In Tuesday’s trading session, the benchmark Nifty 50 index maintained its bullish momentum, closing 0.52% higher at 24,466.85, while the Sensex added 0.45%, finishing at 80,369.03.
Banking stocks led gains, with Nifty Bank rising over 2% to close at 52,320.70, while realty and metal sectors saw steady growth.
Despite the strength in broader indices, auto and pharma stocks experienced mild pressure. Analysts are projecting that this upward trend could continue into Wednesday, with technical indicators signaling further growth potential.
Also read: Market Outlook for October 30: Nifty and Bank Nifty Anticipate Tepid Start
Trade Setup
According to Rupak De, Senior Technical Analyst at LKP Securities, Nifty’s recent bullish pattern suggests a positive outlook for the short term, with resistance expected between 24,700 and 24,750. Support for the index stands at 24,250, creating a key range for traders to monitor.
Bank Nifty, which saw a breakout from a short-term trend line, also remains robust. Hrishikesh Yedve, AVP of Technical and Derivatives Research at Asit C. Mehta Investment Intermediates, suggests adopting a “buy on dips” strategy, with immediate resistance for Bank Nifty at 52,580 and support at 51,900.
As global markets await U.S. economic data releases, Indian markets are seeing increased investor activity ahead of Diwali.
Siddhartha Khemka, Head of Research for Wealth Management at Motilal Oswal Financial Services, notes that the market could stay within a range but expects sector-specific movements, with quarterly results playing a significant role. Key reports to watch include L&T, Tata Power, and Dabur.
Top Stock Recommendations for October 30
Dynamic Cables Ltd
- Current Price: Rs 819.95
- Target Price: Rs 875
- Stop Loss: Rs 790
Sumeet Bagadia, Executive Director at Choice Broking, has recommended Dynamic Cables for its bullish momentum and recent price breakout. The stock has shown a steady upward trajectory, marking a higher high and higher low pattern. A recent upward swing has broken through previous resistance levels, setting the stock up for potential gains.
The Anup Engineering Ltd
- Current Price: Rs 3,148.85
- Target Price: Rs 3,350
- Stop Loss: Rs 3,030
Bagadia also recommends The Anup Engineering, which has been on a bullish trend, reinforced by strong price action and support at Rs 3,030. With the stock trading above key moving averages, Anup is well-positioned for upward momentum.
RBL Bank Ltd
- Current Price: Rs 173
- Target Price: Rs 180
- Stop Loss: Rs 168
Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, suggests RBL Bank for a short-term trade, given its solid support at Rs 168. Trading at Rs 173, RBL Bank’s price action reversal indicates strong momentum, offering a favorable buy setup with an anticipated target of Rs 180.
Emcure Pharmaceuticals Ltd
- Current Price: Rs 1,408
- Target Price: Rs 1,450
- Stop Loss: Rs 1,375
Dongre recommends Emcure Pharmaceuticals, which has formed a bullish reversal pattern, offering potential gains toward Rs 1,450. A solid support level at Rs 1,375 and recent price movement make Emcure a promising pick for short-term traders.
Sun TV Network Ltd
- Current Price: Rs 742
- Target Price: Rs 760
- Stop Loss: Rs 730
Dongre’s pick, Sun TV Network Ltd, has broken through at the Rs 742 level, supported by an upward-turning Relative Strength Index (RSI). With these indicators favoring continued gains, Sun TV may offer returns in the near term, with a recommended stop loss at Rs 730.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Stock market investments carry inherent risks, and readers are advised to conduct their own research or consult with a financial advisor before making any investment decisions. Stock recommendations are based on technical and market analysis at the time of writing, which can fluctuate based on market conditions. SMJ is not responsible for any losses arising from decisions based on this information.
