Stock market today: Trade setup for Nifty 50 to Q2 results today; five stocks to buy or sell on Monday — Nov 4

Stock Market Today: The Nifty-50 Index consolidated during the last week; however, it ended 0.05% higher at 24304.35, pausing its losing spree during previous weeks. Bank Nifty also ended the week 1.7% higher. The industrials, Real Estate, metals, and Healthcare sectors were the top gainers, while IT and auto were the top underperformers. The broader index, however, saw respite, with the small-cap index gaining almost 5%.

Trade setup for Monday

Nifty continues to consolidate within the 24,000-24,500 range, and a breakout on either side is expected to determine the next direction . An upward breakout past 24,500 could see the index target the 24,800 mark said Ajit Mishra – SVP, Research, Religare Broking Ltd.

For Bank Nifty 51,000-51,150 will provide short-term support for the index, while resistance stands near the previous swing high at 52,580, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta

Global market outlook and Q2 Results Today

In this week, investor attention will also be on developments in U.S. markets, especially the upcoming U.S. elections on November 5 and the Federal Reserve’s policy meeting on November 8.

We expect this range-bound move to continue with an increase in volatility in an eventful week. Investor’s focus would remain on the ongoing result season as several index heavy-weights like Titan, Dr Reddy’s, Tata Steel, Power Grid, Apollo Hospital, M&M, Trent, SBI, Tata Motors, Asian Paint, Divis Labs are set to announce their quarterly results next week, said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd.

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 Zomato Ltd , UTI Asset Management Company Ltd , Grasim Industries, LIC Housing Finance Ltd and ITC Ltd 

Sumeet Bagadia's stocks to buy today

Zomato Ltd - Bagadia recommends buying Zomato at ₹248.99 keeping Stop Loss at ₹240 for a target price of ₹265

The ZOMATO stock chart shows some signs of recovery, but overall, it’s still in a downtrend. Currently priced around ₹248.99, The recent rise from the support levels at 245 aligns closely with the 100-day EMA follows a long period of decline, hinting that things could improve if more buyers continue to support the stock.

UTI Asset Management Company Ltd- Bagadia recommends buying UTI AMC at ₹1360.40 keeping Stop Loss at ₹1322 for a target price of ₹1444

UTI AMC is currently trading around 1360.40, exhibiting a strong uptrend since the start of the year. This trend is characterized by a pattern of higher highs and higher lows, indicating sustained buying interest and positive momentum. The stock recently reached an all-time high of 1373.9, marking a key resistance level that, if surpassed on a closing basis, could confirm further upside potential. If the stock manages to close above its higher levels then it can witness a short term target of 1444.

Ganesh Dongre's stocks to buy today

3.Grasim Industries Ltd- Dongre recommends buying Grasim Industries at ₹2702 keeping stoploss at ₹2650 keeping target of ₹2850.

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 ₹2850. At present, the stock is maintaining a crucial support level at Rs.2650. Given the current market price of Rs.2702 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.2850.

LIC Housing Finance Ltd- Dongre recommends buying LIC Housing Finance at ₹632 keeping stop loss at ₹605 for a target price of ₹660

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.660. At present, the stock is maintaining a crucial support level at Rs.605. Given the current market price of Rs., 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.660

ITC Ltd - Dongre recommends buying ITC ltd at ₹489 keeping Stoploss at ₹480 for a target price of ₹503.

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. 503. At present, the stock is maintaining a crucial support level at Rs.480. Given the current market price of Rs.489, 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. 503.

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.