Nifty 50 Outlook
The Nifty 50 index has shown a volatile trading pattern, closing 0.03% lower at 24,141.30 points on November 11. Analysts indicate that the index is currently trading within a broader range of 23,800 to 24,500, with immediate support at 24,000 and resistance at 24,430.
- Support Levels:
- Immediate: 24,000
- Key: 23,800
- Resistance Levels:
- Immediate: 24,430
- Key: 24,500
Deepak Jasani from HDFC Securities notes that the Nifty’s inability to sustain gains suggests a choppy trend with a weak bias. The formation of a doji-like candle on the daily chart indicates uncertainty among traders about future price movements.
Bank Nifty Outlook
The Bank Nifty index closed positively at 51,876.75 points, gaining 0.61%. Analysts see potential for continued upward momentum towards the 52,500 – 52,850 zone, while key support levels are identified at 51,300 – 51,200.
- Support Levels:
- Immediate: 51,300
- Key: 51,200
- Resistance Levels:
- Immediate: 52,500
- Key: 52,850
Jatin Gedia from Sharekhan emphasizes that a decisive break above the resistance could trigger a short-covering rally.
Stocks to Buy Today
As traders prepare for today’s session, several analysts have recommended specific stocks that show potential for gains:
Sumeet Bagadia’s Recommendations
- Coforge Ltd (COFORGE)
- Buy Price: ₹8,006.90
- Target Price: ₹8,500
- Stop Loss: ₹7,777
- Analysis: Coforge has exhibited strong bullish momentum and recently broke above critical resistance levels.
- Ramco Industries Ltd (RAMCOIND)
- Buy Price: ₹290.50
- Target Price: ₹310
- Stop Loss: ₹280
- Analysis: The stock has formed a higher high and higher low pattern on its daily chart, indicating further upward potential.
Ganesh Dongre’s Recommendations
- HDFC Bank Ltd (HDFCBANK)
- Buy Price: ₹1,764
- Target Price: ₹1,810
- Stop Loss: ₹1,730
- Analysis: HDFC Bank shows signs of upward momentum following a reversal in price action.
- IndusInd Bank Ltd (INDUSINDBK)
- Buy Price: ₹1,058
- Target Price: ₹1,610
- Stop Loss: ₹1,030
- Analysis: A bullish reversal pattern suggests potential gains towards the target price.
- GAIL (India) Ltd (GAIL)
- Buy Price: ₹203
- Target Price: ₹220
- Stop Loss: ₹195
- Analysis: A breakout at the ₹203 level indicates strong buying momentum.
Conclusion
As traders and investors prepare for today’s market session, they should remain vigilant about key support and resistance levels in both the Nifty and Bank Nifty indices. The recommended stocks by leading analysts present potential opportunities for those looking to navigate this volatile market environment effectively.
Disclaimer: The views and recommendations expressed in this article are those of individual analysts or broking companies and do not represent the views of Mint or its management. Investors are advised to conduct their own research or consult with certified financial experts before making any investment decisions as market conditions can change rapidly and individual circumstances may vary.
