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


Equity indexes surged for a fourth straight day on Tuesday to close at a more than nine-month high, boosted by positive macroeconomic data and rising trends overseas. Global markets maintained their gains ahead of key central bank meetings this week. A recovering rupee and continued foreign fund inflows add momentum.

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

Day trading guide for stock market today

“Tuesday’s candlestick pattern shows a high wave formation and this reflects volatility in the market at highs. Usually, high wave formations at highs/barriers indicate caution for longs. But, there is still no confirmation of any reversal of the unfolding pattern at highs. The next upside level will be observed around 18500 and immediate support is placed at 18080 level,” 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 a bullish crossover. The trend remains strong as long as it remains above 18000. At the higher end, resistance can be seen 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 Port: Buy Adani Port, 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 Mahir Equity

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

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

The views and recommendations made above are the views of individual analysts or brokerage firms, and not of Mint.

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