Stock market today: Trade setup for Nifty 50 to Russia-Ukraine war; five stocks to buy or sell on Thursday — Nov 21

Stock Market Today: Markets, though volatile, got a breather on Tuesday. The benchmark Nifty-50 index and S&P BSE Sensex ended 0.28-0.31% higher at 23,518.50 and 23,518.50, respectively. Bank Nifty also ended 0.52% higher at 50,626.50. Key sectoral gainers included realty, auto, consumer durable, and pharma, though metal and energy ended in the red. Broader indices outperformed, closing with gains of nearly half a per cent each.

“The Indian stock market corrected in the late afternoon on fears of an escalation in hostilities between Russia and Russia that could spill over to Europe. Ukrainian armed forces carried out their first strike in a border region within Russian territory with an ATACMS missile, RBC Ukraine reported, citing an official in the nation’s military. This comes after Russian President Vladimir Putin on November 19 signed a revised nuclear doctrine declaring that a conventional attack on Russia by any nation supported by a nuclear power will be considered a joint attack on his country,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

Trade Setup for Thursday

The technically correct pattern formed by Nifty indicates a lack of strength in the market to sustain a bounce. Nifty could form a higher low before embarking on a sustainable bounce. 23350-23815 could be the band for the Nifty over the near term, said Deepak Jasani, Head of Retail Research at HDFC Securities.

The Nifty Bank Index has closed just above the 50,600 hurdle, and holding above 50,600 could lead to further strength in Banknifty. On the downside, the 200-day exponential moving average (DEMA) is placed near 49,920, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd.

Russia-Ukraine war

The Asian markets remained a mixed bag, while European markets remained weak. The Dollar Index has failed to cross 107 and crude oil has softened, which remains positive for the Indian Rupee.

Although the pace has slowed, FIIs have continued to be net sellers in November,adding pressure on the market. The State elections in Maharashtra and Jharkhand will influence market sentiments on Thursday, the effect of which could be seen until the final outcome on November 23rd, said Siddhartha Khemka, Head—Research, Wealth Management, Motilal Oswal Financial Services Ltd. Khemka expects markets to remain volatile in the near term due to the renewed Russia-Ukraine war and the ongoing State Assembly elections.

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 CarTrade Tech Ltd, T D Power Systems Ltd, National Aluminium Co. Ltd (NALCO) ,  ICICI Bank Ltd and Container Corporation of India Ltd (CONCOR)

Sumeet Bagadia's stocks to buy today

1.CarTrade Tech Ltd- Bagadia recommends buying CarTrade Tech at ₹1306.35 keeping Stop loss at ₹1260 with a target price of ₹1385

CarTrade is exhibiting strong bullish momentum, currently trading at an all-time high of 1335 levels. The recent breakout above the crucial resistance at 1240 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.T D Power Systems Ltd -  Bagadia recommends buying T D Power Systems at ₹440.7, keeping Stoploss at ₹425 for a target price of ₹470.

T D Power Systems chart reflects a steady rise, with the stock closing at ₹440.7. The stock is gradually recovering after a period of sideways movement. It is now approaching an important resistance level around ₹450 levels. This level is significant as breaking above it could lead to a stronger upward movement. If the stock can stay strong and move above the current range, especially by breaking past ₹450, it may have room of further upward movement, potentially reaching ₹470 levels. On the downside, substantial support is evident near ₹425.

Ganesh Dongre's stocks to buy today

3.National Aluminium Co. Ltd- Dongre recommends buying National Aluminium Co. Ltd (NALCO) at ₹240 keeping Stoploss at ₹234 for a target price of ₹248.

A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock's price, potentially reaching around ₹248. The stock is currently maintaining a crucial support level at ₹234. Given the current market price of ₹240, 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 ₹248.

4. ICICI BANK Ltd- Dongre recommends buying ICICI Bank at ₹1248 with Stoploss at ₹1230 for a target price of ₹1275

A notable bullish reversal pattern has emerged in the stock's recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock's price, potentially reaching around Rs.1275. The stock is currently maintaining a crucial support level at ₹230. Given the current market price of ₹1275, 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 ₹1275.

5.Container Corporation of India Ltd (CONCOR) - Dongre recommends buying CONCOR  at ₹786 keeping Stoploss at ₹775 for a target price of ₹815.

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. 815. At present, the stock is maintaining a crucial support level at Rs.775. Given the current market price of Rs.786, 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. 815.

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.