Stock market today: Trade setup for Nifty 50 to Russia-Ukraine war; 5 stocks to buy or sell Friday — Nov 29

Stock Market Today: The benchmark Nifty-50 index, after consolidating for three days, corrected sharply 1.5% to 23,914.15 on Thursday, which happened to be expiry day, too. The S&P BSE Sensex ended with similar cuts at 79,043.74. Bank Nifty closed at 51,906.85, 0.76% lower, though IT and auto consumer durables saw steeper losers. Broader indices outperformed slightly, providing a respite.

Trade Setup for Friday

After showing a narrow range movement in the last few sessions, Nifty slipped into sharp weakness. The present weakness is expected to be a buy-on-dips opportunity between 23900-23600 levels (around the recent up gap and 200-day EMA support zone), said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Bank Nifty is holding on to its crucial hourly moving averages of 51800. Also, the gap area in zone 51200 – 51800 shall act as a crucial support zone from short term perspective, said Jatin Gedia – Technical Research Analyst at Mirae Asset Sharekhan

Global Markets and Adani shares in focus

Asian Market were a mixed bag though European market traded in positive zone.

The overnight sell-off in the US market, driven by renewed uncertainty about the rate cut trajectory and rising geopolitical tension, led to a correction in heavyweight IT and consumer discretionary stocks, said Vinod Nair, Head of Research, Geojit Financial Services. Conversely, the broader market outperformed the frontline index due to a shift in the stance of FIIs and investors seeking opportunities in undervalued stocks."

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.

These include Kirloskar Pneumatic Co.Ltd , Computer Age Management Services Ltd, Canara Bank Ltd, PVR Inox Ltd and Cipla Ltd 

Sumeet Bagadia's stocks to buy today

1.Kirloskar Pneumatic Co.Ltd- Bagadia recommends buying Kirloskar Pneumatic at ₹1742.1keping Stoploss at ₹1675 for a target of ₹1875

Kirloskar Pneumatic is currently trading at ₹1742.1. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of ₹1666 and is rising quickly on the upside with substantial volume... There are expectations of further upward movement, potentially reaching ₹1875 levels. On the downside, substantial support is evident near ₹1675.

2.Computer Age Management Services Ltd (CAMS)- Bagadia recommends buying Computer Age Management Service at ₹4893.35 keeping Stoploss at ₹4750 for a target price of ₹5222

CAMS is exhibiting strong bullish momentum, the daily chart analysis reveals a notable shift in market dynamics, transitioning from a period of minor declines and sideways consolidation to a promising upside bounce. This breakout has been accompanied by a consolidation of the upward movement, characterized by Higher High and Higher Low Pattern. The strong bullish sentiment is further validated by a noticeable surge in trading volume.

Ganesh Dongre's stocks to buy today

3. Canara Bank- Dongre recommends buying Canara Bank at ₹102  keeping Stoploss at ₹97 for a target price of ₹108.

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 ₹108. The stock is currently maintaining a crucial support level at ₹97. Given the current market price of ₹102 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 ₹108.

4.PVR Inox Ltd - Dongre recommends buying PVR Inox at ₹1520 keping Stoploss at ₹1480 for a target price of ₹1555

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 Rs1555. At present, the stock is maintaining a crucial support level at ₹1480. Given the current market price of ₹1520, 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 ₹1555.

5. Cipla Ltd- Dongre recommends buying Cipla Ltd at ₹1493 keeping Stoploss at ₹1475 for a target price of ₹1530.

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 ₹1530. At present, the stock is maintaining a crucial support level at Rs.1475. Given the current market price of ₹1493, 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 ₹1530.

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.