Stock market news: On Monday, Indian stock markets closed nearly unchanged. The Sensex declined by 64 points to reach 85,642, while the Nifty 50 decreased by 27 points to settle at 26,176. The markets had a strong opening following robust Q2 GDP figures, but the upward momentum diminished as investors began to take profits near record highs.
The positive sentiment was supported by strong domestic demand, particularly in the automotive sector.
Market outlook and key drivers
According to Abhinav Tiwari, a Research Analyst at Bonanza, the market is likely to remain cautious and range-bound moving forward as all eyes are on the RBI Monetary Policy Committee meeting set for December 3 – 5. Expectations are for a 25 bps rate cut to 5.25% due to decreasing inflation.
“Until there is more clarity on the RBI’s position regarding interest rates and liquidity, volatility may persist, especially in banking, real estate, and automotive stocks, which are more affected by shifts in interest rates,” said Tiwari.
Trade Setup for Tuesday
As per Vatsal Bhuva, Technical Analyst at LKP Securities, Nifty 50 concluded Monday’s session with a bearish candlestick, marking the third consecutive day of weak performance and indicating ongoing consolidation at elevated levels accompanied by selling pressure.
“Furthermore, call writing observed at 26,200 and 26,300 implies that the index might experience sideways movement in the short term with a slight bearish sentiment. The immediate support is identified at 26,100, with resistance observed at 26,300, whereas positional support is noted at 26,000 levels,” said Bhuva.
Stocks to buy today
Market experts recommended eight intraday stocks. The experts include Sumeet Bagadia (Choice Broking), Ganesh Dongre (Anand Rathi), and Shiju Koothupalakkal (Prabhudas Lilladher).
Sumeet Bagadia’s stock picks
City Union Bank Ltd: Bagadia recommends buying City Union Bank shares at ₹283, with a stop-loss at ₹273, and a share price target of ₹303.
Sumeet Bagadia said that City Union Bank share price was trading at 283, maintaining a strong upward trajectory, supported by consistent higher price action and steady buying interest. After retesting its previous all-time high zone, the stock has once again surged to register a fresh all-time high of 284, indicating strong market confidence and renewed bullish sentiment.
“Based on the technical analysis and current market conditions, City Union Bank share price presents a promising buying opportunity for those aiming for a 303 target, provided that appropriate risk management strategies are in place,” said Bagadia.
One 97 Communications Ltd (Paytm): Bagadia recommends buying Paytm shares at ₹1,368, with a stop-loss at ₹1,320, and a share price target of ₹1,465.
Sumeet Bagadia said that Paytm share price was trading at 1,368, maintaining a strong upward trajectory. The stock has consistently formed higher highs and higher lows, reflecting sustained bullish momentum. It recently reached a 52-week high of 1,371. A breakout above this level could further accelerate buying interest. The Exponential Moving Averages (EMAs) for the 20, 50, 100, and 200-day periods are all trending upwards, reinforcing the bullish outlook.
“Based on the technical analysis and current market conditions, PAYTM presents a promising buying opportunity for those aiming for a 1,465 target, provided that appropriate risk management strategies are in place,” said Bagadia.
Ganesh Dongre’s stocks to buy today
Gail (India) Ltd: Ganesh Dongre recommends buying Gail shares at ₹175 with a stop-loss at ₹170, with a Gail share price target of ₹183.
Ganesh Dongre said that the stock has been exhibiting a strong and consistent bullish pattern, indicating sustained investor interest and positive price momentum. The stock is currently trading at ₹175 and has established a solid support base at ₹170. This level has historically acted as a cushion, and the recent price action suggests a reversal from this support, reinforcing bullish sentiment. The technical setup points to the potential for a price retracement toward the ₹182 level in the near term.
“Given the renewed strength and the favorable risk-reward ratio, entering at the current market price with a stop-loss placed at ₹170 offers a strategic opportunity to capture the expected upside move. The outlook remains positive as long as the stock holds above its key support zone,” said Dongre.
CG Power and Industrial Solutions Ltd: Ganesh Dongre recommends buying CG Power shares at ₹670 with a stop-loss at ₹655, with a CG Power share price target of ₹690.
Ganesh Dongre said that the stock has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹670 and maintaining a strong support at ₹655. The technical setup indicates the potential for a price retracement towards the ₹690 level.
“With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹655 offers a prudent approach to capturing the anticipated upside,” said Dongre.
Power Grid Corporation of India Ltd: Ganesh Dongre recommends buying Power Grid shares at ₹270 with a stop-loss at ₹260, with a Power Grid share price target of ₹288.
Ganesh Dongre said that the stock has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹270 and maintaining a strong support at ₹260. The technical setup indicates the potential for a price retracement towards the ₹288 level.
“With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹260 offers a prudent approach to capturing the anticipated upside,” said Dongre.
Shiju Koothupalakkal intraday stocks for today
Indian Bank: Shiju Koothupalakkal recommends buying Indian Bank shares at ₹887 with a target price of ₹935 and a stop-loss of ₹865.
Shiju Koothupalakkal said the stock has been maintaining a strong uptrend and currently after a short breather taken near the 890 zone has once again indicated signs of revival taking support near the 850 level and has regained strength to anticipate for another fresh round of upward move in the coming sessions.
“The RSI has corrected well from the highly overbought zone and currently is well placed with a positive trend reversal visible to signal a buy having much upside potential visible. With the chart technically looking good and attractive, we suggest buying the stock for an upside target of 935 keeping the stop loss of 865 level,” said Koothupalakkal.
Mangalore Refinery and Petrochemicals Ltd (MRPL): Shiju Koothupalakkal recommends buying MRPL shares at ₹161.95 with a target price of ₹172 and a stop-loss of ₹158.
Shiju Koothupalakkal said the stock has indicated a higher bottom formation pattern on the daily chart taking support near the important 50EMA at 157 level and has witnessed a pullback to improve the bias anticipating for further rise in the coming days. The RSI after correcting from the overbought zone is currently well placed and has indicated a positive trend reversal to signal a buy with much upside potential visible.
“With the chart technically looking attractive, we suggest buying the stock for an upside target of 172 keeping the stop loss of 158 level,” said Koothupalakkal.
Natco Pharma Ltd: Shiju Koothupalakkal recommends buying Natco Pharma shares at ₹903 with a target price of ₹950 and a stop-loss of ₹880.
Shiju Koothupalakkal said the stock has witnessed a significant pullback from the bottom made near the 795 zone and recently has started picking up with huge volume participation visible moving past the important 200 period MA at 874 level to improve the bias and can expect for further rise in the coming days.
“The RSI is on the rise with strength indicated and with upside potential visible, can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 950 keeping the stop loss of 880 level,” said Koothupalakkal.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.