Stocks to buy: The Indian benchmark indices, Sensex and Nifty 50, snapped their three-day losing run on Monday, November 10, amid buying in IT and financial stocks and a positive trend in the global market.
The BSE Sensex ended the day at 319.07 points, or 0.38%, higher at 83,535. Meanwhile, the Nifty 50 settled the day 82.05 points, or 0.32 per cent, up at 25,574. During the day, the indices gained as much as 0.64%.
Except for the media index, which slipped 1%, all other sectoral indices ended in the green. The IT index gained 1.6%, supported by strong buying in Infosys, HCL Technologies, and Wipro. The pharma and metal indices also advanced nearly 1% and 0.6%, respectively.
Stock market today
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes the index has taken support at the important 50-EMA level, and the market bias has improved, signalling a further upmove in the coming days.
Commenting on the key levels for Nifty 50, Parekh said, “Nifty, after taking support near the important 50EMA at 25320 zone, the index continued with the positive move to extend the gains and touched the 25650 zone during the intraday session to improve the bias, expecting further upward move in the coming days.”
As mentioned earlier, the Nifty 50 index would need to move past the 25750 zone to establish conviction for a further rise towards targets of 26,100 and 26500, said the analyst. Meanwhile, the near-term support for Nifty remains at the 25300 zone, which needs to be sustained, she noted.
Commenting on the Bank Nifty index, Parekh said that the index witnessed a marginal gain to find resistance near the 58000 zone after picking up significantly in the previous session from the 57200 zone to improve the bias.
“The index gives a decisive breach above the tough resistance zone of 58500 level, which shall open the gates for a fresh upward move having a further higher target of 60000 level, with downside support positioned near the 50EMA at 56500 level, which needs to be sustained,” said Parekh.
The support for the day is seen at 25450 levels, while the resistance is seen at 25800 levels. “Bank Nifty would have the daily range of 57600-58700 levels.”
Vaishali Parekh’s stock recommendations today
Regarding intraday stocks for today, Vaishali Parekh of Prabhudas Lilladher recommends three stocks to buy: Wockhardt, Gabriel India and Medico Remedies.
1. Wockhardt: Buy at ₹1,360 | Target at ₹1,450 | Stop loss at ₹1,320
2. Gabriel India: Buy at ₹1,255 | Target at ₹1,300 | Stop loss at ₹1,229
3. Medico Remedies: Buy at ₹51 | Target at ₹54 | Stop loss at ₹49
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.
