Buy or sell: Vaishali Parekh recommends buying these 3 stocks today - November 3
- Buy or sell stocks: Vaishali Parekh has recommended three stocks to buy for Friday - Sobha Ltd, Metropolis Healthcare Ltd, and Hindustan Copper Ltd.
Stock market news: Benchmark sequity indices, Nifty 50 and the Sensex, closed Thursday trading session with notable gains, soaring high on the backdrop of positive global cues following the US Fed's decision to keep a hold on interest rate hikes, which encouraged views that the US central bank was done raising rates.
The US 10-year Treasury yield sank to 4.7196% following the Fed's announcement, its lowest level in more than two weeks. The equities markets gained momentum as the dollar weakened compared to other currencies.
Wall Street will be watching out today for the non-farm payroll data, which is anticipated to be crucial after the Fed's decision.
The 30-share BSE Sensex ended at 64,080.90, up 489.57 points, or 0.77%, and Nifty 50 climbed 144.10 points or 0.76 per cent to 19,133.25, on Thursday's trade.
The largest gainers among the Sensex companies were NTPC, Bharti Airtel, HCL Technologies, Axis Bank, Infosys, Sun Pharma, Infosys, and Tata Steel and Tata Motors. The laggards were Bajaj Finance and Tech Mahindra.
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According to Prashanth Tapse, Senior VP (Research) at Mehta Equities, Nifty climbed in Thursday’s trade as investors cheered dovish Federal Reserve Chairman Jerome Powell's comment that "despite elevated inflation, the longer term inflation expectations remain well anchored"
Markets are now pricing in a 22% chance of a hike at the central bank’s December meeting, down from 29% a day ago. Also, the probability of rates remaining unchanged through January’s meeting has climbed to 70% from 60%.
Also helping bullish sentient were the WTI crude oil futures which tumbled to $81 per barrel. The focus now shifts to Friday’s jobs report for October.
“If today’s price action at Dalal Street is any indication then the short-term technical outlook for Nifty shifts in favor of the bulls. Technically, confirmation of strength only above Nifty’s biggest hurdles at 19,289 mark. Nifty’s biggest support is placed at 18,939 mark. Nifty’s 200 DMA at 18,635 mark,” said Tapse.
Day trade guide by Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher for Friday's session:
Parekh said Nifty opened on a positive note almost to touch the 19,200 zone where it was subjected to resistance and remained rangebound throughout the session. The index is hovering between the crucial zone of 18,850 and 19,250 levels with overall bias still maintained with a cautious approach.
Bank Nifty once again is finding tough resistance near the 200 period MA of 43,200 levels and slipped during the intraday session with bias still not convincing. A decisive move past the 43,800 zone is much needed for the bias to improve and establish some conviction for further rise. The support for the day is seen at 19,000 levels while the resistance is seen at 19,250 levels. Bank Nifty would have the daily range of 42,700-43,400 levels, according to Parekh.
Vaishali recommends buying the following stocks:
Buy Sobha Ltd at ₹747.75 with a stoploss of ₹735 and a target price of ₹790.
Buy Metropolis Healthcare Ltd at ₹1,456.80 with a stoploss of ₹1,425 and a target price of ₹1,540.
Buy Hindustan Copper Ltd at ₹145.70 with a stoploss of ₹142 and a target price of ₹156.
Nifty Spot Index
Support - 19,000/18,950
Resistance - 19,250/19,300
Bank Nifty Spot Index
Support – 42,700/42,650
Resistance – 43,400/43,450
Also Read: Nifty November series outlook: 4 stocks where investors can park their money; do you own?
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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