Stock market news: The benchmark stock indices, Sensex and Nifty 50, finished nearly unchanged on Friday in a session marked by high volatility as investors remained cautious ahead of important macroeconomic data releases after the market closed. After two consecutive days of gains, the 30-share Sensex dipped by 13.71 points or 0.02% to close at 85,706.67. Throughout the day, it reached a peak of 85,969.89 and a trough of 85,577.82, swinging by 392.07 points.
The Nifty 50 fell by 12.60 points or 0.05% to settle at 26,202.95. Earlier, both key indices had surged to record levels during intra-day trading on Thursday but ultimately closed nearly flat due to investors cashing in on profits during the latter part of the session.
Market outlook and key drivers
Ajit Mishra – SVP, Research, Religare Broking Ltd, indicated that the coming week has a packed data schedule that could impact market volatility. The domestic spotlight will be on monthly auto sales, soon followed by the publication of HSBC’s Manufacturing, Services, and Composite PMI figures.
According to Mishra, the most significant event will be the Reserve Bank of India’s monetary policy meeting on December 5, where analysts will closely monitor discussions regarding inflation, growth, and the potential for rate cuts. On a global scale, US macroeconomic data will continue to be the key factor driving risk appetite as markets adjust their expectations for the Federal Reserve’s policy decision in December and its impact on foreign investments.
Trade Setup for Monday
Vatsal Bhuva, a Technical Analyst at LKP Securities, highlighted that the Nifty 50 concluded the week by forming a small candlestick on its weekly chart, signifying uncertainty at elevated levels. On the hourly chart, the RSI has entered a bearish crossover, accompanied by lower peaks, indicating that bulls might pause at these points.
“Nevertheless, support levels are evident at 26,100 and 26,000, with resistance positioned at 26,300. The technical analysis implies that the index could oscillate within a range, with immediate support at 26,100 and resistance approximately between 26,300 and 26,350. A close above the 26,300 mark would pave the way for reaching 26,600 levels,” said Bhuva.
Stocks to buy today
Market experts recommended eight intraday stocks. The experts include Sumeet Bagadia (Choice Broking), Ganesh Dongre (Anand Rathi), and Shiju Koothupalakkal (Prabhudas Lilladher).
Sumeet Bagadia’s stock picks
Laurus Labs Ltd: Bagadia recommends buying Laurus Labs shares at ₹1,031, with a stop-loss at ₹995, and a share price target of ₹1,103.
Sumeet Bagadia said that Laurus Labs share price was trading g at 1031, maintaining a strong upward trajectory. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum. With robust volumes, highlighting renewed participation and strong entry of fresh buyers that have fuelled the ongoing momentum.
According to Bagadia, Based on the technical analysis and current market conditions, Laurus Labs share price presents a promising buying opportunity for those aiming for a ₹1,103 target, provided that appropriate risk management strategies are in place.
Mahindra & Mahindra Financial Services Ltd: Bagadia recommends buying Mahindra & Mahindra Financial Services shares at ₹372, with a stop-loss at ₹359, and a target price of ₹398.
Sumeet Bagadia said that Mahindra & Mahindra Financial Services share price was trading at ₹372, maintaining a strong upward trajectory. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum. It recently reached its all-time high of ₹372.95.
According to Bagadia based on the technical analysis and current market conditions, Mahindra & Mahindra Financial Services share price presents a promising buying opportunity for those aiming for a 398 target, provided that appropriate risk management strategies are in place.
Ganesh Dongre’s stocks to buy today
Piramal Pharma Ltd: Ganesh Dongre recommends buying Piramal Pharma shares at ₹188 with a stop-loss at ₹184, with a Piramal Pharma share price target of ₹200.
Ganesh Dongre said that 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 ₹200.
“At present, the stock is maintaining a crucial support level at ₹185. Given the current market price of ₹187, 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 ₹200,” said Dongre.
RBL Bank Ltd: Ganesh Dongre recommends buying RBL Bank shares at ₹313 with a stop-loss at ₹308, with a RBL Bank share price target of ₹325.
Ganesh Dongre said that we have seen a major support in this stock around ₹308 So, at the current juncture, the stock has again seen a reversal price action formation at the ₹313 price level, which may continue its rally till its next resistance level of ₹325 so traders can buy and hold this stock with a stop loss of ₹308 for the target price of ₹325 in the upcoming weeks.
Astral Ltd: Ganesh Dongre recommends buying Astral shares at ₹1,445 with a stop-loss at ₹1,430, with a Astral share price target of ₹1,500.
Ganesh Dongre said that in the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests that there could be a temporary retracement in the stock’s price, possibly to around ₹1,500 Currently, the stock is holding a crucial support level at ₹1,430.
“Given this scenario, there is potential for the stock to rebound towards the ₹1,500 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹1,430 to manage risk effectively. The target price for this trade is ₹1,500, reflecting the anticipated upward movement based on the identified technical,” said Dongre.
Shiju Koothupalakkal intraday stocks for today
HBL Engineering Ltd: Shiju Koothupalakkal recommends buying HBL Engineering shares at ₹885 with a target price of ₹950 and a stop-loss of ₹865.
Shiju Koothupalakkal said that the stock after witnessing a decent correction from the peak zone of 1,122 level has been consolidating near the 890 zone with support maintained near the 870 level with currently indicating signs of fresh spurt accompanied with volume participation visible to improve the bias and looking attractive.
“The RSI has corrected well from the highly overbought zone and currently is well placed with a positive trend reversal visible to signal a buy having much upside potential visible. With the chart technically looking good and attractive, we suggest buying the stock for an upside target of 950 keeping the stop loss of 865 level,” said Koothupalakkal.
Poonawalla Fincorp Ltd: Shiju Koothupalakkal recommends buying Poonawalla Fincorp shares at ₹480 with a target price of ₹515 and a stop-loss of ₹468.
Shiju Koothupalakkal said that the stock has overall indicated a rising trend with series of higher bottom formation on the daily chart with currently consolidating and taking support near the 455 zone has indicated a decent pullback to move past the significant 50EMA at 477 level to improve the bias expecting for further rise in the coming days.
“The RSI is well positioned and has indicated a positive trend reversal to signal a buy with much upside potential visible. With the chart technically looking attractive, we suggest buying the stock for an upside target of 515 keeping the stop loss of 468 level,” said Koothupalakkal.
Indo Count Industries Ltd: Shiju Koothupalakkal recommends buying Indo Count Industries shares at ₹324.35 with a target price of ₹342 and a stop-loss of ₹316.
Shiju Koothupalakkal said that the stock has indicated a flag pattern on the daily chart with currently having a bullish candle formation on the verge of a breakout with significant volume participation visible to improve the bias and can anticipate for further rise in the coming sessions.
“The RSI has indicated strength with upside potential visible and can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 342 keeping the stop loss of 316 level,” said Koothupalakkal.
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 making any investment decisions.
