The Nifty-50 Index, which had been losing ground in recent weeks, consolidated last week but managed to rise slightly, ending at 24,304.35, up by 0.05%. Bank Nifty also experienced a positive week, climbing 1.7%. Key sectors like Industrials, Real Estate, Metals, and Healthcare led the gains, while IT and Auto sectors underperformed. Additionally, the broader market gained momentum, with the small-cap index rising by nearly 5%.
Monday’s Trade Setup
Nifty remains in a consolidation phase, trading between 24,000 and 24,500. An upward breakout past 24,500 could pave the way for a target of 24,800, according to Ajit Mishra, SVP at Religare Broking Ltd.
For Bank Nifty, 51,000–51,150 is anticipated to serve as support, with resistance near the previous high of 52,580, noted Hrishikesh Yedve from Asit C. Mehta.
Global Market Focus and Q2 Results
The week is set to be eventful, with investors watching developments in the U.S. market, particularly the elections on November 5 and the Federal Reserve’s policy meeting on November 8. Volatility is expected to increase. Investors will also focus on Q2 results from major companies, including Titan, Dr. Reddy’s, Tata Steel, Power Grid, Apollo Hospitals, and others, as highlighted by Siddhartha Khemka of Motilal Oswal Financial Services.
Stock Recommendations for Today
Sumeet Bagadia from Choice Broking recommends:
- Zomato Ltd: Buy at ₹248.99, with a stop loss of ₹240 and a target price of ₹265.
- UTI Asset Management Co. Ltd: Buy at ₹1360.40, with a stop loss of ₹1322 and a target price of ₹1444.
Ganesh Dongre from Anand Rathi suggests:
- Grasim Industries Ltd: Buy at ₹2702, with a stop loss of ₹2650 and a target of ₹2850.
- LIC Housing Finance Ltd: Buy at ₹632, with a stop loss of ₹605 and a target of ₹660.
- ITC Ltd: Buy at ₹489, with a stop loss of ₹480 and a target of ₹503.
Summary Table
| Stock | Buy Price | Stop Loss | Target Price |
|---|---|---|---|
| Zomato Ltd | ₹248.99 | ₹240 | ₹265 |
| UTI Asset Management | ₹1360.40 | ₹1322 | ₹1444 |
| Grasim Industries Ltd | ₹2702 | ₹2650 | ₹2850 |
| LIC Housing Finance | ₹632 | ₹605 | ₹660 |
| ITC Ltd | ₹489 | ₹480 | ₹503 |
This week, keep an eye on global events and market volatility, while also considering the stock recommendations above for potential gains
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