Stock market today: Trade setup for Nifty 50 to India’s Q2FY25 GDP data; 5 stocks to buy or sell Monday — Dec 2 | Stock Market News

Stock Market Today: The market rally on Friday helped the benchmark Nifty-50 index and S&P BSE index end the week on a positive note, with gains of almost 1% at 24,131.10 and 79,802.79, respectively. Bank Nifty also ended at around 1.7% higher at 52,055.60, as Telecom and industrials also stood among prominent gainers, though Auto and IT lagged. Broader indices outperformed, with mid and small caps seeing sharper gains of 2.5-5% for the week ending 29 November.

Trade Setup for Monday

The short-term trend of the Nifty has turned bullish. Immediate resistance is placed around 24350 levels where multiple tops are placed. In case of correction, Nifty could find support near 23900 levels. said Devarsh Vakil – Deputy Head Retail Research, HDFC Securities

Nifty Bank has been holding on to its 40-hour average of 51800. In case of a dip, 51500 – 51170 is a strong support zone from which the up move can resume, said Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan. On the upside, 52800 – 53000 is the crucial resistance zone.

Global Markets and Adani shares in focus

Asian markets remained a mixed bag on Friday while Europe and US markets ended on a positive note. 

The upcoming week brings key data releases and events. Participants will first react to the GDP data released post-market on Friday. The primary focus will be on the RBI MPC’s monetary policy review. Additionally, high-frequency indicators such as auto and cement sales, along with HSBC Manufacturing and Services PMI data, are expected to provide further market direction, said Ajit Mishra – SVP, Research, Religare Broking Ltd. Foreign inflows will also remain in focus as a major driver of sentiment.

Stocks to buy today

Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi has suggested three stock ideas.

Sumeet Bagadia’s stocks to buy today

1. Capacite Infraprojects Ltd: Bagadia recommends buying Capacite Infraprojects at ₹433.3 Stoploss at ₹415 with Target price of ₹465

The daily chart analysis of Capacite reveals a promising outlook for the upcoming week, signaling a sustained upward movement. Notably, the stock has formed a significant higher high and higher low pattern, and the recent upward swing has successfully breached the neckline, establishing a new week high for the stock. This breakout suggests the potential for a substantial follow-through upward movement in the stock price.

2.   Pitti Engineering Ltd– Bagadia recommends buying Pitti Engineering at ₹1456.65 Stoploss at ₹1399 for target price ₹1555

Pitti Engineering has recently exhibited a robust breakout from the critical resistance zone of 1313 -1444 on the daily chart. This breakout is supported by a notable increase in trading volume, indicating strong bullish sentiment.

Ganesh Dongre’s stocks to buy today

3. Punjab National Bank– Dongre recommends buying Punjab National Bank at ₹104 keeping Stoploss at ₹100 for a target Price of ₹109.

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around ₹109. At present, the stock is maintaining a crucial support level at Rs.100. Given the current market price of Rs.104 a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹109.

4. Life Insurance Corporation of India– Dongre recommends buying Life Insurance Corporation  at ₹985 keeping Stoploss at ₹965 for a target price of ₹1025

In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs.1025. At present, the stock is maintaining a crucial support level at Rs.960. Given the current market price of Rs.985, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs.1025

5. Hindustan Unilever Ltd– Dongre recommends buying Hindustan Unilever Ltd at ₹2495, keeping stoploss at ₹2465 for a target price of ₹2550

A notable bullish reversal pattern has emerged in the stock’s recent short-term trend analysis. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around Rs. 2550. The stock is currently maintaining a crucial support level at Rs.2465. A buying opportunity is emerging given the current market price of Rs.2495. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of Rs. 2550

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 taking any investment decisions.