Siddhartha Khemka of Motilal Oswal Recommends 2 Stocks To Buy On Thursday, Nov 2

Amid the positive opening of Asian markets, benchmark indexes began higher on Thursday, with the Sensex up 0.7% at 64,033 and the Nifty up 0.7% at 19,120. Broader markets began the day with gains; the Smallcap index was up 0.9%, while the Midcap index was up 0.7%. All sectoral indices experience advances in trading. Tata Steel was the top loser in the opening session, and Britannia was the top Nifty gainer.

Nifty Outlook Today

"Nifty immediate support at 18888 then 18800 zones while resistance at 19050 then 19150 zones. Now till it holds below 19050 zones, weakness could be seen towards 18888 then 18800 zones whereas hurdles are placed at 19050 then 19150 zones," said Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal.

Bank Nifty Outlook Today

"Bank Nifty support at 42500 then 42250 zones while resistance at 43000 then 43333 zones. Now it has to cross and hold above 42750 zones for an up move towards 43000 then 43333 zones while a hold below the same could see weakness towards 42500 then 42250 levels," said the analysts.

Stocks To Buy Today

Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal has recommended 2 stocks to buy or sell today Thursday, 2nd November.

Technical Pick:

Trent

Buy at CMP of Rs 2197, stop-loss: Rs 2130, target: Rs 2350, duration: 2 to 3 days.

Trent is trading at lifetime high territory and gave a consolidation breakout on weekly scale after ten weeks. On daily scale, it gave a falling supply trend line breakout and forming higher highs - higher lows from the past four sessions with a good surge in volumes. It is holding well above its 50 DEMA and RSI is turning upward which suggests momentum to continue going ahead. The stock has been a strong outperformer within the Midcap space and it is likely to scale new record highs.

Fundamental Pick:

Sun Pharma

Buy at CMP of Rs 1116, target: Rs 1310, duration: 1 year

Sun Pharma delivered an in-line 2QFY24 financial performance, garnering healthy growth across specialty as well as branded generics businesses. While specialty sales have been stable for three quarters now, the prescription trends in the US continue to gain momentum for Ilumya, Cequa and Odomzo. The YoY growth in the DF segment has been majorly driven by volume and partly supported by new launches/price hikes. SUNP is well-positioned to reinforce its specialty franchise through the addition of new products, the expansion of its reach, and the superior implementation of its existing products. It continues to outperform both in the branded generics market of India (DF) and other emerging markets, said the equity research analysts of Motilal Oswal.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.