Stock market today: Trade setup for Nifty 50 to Q2 results today; five stocks to buy on Wednesday — Oct 30

Stock Market Today: The Benchmark Nifty 50 index, adding to its Monday gains, ended 0.52% higher at 24,466.85 on Tuesday. Sensex also ended a volatile trading session with 0.45% gains at 80,369.03.  Nifty Bank also saw sharp gains of more than 2% to end at 52,320.70. Realty and metal sectors also saw gains, though auto and pharma remained under pressure. The Broader indices extended gains for the second consecutive session, each adding nearly a per cent. 

Trade setup for Wednesday

The Nifty has risen slightly after forming a bullish pattern. The RSI has entered a bullish crossover near the oversold zone, suggesting positive sentiment in the short term, said Rupak De, Senior Technical Analyst, LKP Securities. There is potential for the index to move towards 24,700-24,750 on the upside, while support is positioned at 24,250 on the downside, added De.

Bank Nifty sustained above the high of an inside bar candle, triggering bullish momentum, and broke a short-term trend line, indicating further strength. Immediate resistance for Bank Nifty is placed near 52,580, with support at 51,900, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. Thus, a "buy on dips" strategy should be employed in Bank Nifty.

Global market outlook and Q2 Results Today

Globally, markets may react to US data for consumer confidence (October) and Job Openings (September) . After 8% fall from all-time high, Nifty is witnessing some pull back ahead of Diwali, as investors get into festive mood. Overall, we expect the markets to remain range bound amid uncertainty with regard to US elections to be held next week, said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services. However we could continue to see sector and stock specific action as more companies announce their quarterly earnings, added Khemka. Key results to watch out for on Wednesday will be L&T, Tata Power, Dabur, AB Capital amongst others.

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 include Dynamic Cables Ltd , The Anup Engineering Ltd, RBL Bank Ltd, Emcure Pharmaceuticals Ltd and Sun TV Network Ltd

Sumeet Bagadia's stocks to buy today

Dynamic Cables Ltd- Bagadia recommends buying Dynamic Cables at ₹819.95 keeping stoploss at ₹790 for a target price of ₹875

Dynamic Cable 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.

The Anup Engineering Ltd- Bagadia recommends buying Anup Engineering at ₹148.85 keeping a Stoploss at ₹3030 for a target price of ₹3350

Anup is presently trading at 3148.85 levels. On the daily chart, the stock has formed a strong bullish momentum candle, signifying a resurgence of strength in its price action. A robust support level is situated at 3030 levels. This confluence of support factors enhances the stock's stability and resilience.

Furthermore, ANUP is trading above all the important moving averages, which underscores its overall bullish posture and trend.

Ganesh Dongre's stocks to buy today

RBL Bank Ltd- Dongre recommends buying RBL Bank at ₹173 keeping a Stoploss at ₹168 for a target price of ₹180.

 The stock having a substantial support at Rs.168, marking a crucial juncture in its recent trading. Presently, at Rs.173, 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 ₹168. The anticipated target for this trade is Rs.180, representing the next significant resistance level. This strategy positions traders favorably to capitalize on the stock's anticipated rally in the weeks ahead.

Emcure Pharmaceuticals Ltd- Dongre recommends buying Emcure Pharmaceuticals at ₹1408 keeping Stoploss at ₹1375 for a target price of ₹1450.

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. 1450. At present, the stock is maintaining a crucial support level at Rs.1375. Given the current market price of ₹1408, 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. 1450.

Sun TV Network Ltd - Dongre recommends buying Sun TV Network Ltd at ₹742 keeping Stop Loss at ₹730 for a target price of ₹760.

On the daily chart of this stock, a breakout at the Rs. 742 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. 730 is recommended. The target price for this strategy is Rs.760 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.