Siddhartha Khemka of Motilal Oswal Recommends 2 Stocks To Buy On Wednesday, Nov 1

Following two days of consecutive gains, the domestic stock market dropped on Tuesday due to cautiousness ahead of the US Federal Reserve meeting and poor manufacturing data from China. Nifty ended the day at 19080 levels, down 61 points. However, a strong start in Asian markets, a drop in the price of oil to a two-month low, a two-year low in inflation in the European Union, and a recovery in the US market might all lead to a favourable beginning in the home market.

Nifty Outlook Today

Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal said, "Nifty immediate support at 19000 then 18888 zones while resistance at 19250 then 19350 zones. Now it has hold above 19050 zones, for an up move towards 19250 then 19350 zones whereas supports are placed at 19000 then 18888 zones."

Bank Nifty Outlook Today

"Bank Nifty support at 42750 then 42500 zones while resistance at 43250 then 43500 zones. Now it has to hold above 42750 zones for an up move towards 43250 then 43500 zones while on the downside supports are placed at 42750 then 42500 levels," said the analysts.

Market Outlook Today

"Strong opening in Asian markets, oil price fell to 2-month low, European Union inflation fell to 2-year low and rally in the US market, may open domestic market on a positive note. Asian markets soared up to 2% (Japan Index) and US markets advanced over 0.5% ahead of the Federal Reserve's interest rate decision to be released today (India impact tomorrow) and Bank of Japan kept interest rate unchanged on Tuesday," said the equity research analysts of Motilal Oswal.

"US Vix decline sharply by 10% to 18 level after announcing good quarterly results and US consumer confidence dropped to a five-month low in October. Back home, Gift Nifty marginally decline by 35 points or 0.2%. Expect range bound market today ahead of the US Fed rate decision outcome today. Expects positive for airlines stocks after the government cut ATF prices, they added.

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, 1st November 2023.

Technical Pick:

PFC

Buy at CMP of Rs 246, stop-loss: Rs 239, target: Rs 260, duration: 2 to 3 days.

PFC is in overall uptrend and continuously forming higher top-higher bottom formation on larger time frame. It has formed a strong bullish candle on daily chart and bounced from 50 DEMA. The momentum indicator RSI is bouncing from oversold territory and supports are gradually shifting higher.

Fundamental Pick:

L&T

View: Positive

L&T reported a 19%/15%/45% yoy growth in consolidated revenues/EBITDA/PAT for 2QFY24, ahead of consensus estimates. While execution was strong across segments, margin was impacted by execution of legacy projects.Order inflows got boosted by strong ordering from overseas, particularly hydrocarbon and grew by 72% YoY to INR891b. Order backlog also grew a healthy 21% yoy and stood at INR4.5t.

Company has witnessed substantial jump in international order inflows and strong execution in 1HFY24. Hence, it believes that it will outperform the initial guidance of 10-12% inflow growth and 12-15% revenue growth for the full year FY24, the analysts said.

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.