Indian stock market: The benchmarks, Sensex and Nifty 50, closed on a lower note on Friday, November 7, marking their third straight session of losses amid weak global cues.
Both indices were down nearly 1% at one point during the day but recovered most of their losses to finish slightly lower. The slipped 95 points, or 0.11%, to 83,216.28, while the Nifty 50 fell 17 points, or 0.07%, to 25,492.30. Among broader indices, the BSE Midcap index gained 0.25%, whereas the Smallcap index closed flat.
The market is experiencing a “sell-on-rise” pattern amid mixed Q2 earnings results. Investors are treading carefully, awaiting more clarity on the potential India–US trade agreement and the resolution of the ongoing US government shutdown, which started on October 1 and has now become the longest in the country’s history.
Stock market next week
Sumeet Bagadia, Executive Director at Choice Broking believes that sentiment has improved as the Nifty 50 index has bounced back strongly after coming close to 50-DEMA support placed at 25,320.
“However, the index would need to break above 25,750 for further improvement in Dalal Street bias. On breaking above 25,750 levels, the 50-stock index would head for the short term targets of 26,100 and 26,500 respectively,” said Bagadia.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, November 10. The three stock picks by Bagadia are – Coastal Corporation, Hardwyn India, and Lancor Holdings.
1] Coastal Corporation: Buy at ₹41.47 | Target Price: ₹44.7 | Stop Loss: ₹40
2] Hardwyn India: Buy at ₹15.76 | Target Price: ₹17 | Stop Loss: ₹15.15
3] Lancor Holdings: Buy at ₹31.7 | Target Price: ₹34 | Stop Loss: ₹30.5
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.