Ajit Mishra of Religare Broking suggests buying these three stocks on Nov 7

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Indices View

 

Nifty: CMP: 24,484.05

 

The market extended its rebound, gaining over 1% amid positive global cues. Following a flat opening, the Nifty gradually climbed, largely driven by the upbeat performance in the US markets as early polling results pointed towards Trump potentially returning as US President. All sectors contributed to the recovery, with IT, real estate, and energy emerging as the top gainers. Broader indices also mirrored this momentum, each advancing by over 2 per cent.

 

The Nifty has retested resistance at the 24,500 mark after two days of recovery, and sustaining this level could lead to a further rise toward 24,800. While all sectors are showing strength, we expect banking and IT to be the primary drivers of the market going forward. Traders should consider aligning their positions accordingly, focusing on index majors and large midcap counters for long trades.

 

Stocks Recommendations

 

Bharat Electronics Limited | LTP: Rs 301.85 | Buy | Target: Rs 330 | Stop-loss: Rs 288

 

Following a significant correction from its record highs, the stock is now indicating signs of a reversal. It pulled back to the support of its long-term moving average, the 200 EMA during the corrective phase and rebounded swiftly thereafter. The recent breakout from the channel pattern further reaffirms our view of potential shift in the trend.

 

Coromandel International Limited| LTP: Rs 1,726.10 | Buy | Target: Rs 1,860 | Stop-loss: Rs 1,660

 

The stock has experienced a V-shaped recovery after testing support at its 100 EMA. On the weekly chart, it has broken out of a bullish flag pattern, indicating a likely continuation of the upward move. The combination of strong price action and increased volume supports this positive trend, making it a favourable opportunity to consider a long position.

 

Vedanta Limited | LTP: Rs 474 | Buy | Target: Rs 505 | Stop-loss: Rs 458

 

The metal sector is gaining notable momentum, and VEDL is likely to see a catch-up rally. The stock has established a strong base at the support of its rising trend line, aligning with its 100 EMA, a medium- term moving average. We anticipate the price to move higher, potentially challenging its previous swing high. Traders may consider initiating fresh long positions in this stock.  (Disclaimer: Ajit Mishra is SVP of research at Religare Broking Limited. Views expressed are his own.)