharma Advanced Research Company Ltd (SPARC) _ Dongre recommends buying SPARC at ₹209 with Stop Loss at ₹203 for a target price of ₹220.

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. 220. At present, the stock is maintaining a crucial support level at Rs.203. Given the current market price of Rs.209, 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. 220.

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.