Day trading guide for Wednesday: 4 stocks to buy today – November 2 | Mint – Mint

Equity indices darted up for the fourth day running on Tuesday to close at over nine-month highs, buoyed by positive macroeconomic data and a bullish trend overseas. Global markets maintained their winning run ahead of key central bank meetings this week. A recovering rupee and continuous foreign fund inflows added to the momentum. 

The 30-share BSE Sensex climbed 374.7 points to settle at 61,121, closing above the 61,000-level for the first time since January 17 this year. On similar lines, the Nifty advanced 0.7% to end at 18,145 on Tuesday.

Day trading guide for stock market today

“The candle pattern of Tuesday indicates a formation of high wave and this reflects a volatility in the market at the highs. Normally, such high wave formations at the highs/hurdles indicates caution for longs. But, still there is no confirmation of any reversal pattern unfolding at the highs. The next upside levels to be watched around 18500 and immediate support is placed at 18080 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

“After starting higher the Indian Nifty remained strong throughout the session. On the daily chart, the index has moved above the previous swing high. The daily RSI is in bullish crossover. The trend remains strong as long as it remains above 18000. On the higher end, resistance is visible at 18300,” said Rupak De, Senior Technical Analyst at LKP Securities.

Stocks to buy today as recommended by analysts –

Sumeet Bagadia, Executive Director at Choice Broking

Grasim Industries: Buy Grasim, stop loss 1,725, target 1,800

Adani Ports: Buy Adani Ports, stop loss 820, target 860/875

Ravi Singh, Vice President & Head of Research at Share India

Oil and Natural Gas Corporation (ONGC): Buy ONGC, target 142, stop loss 131

Tata Motors: Buy Tata Motors, target 430, stop loss 412

Manoj Dalmia, Founder & Director at Proficient Equities

Adani Ports: Buy Adani Ports, stop loss 846, target 859

Tata Motors: Buy Tata Motors, stop loss 423.0, target 427.7

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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