Stock Market News Today: Vaishali Parekh Advises Buying These 3 Equities Today, November 8

Stock market news: The domestic equity indexes Sensex and Nifty 50 stopped a three-day winning streak on Tuesday, November 7, due to profit-taking in a few heavyweights amid poor global signals and diminishing confidence about the conclusion of monetary tightening.

WhatsApp Group Join Now
Telegram Group Join Now
Instagram Group Join Now

The Sensex ended the day at 64,942.40, down 16 points, or 0.03%, while the Nifty 50 ended the day at 19,406.70, down 5 points, or 0.03%.

Despite the benchmark indexes finishing flat, around 240 stocks, including IndusInd Bank, Indian Oil Corporation, ONGC, Trent, Sun Pharma, Tata Elxsi, Zomato, Colgate Palmolive (India), and Varun Beverages, achieved fresh 52-week highs in intraday trade on the BSE.

Sun Pharma (up 2%), BPCL (up 1.69%), and NTPC (up 1.57%) were the top three gainers in the Nifty 50 index at the closing. The most losing companies in the Nifty 50 index at the conclusion of the day were Bajaj Finance (down 0.83%), Hero MotoCorp (down 1.04%), and JSW Steel (down 0.77%).

Bharti Airtel, Bajaj Finance, JSW Steel, HDFC Bank, Reliance Industries, Mahindra & Mahindra, ITC, Tata Consultancy Services, Wipro, and Larsen & Toubro were the Sensex’s biggest laggards. Sun Pharma, NTPC, State Bank of India, IndusInd Bank, and Axis Bank were the largest gains.

The sectors indexes performed unevenly: the Realty Index was the greatest loser, falling 1.34%, while the Pharma Index was the top gainer, rising 1.32%.

“If today’s price action on Dalal Street is any indication, the Nifty’s short-term technical outlook stays bullish.” Technically, strength is only confirmed above the Nifty’s main resistance level of 19,707 points. The Nifty’s strongest support is around 19,225. “The 200 DMA of the Nifty is at 18657,” stated Prashanth Tapse, Senior Vice President of Research at Mehta Equities.

According to Vinod Nair, Head of Research at Geojit Financial Services, the market has seen some resistance at higher levels as caution prevails due to the start of key state elections, as well as additional negative global cues from a larger-than-expected drop in Chinese exports, highlighting a continued slowdown in global trade. Despite the prolongation of Saudi Arabia and Russia’s production cutbacks, crude oil prices have softened, which is good for India in the face of geopolitical stress. This, together with the recent reduction in US bond yields and the continued favorable earnings season, will underpin long-term gains. 

Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher’s day trade advice for Wednesday’s session:

According to Parekh, the Nifty opened flat and stayed rangebound during the day, staying at the 19,350-19,400 zone, with a bullish bias predicting additional gains up to 19,550 levels. As previously said, the levels near 19,200-19,250 would operate as a support zone from present levels that must be maintained.

Bank Nifty held support at the crucial 200 period MA throughout the intraday session and rebounded significantly, with frontline banking stocks such as ICICI Bank, Axis Bank, Kotak Bank, and SBI exhibiting improvement in the bias with a trend reversal. Once the index breaks over the 44,000 level, it will further enhance the trend, providing some conviction and pointing to more gains. The day’s support is at 19,300, while the day’s resistance is at 19,550. According to Parekh, the Bank Nifty would trade in a daily range of 43,500-44,000 points.

Vaishali advises investors to purchase the following stocks:

Aditya Birla Capital Ltd should be purchased at 174, with a stop loss of 170 and a target price of 186.

BEML Ltd should be purchased at $2,122.85 with a stop loss of $2,080 and a target price of $2,210.

CG Power and Industrial Solutions Ltd should be purchased at 388 with a stop loss of 381 and a target price of 410.

Read More: WhatsApp Soon To Enable Email Address Verification, Which Is Presently Available To Limited Number of Users

Nifty Spot Index

Support – 19,300/19,250

Resistance – 19,550/19,600

Bank Nifty Spot Index

Support – 43,500/43,450

Resistance – 44,000/44,050

Disclaimer: The opinions and recommendations shown here are those of individual analysts, experts, and brokerage firms, not Axpert Media. Before making any financial decisions, we recommend that investors consult with competent specialists.

Axpert Media News Desk
Axpert Media News Desk
Axpert Media News Desk is an Internet media Website and our goal is to reach out People all over world with News, Informations & Entertainment. Ect, founder & ceo Krishnaanand

Latest articles

Related articles

Leave a reply

Please enter your comment!
Please enter your name here