Buy or sell stocks: The Indian benchmark indices, Sensex and Nifty, staged a smart turnaround in Tuesday’s trading session (November 11), thus extending their winning run to the second day. Optimism around a US-India trade deal buoyed Street sentiments.
After remaining in the red for a majority of the session, Sensex and Nifty rebounded and closed the session with decent gains. Sensex jumped 335.97 points, or 0.40%, to settle at 83,871.32, while the Nifty climbed 120.60 points, or 0.47%, to close at 25,694.95.
Sectorally, a mixed trend kept traders engaged—IT, auto, and metal stocks outperformed, while financials, realty, and pharma ended subdued. In the broader market, the midcap index gained over half a per cent, whereas the smallcap index closed marginally lower, reflecting selective participation.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, said Tuesday’s market action indicated active participation, which helped indices stage a turnaround. Going ahead, she expects the bias to be cautiously positive.
“After a weak start in the morning session, hitting a low at 25450, Nifty index witnessed a strong bounce back to close near the 25700 zone with the broader markets also indicating active participation to ease out the sentiment to some extent,” said Parekh.
The overall bias has been maintained with a cautiously positive approach, and once a decisive breach above the 25750 zone is established, there can be conviction for further rise in the coming days to the targets of 26100 and 26500 levels, the Prabhudas Lilldher analyst said. In the near term, support is positioned at the 25300 zone, which needs to be sustained.
Commenting on the Bank Nifty levels, Parekh said that the index recently witnessed a decent pullback from the low made near the 57200 zone, and has once again indicated a significant bounce back from the 57600 level during the intraday session to gain momentum, closing near the 58150 zone with bias gradually improving. She expects further upward move with the overall approach remaining cautiously optimistic.
“The support from the current level is positioned near the 50EMA at 56700 level, which needs to be sustained. The support for the day is seen at 25550 levels, while the resistance is seen at 25900 levels. BankNifty would have the daily range of 57800-58800 levels,” Parekh opined.
Vaishali Parekh’s stock recommendations today
Regarding intraday stocks for today, Vaishali Parekh of Prabhudas Lilladher recommends three stocks to buy: IREDA, Samvardhana Motherson and Suzlon Energy.
1. IREDA: Buy at ₹149 | Target at ₹154 | Stop loss at ₹147
2. Samvardhana Motherson: Buy at ₹104 | Target at ₹112 | Stop loss at ₹100
3. Suzlon Energy: Buy at ₹58 | Target at ₹62 | Stop loss at ₹56
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
