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

Stock Market Today: Benchmark Nifty -50 index added to its gains on Monday for second session in a row as it ended at 24,271.95 up 0.58%. S&P BSE Sensex also ended 0.56% higher at 80,248.08. The Bank Nifty at 52,109.00, though ended marginal 0.10% higher, Auto, IT , and metals supported the gains. Realty and Consumer durables were significant outperformers with 2-3% gains, while broader markets also gained about 1%

Trade Setup for Tuesday

The short-term trend of the Nifty 50 index remains positive. A sharp upside breakout above 24350 in the next couple of sessions could open upside towards the next resistance zone of 24700-24900 levels, said Deepak Jasani, Head of Retail Research, HDFC Securities. Immediate support is at 24100.

The Bank index is facing strong resistance near 52,500-52,600 levels, as per Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta, on the downside, 51,590 will act as immediate support.

Global Markets and RBI MPC in focus

The Indian rupee fell to a record low amid concerns over a sluggish economy, as the country’s GDP growth slumped to a seven-quarter low of 5.4% in Q2. Additionally, US President-elect Trump threatened to impose a 100% tariff on BRICS countries, including India, if they undermine the US dollar or replace it with another currency for international transactions, said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd. Given the volatile global economic environment and mixed domestic factors, we expect the market to consolidate within a broad range in the near term, said Khemka

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.

Sumeet Bagadia’s stocks to buy today

1. Affle (India) Ltd- Bagadia recommends buying Affle (India)  at ₹1736.2 keeping Stoploss at ₹1670 keeping target price of ₹1870

Affle is currently trading at ₹1736.2. After a period of small falls and sideways consolidation, the stock has lately broken the neckline levels of ₹1700 and is rising quickly on the upside with substantial volume… There are expectations of further upward movement, potentially reaching ₹1870 levels. On the downside, substantial support is evident near ₹1670.

2. Igarashi Motors India Ltd–  Bagadia recommends buying Igarashi Motors at ₹823.15 keeping Stoploss at ₹796 for a target price of ₹875

Igarashi showcases a strong bullish momentum, evident from a notable uptrend from the support levels around 750, in close proximity to its 20 Day Exponential Moving Average (EMA). substantial upward movement and a significant closing around ₹823.15. The stock has been experiencing robust buying interest, leading to consecutive gains that could potentially lead to further upward movement after the recent surge, offering an optimistic outlook for investors

Ganesh Dongre’s stocks to buy today

3. Tata Communications Ltd– Dongre recommends buying Tata Communications at ₹1790 keeping Stoploss at ₹1740 keeping target price of ₹1845.

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 ₹1845. At present, the stock is maintaining a crucial support level at Rs.1740. Given the current market price of Rs.1790 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 ₹1845.

4. RBL Bank Ltd– Dongre recommends buying RBL Bank at ₹156 keeping Stoploss at ₹150 target price at ₹165

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 Rs.165. At present, the stock is maintaining a crucial support level at Rs.150. Given the current market price of Rs.156, 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 Rs.165

5. L&T Finance Ltd _Dongre recommends buying L&T Finance Ltd at ₹143.75 keeping Stoploss at ₹140 with a target price of ₹148.

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 Rs. 148. At present, the stock is maintaining a crucial support level at Rs.142. Given the current market price of Rs.143.75, 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 ₹148.

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.