Stock market today: Trade setup for Nifty 50 to global markets; 5 stocks to buy or sell Tuesday — Dec 3

Stock market today: On Monday, Nifty 50 ended at 24, 271.95, adding 0.58% to its gain for the second session in a row. S&P BSE Sensex also ended at 80, 248.08 which is 0.56% higher. However, the Bank Nifty ended at 52, 109.00 with a marginal 0.10% high. The gains were supported by It, Auto, and metals. Realty and Consumer Durables outperformed with 2-3% gains, and broader markets gained around 1%.

Trade setup for Tuesday

The Nifty 50 Index's short-term trend remains positive. Deepak Jasani, Head of Retail Research, HDFC Securities, said, that in the next couple of sessions, a breakout above 24350 can open upside, approaching the next resistance zone around 24700-24900 levels. Immediate support is at 24100.

According to Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta, the Bank Nifty chart is showing strong resistance around 52500-52600 levels and the immediate support is at 51590.

Global market news

The fall of the Indian Rupee to a record low added to the concerns over an idle economy, as the GDP growth of the country slumped to a low of 5.4% in Q2. Moreover, the U.S. may set a 100% tariff on BRICS countries which include India, if they undermine the US dollar or use other currencies for international transactions, said the Head- Research, Wealth Management, Motilal Oswal Financial Services Ltd Siddhartha Khemka. He added, that due to the volatility in the global economic environment and mixed domestic factors, we expect market consolidation within a broad range in the coming term.

Stocks to buy today

The Executive Director at Choice Broking, Sumeet Bagadia, has suggested two stocks.

Affle (India) Ltd

The stock is trading at Rs 1736.2, quickly rising with substantial volume. Further upward movement is expected.

Igarashi Motors India Ltd

The stock chart displays a strong bullish momentum, experiencing robust buying interest and gaining consecutively. It offers an optimistic outlook for investors.

Day trading guide for Today

For day trading, Sugandha Sachdeva of WealthStreet and Mahesh M Ojha, AVP – Research at Hensex Securities suggested stocks including Suzlon Energy, Ola Electric, Snowman Logistics, and Lloyds Engineering Works.