Stock market today: Trade setup for Nifty 50 to Russia-Ukraine war; 5 stocks to buy or sell Friday — Nov 29
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-50index, after 3 days of consolidation is showing a sharp correction of 1.5% standing at 23,914.15 on Thursday which is the expiry day. The S&P BSE Sensex is also showing similar cuts, ended at 79,043.74. Bank Nifty got 0.76% lower, closed at 51,906.85, though consumer durables and IT witnessed steeper losers. Broader indices slightly outperformed, offering a respite for traders to buy or sell stocks.
Trade setup for Friday
Stock market news says that following the narrow range movement for the last few sessions, Nifty tumbled down to sharp weakness. According to the Senior Technical Research Analyst at HDFC Securities, Nagaraj Shetti, the current weakness can be a buy-on-dip chance between the levels of 23900 to 23600 (near the 200-day EMA support zone).
Bank Nifty is sticking to its vital hourly moving averages of 51800. According to Jatin Gedia, the Technical Research Analyst at Mirae Asset Sharekhan, from a short term perspective, there is an important support zone in the gap area between 51200 and 51800.
Global markets and Adani shares
Though the Asian market was a bit confusing, the European market stayed in the positive zone.
The US market has seen an overnight sell-off, triggered by uncertain situations related to rate cut trajectory and growing geopolitical tension like Russia Ukraine War, which forced a correction in IT and consumer discretionary stocks, said the Head of Research at Geojit Financial Services, Vinod Nair. In contrast, because of the shift in the position of FIIs and investors looking for scopes in undervalued stocks, the broader market outperformed the frontline index.
Stocks to buy today
Kirloskar Pneumatic Co.Ltd: According to Sumeet Bagadia, Executive Director at Choice Broking, this stock is expected to give a further upward movement, reaching 1875 levels. There is a potential support near 1675.
Computer Age Management Service Ltd: Another recommendation is CAMS which is showing a strong bullish movement. There is a possibility of further continuation of this bullish sentiment as a surge in trading volume is noticed.
