Stock market today: Trade setup for Nifty 50 to global markets; 5 stocks to buy or sell Wednesday — Dec 4

Stock Market Today: The benchmark Nifty 50 index, gaining for the third consecutive session, ended at 24,457.15, up 0.75% on Tuesday. S&P BSE Sensex also ended with similar gains at 80,845.75.  Nifty Bank outperformed, ending at 52,695.75, up 1.15%. Energy and metals were other gainers, though FMCG and Pharma showed subdued performance. The broader market too outperformed as mid and small-caps gained 1%

Trade Setup for Wednesday

With Nifty surpassing the 24,350 resistance, sustained momentum could drive the index toward the 24,700 mark, said Ajit Mishra – SVP, Research, Religare Broking Ltd. Mishra recommends adopting a “buy on dips” strategy for the index

Bank Nifty is trading around the 61.82% Fibonacci retracement mark at 52680, which can lead to some sideways consolidation. However, the overall upside move is likely to continue towards 53460 – 53500 from a short-term perspective, said Jatin Gedia – Technical Research Analyst at Mirae Asset Sharekhan

Global Markets and RBI MPC in focus

Investors are now focusing on potential growth drivers, assuming that weak economic data has already been reflected in the recent lacklustre corporate earnings. The immediate attention is expected to remain on the RBI’s interest rate guidance and liquidity management, said Vinod Nair, Head of Research, Geojit Financial Services. Banking stocks experienced the highest gains due to their interest rate sensitivity, while metal stocks benefited from increased import duties and favourable manufacturing data from China, said Nair

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.KEC International Ltd-  Bagadia recommends buying KEC International at ₹1094, keeping Stoploss ₹1056, for a target price of ₹1171

KEC is currently trading at 1094, maintaining a strong upward trajectory characterized by a consistent pattern of higher highs and higher lows, indicative of sustained bullish momentum. The stock recently achieved a new all-time high of 1110.90, further solidifying its positive trend. It is trading above its 20-Day, 50-Day, and 200-Day EMAs, reflecting robust support across both short-term and long-term moving averages. With a successful breach of a key resistance level, KEC demonstrates the potential for continued upward movement. If the prevailing trend and subsequent resistance levels are surpassed, the stock could aim for a target of 1171.

2.Larsen & Toubro Ltd–  Bagadia recommends buying Larsen & Toubro at ₹3787.05, keeping Stoploss at ₹3655, for a target price of ₹4052.

Larsen & Toubri (L&T) is currently trading at 3787.05, exhibiting a strong uptrend after breaking above its previous resistance zone near 3750, signalling bullish momentum. The stock is on the verge of moving out of a consolidation phase that formed a rectangular pattern over the past few weeks. This breakout indicates a shift in market sentiment favouring buyers. The stock is trading above key moving averages, including the 20-day, 50-day, 100-day, and 200-day EMAs, reinforcing the bullish trend. Immediate resistance is observed at 3800. A decisive break above this level could propel the stock towards its next short-term target of 4052, marking a potential continuation of the upward trajectory.

Ganesh Dongre’s stocks to buy today

3. Godrej Consumer Products Ltd– Dongre recommends buying Godrej Consumer at ₹1230 keeping stoploss at ₹1200 for a target price of ₹1270.

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 ₹1270. At present, the stock is maintaining a crucial support level at Rs.1200. Given the current market price of Rs.1230 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 ₹1270.

4. Jyoti CNC Automation Ltd– Dongre recommends buying Jyoti CNC Automation at ₹1320, keeping Stoploss at ₹1280 for target price of ₹1375

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.1375. At present, the stock is maintaining a crucial support level at Rs1280. Given the current market price of Rs.1320, 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.1375

5. Tata Consultancy Services (TCS)– Dongre recommends buying TCS at ₹4305, keeping Stoploss at ₹4265, for a target price of ₹4360

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. 4360. At present, the stock is maintaining a crucial support level at Rs.4265. Given the current market price of ₹4305, 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. 4360.

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.