Stock market today: Trade setup for Nifty 50 to Q2 results today; five stocks to buy or sell on Tuesday — Oct 29

Stock Market Today: Investors were enthused by a pullback rally in the markets after a phase of long correction. The benchmark Nifty-50 index ended the day with gains of 0.65% at 24,339.15, while the Sensex gained 0.76% to end at 80,005.04. The Nifty Bank Index rebounded 0.93%, while all other sectors closed in green. Metals, PSU Banks, and Pharma were other key gainers.

Trade setup for Tuesday 

Technically, after an early morning intraday correction, Nifty and Sensex took support near 24100 and 79400, respectively, before reversing and holding positive momentum throughout the day, which is largely positive, said Shrikant Chouhan, Head of Equity Research, Kotak Securities. For the traders now, 24200-24100 (Nifty) and 79600-79400 (Sensex) would act as key support zones.

Bank Nifty opened the gap up and witnessed positive price action during the day. We expect the Bank Nifty to consolidate within 52800 – 50500 from a short-term perspective, said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas

Global market outlook and Q2 Results Today

Markets started the last week of the month on a positive note ahead of the Diwali festival and further supported by a fall in crude oil prices by more than $3/barrel after Israel’s retaliatory strike on Iran over the weekend bypassed the Iranian oil and nuclear facilities and did not disrupt energy supplies. Despite this, we expect the truncated week to remain sideways amid a mixed Q2 season, monthly FNO expiry and continued selling by FIIs, said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services. Key results to watch out on Tuesday will be Maruti Suzuki, Adani Enterprise, Adani Ports, and Cipla 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.

Sumeet Bagadia’s stocks to buy today

1. Kirloskar Pneumatic Co – Bagadia recommends buying Kirloskar Pneumatic at ₹1548.75 keeping Stop loss at ₹1495 for a target price of ₹1666

Kirloskar Pneumatic Co is exhibiting strong bullish momentum, currently trading at an all-time high of 1633 levels. The recent breakout characterized by multiple resistance levels forming a consolidation phase which further supports the strong upward trend, indicates robust market momentum and potential for continued upward movement. Supported by robust trading volumes, reinforcing the strength in the stock. The breakthrough suggests a potential continuation of the upward trend, offering an optimistic outlook for investors. 

2. Sharda Cropchem Ltd – Bagadia recommends buying Sharda Cropchem at ₹652.65 keeping Stoploss at ₹628 with a target price ₹700

Sharda Cropchem is currently trading at ₹652.65. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of ₹630 and is rising quickly on the upside with substantial volume. There are expectations of further upward movement, potentially reaching ₹700 levels. On the downside, substantial support is evident near ₹628.

Ganesh Dongre’s stocks to buy today

3.General Insurance Corporation of India– Dongre recommends buying General Insurance Corporation at ₹361 with Stoploss at ₹ 355 for target price of ₹370.

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 ₹370. At present, the stock is maintaining a crucial support level at Rs.355. Given the current market price of Rs.361, 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.370.

4. Macrotech Developers (Lodha)– Dongre recommends buying Macrotech Developers (Lodha) at ₹1105 with Stop Loss at ₹990 for a target price of ₹1140

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.1140. At present, the stock is maintaining a crucial support level at Rs.990. Given the current market price of Rs.1105, 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.1140

5. Bharat Dynamics Ltd – Dongre recommends buying Bharat Dynamics at ₹1045 with Stoploss of ₹1000 for target price of ₹1105.

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. 1105. At present, the stock is maintaining a crucial support level at Rs.1000. Given the current market price of Rs.1045, 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. 1105.

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.