Stock market today: Trade setup for Nifty 50, Q2 results, IPO frenzy to gold prices - 8 stocks to buy

Stock market news: Indian stock market witnessed a significant rebound on Monday, breaking a three-day downward trend with widespread buying across various sectors. The Sensex rose by 319 points to reach 83,535, while the Nifty 50 increased by 82 points to close at 25,574, marking a notable recovery after recent declines. This upswing was influenced by renewed optimism regarding a potential resolution to the 40-day US government shutdown.

Abhinav Tiwari, a Research Analyst at Bonanza, mentioned that the main factors driving the rally include expectations of a resolution to the US government shutdown, which boosted global risk sentiment, substantial foreign inflows, as foreign institutional investors purchased equities worth ₹4,581 crore on November 7, and strong Q2 earnings from select companies that enhanced confidence.

“We expect some consolidation in the near term as we wait for key macro data such as CPI on November 12, M3 money supply, and WPI on November 14,” said Abhinav Tiwari.

Trade Setup for Tuesday

Rupak De, Senior Technical Analyst at LKP Securities, indicated that Nifty 50 fluctuated within a limited range of 25,500–25,650 during the trading session. On the upside, it faced resistance near the 50 EMA and struggled to maintain levels above the 21 EMA at the close, signaling that weakness might persist over the next one to two sessions.

“From a broader viewpoint, the index has found support along the upper boundary of the falling channel on the daily chart, indicating that the overall structure remains intact. However, a decisive move above 25,600 will be essential to validate the start of another upward trend. Until then, the index is expected to maintain its sideways consolidation phase,” said De.

Global Markets, Q2 results, Bihar election, US-China trade talks to IPO frenzy

Vinod Nair, Head of Research at Geojit Investments, stated that the potential resolution of the U.S. government shutdown, along with renewed buying from foreign institutional investors driven by a favorable Q2 earnings season, contributed to a positive market sentiment. The increase in the U.S. 10-year Treasury yield indicates a growing risk appetite for equities following the reopening of the federal government.

“On the domestic front, improving macroeconomic indicators are anticipated to support upward revisions in earnings projections for H2FY26. This solidifies current valuations and is likely to draw additional liquidity. Sector-wise, the IT index excelled, driven by expectations of demand stabilization,” added Nair.

Stocks to buy today

Regarding stocks to buy today, market experts—Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, recommended these eight intraday stocks for today: Laurus Labs Ltd, Torrent Pharmaceuticals Ltd, Sun Pharmaceutical Industries Ltd, Hindalco Industries Ltd, Eternal Ltd, Maruti Suzuki India Ltd, Jamna Auto Industries Ltd, and Sequent Scientific Ltd.

Sumeet Bagadia's stock picks

Laurus Labs Ltd: Bagadia recommends buying Laurus Labs share price at ₹1,001 keeping a stoploss at ₹966 with a Laurus Labs share price target of ₹1,071.

According to Sumeet Bagadia, Laurus Labs share price was trading at ₹1,001 and continues to exhibit strong bullish momentum, supported by a steadily rising price structure and consistent upward swing formation. The stock is now approached its all-time high of 1,004, which stands as a crucial resistance level. A decisive breakout above this zone could attract renewed buying interest and potentially open the door to further upside.

Bagadia said that the overall trend remains firmly positive, with the 20, 50, 100, and 200-day Exponential Moving Averages all trending upward—underscoring sustained demand and strengthening bullish sentiment across short- to long-term timeframes.

“In conclusion, based on current technical conditions, Laurus Labs offers a strong buying opportunity for short-term traders targeting 1,071, provided sound risk management measures are maintained,” said Sumeet Bagadia.

Torrent Pharmaceuticals Ltd: Bagadia recommends buying Torrent Pharma share price at ₹3,818 keeping a stoploss at ₹3,685 with a Torrent Pharma share price target of ₹4,084.

Sumeet Bagadia said Torrent Pharma share price is trading at ₹3,818, registering a strong breakout from a consolidation phase with robust volumes, highlighting renewed participation and strong entry of fresh buyers that have fuelled the ongoing momentum.

According to Bagadia, the stock is well-positioned above its 20, 50, 100, and 200-day EMAs, all trending upward, which confirms sustained strength across multiple timeframes and reflects solid underlying demand.

“In conclusion, based on the technical analysis and current market conditions, Torrent Pharma presents a promising buying opportunity for those aiming for a ₹4,084 target, provided that appropriate risk management strategies are in place,” said Sumeet Bagadia.

Ganesh Dongre's stocks to buy today

Sun Pharmaceutical Industries Ltd: Ganesh Dongre recommends buying Sun Pharma share price at ₹1,698 with a stoploss at ₹1,670 with Sun Pharma share price target of ₹1,735.

According to Ganesh Dongre, 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 ₹1,735. At present, the stock is maintaining a crucial support level at ₹1,670.

Ganesh Dongre said that given the current market price of ₹1,698, 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 ₹1,735.

Hindalco Industries Ltd: Ganesh Dongre recommends buying Hindalco share price at ₹786 with a stoploss at ₹770 with Hindalco share price target of ₹820.

Ganesh Dongre said that they have seen a major support in this stock around ₹770. So, at the current juncture, the stock has again seen a reversal price action formation at the ₹786 price level, which may continue its rally till its next resistance level of ₹820 so traders can buy and hold this stock with a stop loss of ₹770 for the target price of ₹820 in the upcoming weeks.

Eternal Ltd: Ganesh Dongre recommends buying Eternal share price at ₹303 with a stoploss at ₹296 with Eternal share price target of ₹316.

According to Ganesh Dongre, in the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests that there could be a temporary retracement in the stock's price, possibly to around ₹316 Currently, the stock is holding a crucial support level at ₹296.

Given this scenario, there is potential for the stock to rebound towards the ₹316 level in the near future. Traders are advised to consider taking a long position, with a strategic stop loss set at ₹296 to manage risk effectively. The target price for this trade is ₹316, reflecting the anticipated upward movement based on the identified technical.

Shiju Koothupalakkal intraday stocks for today

Maruti Suzuki India Ltd: Shiju Koothupalakkal recommends buying Maruti Suzuki share price at ₹15,583 with a Maruti Suzuki share price target of ₹16,200 with a stop loss of ₹15,330.

Shiju Koothupalakkal said that the stock after a short period of correction has arrived near the upper band of the ascending channel pattern with support of 15,350 level and currently has indicated a positive candle formation moving past the important 50EMA at 15,520 level to improve the bias anticipating for another fresh round of upward move in the coming sessions.

“The RSI has indicated a positive trend reversal to signal a buy after 12 days and with strength visible, can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 16,200 keeping the stop loss of 15,330 level,” said Koothupalakkal.

Jamna Auto Industries Ltd: Shiju Koothupalakkal recommends buying Jamna Auto share price at ₹95.66 with a Jamna Auto share price target of ₹103 with a stop loss of ₹93.

Shiju Koothupalakkal said that the stock after witnessing the decent correction from 112 zone has taken support near the important 200 period MA at 90 level and with a significant recovery visible has improved the bias to anticipate for further rise in the coming sessions.

“The RSI has indicated a strong bounce back from the oversold zone to signal a buy and with much upside potential visible, can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 103 keeping the stop loss of 93 level,” said Koothupalakkal.

Sequent Scientific Ltd: Shiju Koothupalakkal recommends buying Sequent Scientific share price at ₹224 with a Sequent Scientific share price target of ₹237 with a stop loss of ₹219.

Shiju Koothupalakkal said that the stock maintaining the positive uptrend has indicated a strong move with a positive candle formation on the daily chart to improve the bias expecting for further follow through of the positive gain with overall parameters supporting the positive view.

“The RSI is maintained strong and with upside potential visible can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 237 keeping the stop loss of 219 level,” said Koothupalakkal.

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 making any investment decisions.