Shares to be bought or sold: Local exchange Sensex and Nifty 50 indices fell over 1 percent on Monday, November 4, due to the general selling wave. Nifty 50 index closed at 23,995.35 points, down 1.27 percent compared to 24,304.35 points at the previous market close.

BSE Sensex closed at 78,782.24 points, down 1.18 percent after Monday. trade compared to 79,724.12 points at the previous market close in the session.

“Chic The index opened horizontally and the bears took over the session from the beginning of the session and fell to the 23,800 region. This was followed by some consolidation and closed with losses of around 310 points. It formed a bearish candle on the daily frame and has been making lower highs since the last three sessions. Now until we’re below the 24,000 zone, weakness “While it can be seen towards 23,800, then 23,650 zone, hurdles have been placed at 24,200 and then 24,350 zone,” said Chandan Taparia, Head of Asset Derivatives and Techniques, MOFSL Asset Management.

On the options front, the Maximum Call OI is 25,000 followed by 24,300 strikes, while the Maximum Put OI is 23,000 followed by 23,500 strikes. Call writing is seen at 24,000 strikes followed by 24,100, while Put writing is seen at 23,000 and then 23,500 strikes. Options data points to a wider trading range in the 23,000 to 24,300 region, while the near range is seen between the 23,500 and 242.00 levels.

Bank Chic

Taparia added the following regarding the Bank Nifty outlook: “Bank Nifty Index opened with a horizontal trend but could not hold the 51,750 zone and gradually started to decline towards the 51,050 zone in the second part of the session. It formed a bearish candle on the daily scale.” sales The banking heavyweights saw pressure and corrected almost 700 points to close to 51,200 levels. The index is stuck in a wider range due to lack of tracking in higher regions but remains close to 100DEMA. Now, some weakness may be seen towards the 51,000 and then 50,750 levels until it remains below the 51,500 region, while the upside hurdle is seen in the 51,500 and then 51,750 regions.”

Chandan Taparia recommends three stocks to buy today. these stocks State Bank of India, Mahindra and Mahindra Ltd. And National Aluminum Ltd. Ltd.

Stocks to buy

State Bank of India: Buy ₹829 | Target Price: ₹870 | Stop Loss: ₹807

The stock is retesting its breakout from the consolidation zone with high buying volume to support potential upside. PSU banks are doing well despite the overall weakness in the market. Taparia said the MACD indicator is bullish and moving upwards, confirming the bullish momentum.

Mahindra and Mahindra: Buy ₹2,883 | Target Price: ₹3,050 | Stop Loss: ₹2,795

The price rebounded from major support levels as a large-bodied bullish candle appeared on the daily chart. At the same time, it is above its key moving averages, indicating a reversal. The Stochastic indicator has moved out of the oversold zone, indicating bullish momentum.

National Aluminum Co.: Buy from: ₹230 | Target Price: ₹245 | Stop Loss: ₹223

The stock has formed a pennant pattern near all-time highs on the daily chart, indicating that the uptrend is continuing. Respecting the 20 DEMA with buying of slight dips. The Rate of Change indicator has appeared to support the upward move.

Disclaimer: The opinions and recommendations presented in this analysis are those of the individual analysts or brokerage firms and not of Mint. Because market conditions can change rapidly and individual circumstances may vary, we strongly recommend that investors consult certified professionals before making any investment decisions.