Siddhartha Khemka of Motilal Oswal Suggests 2 Stocks To Buy On Friday, 3rd Nov

The Indian stock market is expected to begin on an upward trajectory on Friday as a result of the global market rebound following the US 10-year and 30-year bond yields falling to a one-month low, robust gain in the Asian market, and Gift Nifty's move to open higher vs Nifty Futures. The Nifty November future wrapped up at 19238.85 on Thursday, closing at a premium of 105.60 points as opposed to a premium of 71.10 points from the previous session. Bank Nifty futures OI grew by 1.30% to 27.14 lakhs, while Nifty futures OI increased by 2.50% to 1.27 Cr. The Nifty Put/Call Ratio (OI) grew, rising from 0.82 to 1.01. The India VIX fell 8.69% on Thursday, from 12.03 to 11 levels.

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 to hold above 19100 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 43333 then 43500 zones. Now it has to continue to hold above 42750 zones for an up move towards 43333 then 43500 zones while on the downside support is seen at 42750 then 42500 levels," stated the analysts.

Market Outlook Today

Indian stock market is expected to open on a strong note on account of rally in the global market after the US 10-year and 30- year bond yield fell to 1-month low and declined 10% from the recent peak along with US Dollar Index fell to below 106 level, said the equity research analysts of Motilal Oswal.

"US Stocks gained on Thursday as Treasury yields fell, with investors betting the Federal Reserve could be done raising rates for 2023. The S&P 500 advanced 1.9%, its biggest one-day gain since April. Both Dow Jones and Nasdaq Composite gained nearly 2% each. European market surged after the Bank of England holds its main interest rate steady at 5.25%. UK, Germany and France Index gained 1.5% each. Shares in Asia advanced after further gains for U.S. stocks as investors adjusted to the prospect the Federal Reserve may be done with rate hikes. Australian and South Korean equities gained nearly 1% each," they further added.

Stocks To Buy Today

Here are the stocks to buy or sell on Friday, 3rd November as recommended by Siddhartha Khemka Head - Retail Research and Chandan Taparia-Derivatives & Technical Analyst of Motilal Oswal.

Technical Pick:

NMDC

Buy at CMP of Rs 160, stop-loss: Rs 156, target: Rs 168, duration: 2 to 3 days

NMDC is in overall uptrend and making higher top-higher bottom formation on larger time frame. It has taken support at 20 DEMA and gave a range breakout on daily scale. The momentum indicators RSI is positively placed and supports are gradually shifting higher.

Fundamental Pick:

Tata Motors

Buy at CMP of Rs 636, target: Rs 750, duration: 1 year

TATA Motors reported healthy 2QFY24 results with consol. EBITDA up 121% YoY at Rs 137.2b while /Adj. PAT stood at INR38.6b (est. INR28.9b) vs. a loss of INR12.6b in 2QFY23, significantly above our estimates est. INR130.2b/ INR28.9b). The 2Q performance was driven by better-than-expect PAT in JLR/PV businesses. The order book remained strong with over 168,000 client orders, with RR, RR Sport and Defender accounting for 77% of the order book. The management has indicated 30% volume growth in PV since the start of Navratri. EV/CNG penetration stood at 13%/14% in 1HFY24, said the analysts.

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.