Trade Call: Sumeet Bagadia Recommends 2 Stocks To Buy/Sell On Wednesday, 29th Nov

On November 28, benchmark indices concluded the day with gains. The Nifty surged 95.00 points, or 0.48 per cent to close at 19,889.70, while the Sensex ended 204.16 points, or 0.31 per cent higher at 66,174.20. Adani Enterprises, Adani Ports, Tata Motors, BPCL, and Coal India were the top gainers on the Nifty, while Cipla, Apollo Hospitals Enterprise, Hindustan Unilever, Sun Pharmaceutical Industries, and ITC were the top losers. On the broader market front BSE midcap index gained 0.3 per cent and the small-cap index wrapped up on a flat note.

Nifty Outlook

Rupak De, Senior Technical analyst at LKP Securities said, "The Nifty has risen above the recent consolidation high, indicating increased optimism among market participants. Furthermore, it has held steady above the critical near-term support level of 19,700. The sentiment is expected to stay positive, potentially leading to a new lifetime high in the short term. At the lower end, 19,700 could remain a crucial short-term support level."

Bank Nifty Outlook Today

Kunal Shah, Senior Technical & Derivative analyst at LKP Securities said, "The Bank Nifty index has displayed a positive trend over the last three days, marked by higher highs and higher lows on the daily chart. Currently approaching a critical resistance level at 44000, a successful breakout above this level on a closing basis is anticipated to trigger significant short-covering rallies toward 44300 and 44500 levels. Meanwhile, the lower end finds support at 43600, serving as a cushion for bullish positions, with potential upside targets identified at 44300 and 44500."

Stocks To Buy Today

On Wednesday, November 29, Sumeet Bagadia, executive director of Choice Broking, recommended trading in two large-cap stocks. Below are the entry price, stop loss, and target price for Reliance Industries and Hindalco Industries.

Hindalco Industries

Buy HINDALCO in cash @ Rs 515.60, stop-loss @ Rs 503, target: Rs 540

The stock is currently trading at 515.60 levels. The stock has strongly moved on the higher side and hence we can witness a breakout on charts. This breakout is supported by good volumes which indicates strength. Now any dip in the stock around 510 levels will be a buying opportunity. The stock is currently trading above all the important moving averages. Momentum indicator RSI is trading at 68 levels indicating strength. The investors holding from lower levels should keep trailing stop loss.

According to the aforementioned technical analysis, we advise buying HINDALCO at a CMP of 515.60 for the target of 540 levels, if the stock closes below 503, our analysis will be invalid.

Reliance Industries

Buy RELIANCE in cash @ Rs 2394.40, stop-loss @ Rs 2355, target @ Rs 2480

RELIANCE is currently trading at 2394.40 levels. The stock has strong support at 2355 levels which is close to its 20 and 50-day EMA levels. We can also witness small resistance near 2425 levels. Once stock maintains a higher level than 2425, it may advance upward and approach the 2480 level. Also, the stock is trading above all the important moving averages indicating strength. The RSI indicator is comfortably trading at 62 levels which indicates that the stock has the potential to move upwards.

Based on the above technical analysis we recommend buying RELIANCE at CMP of 2394.40 for a medium-term outlook with a stop loss of 2355 for targets of 2480.

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.