The stock market faces corrections, but selective opportunities like Garware Hi-Tech, Cummins India, and TVS Motor offer promising trades.
The correction phase in the Indian stock market continued for the week till November 14 with benchmark indices Nifty-50 and S&P BSE Sensex ending close to their lows for the week at 23,532.70 and 77,580.30, respectively. The broader market saw major sell-offs, with mid-cap and small-cap indices slipping by more than 4%. The IT space was relatively stable while auto, FMCG, and metals were down. Amidst the volatility, one can still find some big opportunities in Sumeet Bagadia’s and Ganesh Dongre’s stocks to buy today.
Market Update: Weakness Persists Amid Mixed Global Cues
Market sentiment is weak and oversold, weighed down by subpar Q2FY25 earnings, foreign fund outflows, and a spike in domestic CPI inflation to 6.2%. The weakening firm US dollar and rising US 10-year Treasury yields are also taking a toll on the emerging markets. Technically, both Nifty and Sensex’s 200-day SMA at 23,500 and 77,400, respectively, are expected to be strong support zones for technical rebound.
Stocks to Buy Now: Promising Picks Amid Market Correction
- Garware Hi-Tech Films Ltd
Garware Hi-Tech Films is trading at an all-time high of ₹4,418 after breaking critical resistance of ₹4,200. The stock is supported by strong trading volumes. Since there’s no reversal of positive trend so far, Sumeet Bagadia’s stocks to buy today list includes Garware Hi-Tech Films with a recommended buy at ₹4,275.80 with a target ₹4,600 and a stop-loss ₹4,125.
- Gokul Agro Resources Ltd
The stock has broken out after the consolidation pattern and has support from higher high and higher low patterns. According to Bagadia, Gokul Agro Resources Ltd is at the buy of ₹318.40 with a target of ₹340 and a stop loss at ₹306. It will continue its uptrend as the volume strength picks up.
- Info Edge (India) Ltd
Info Edge at ₹7,770. The stock saw a reversal; this is when the momentum is upward. All the stocks to buy today by Ganesh Dongre point at buying at this particular price with a stop loss at ₹7,600 and a target at ₹8,100. There is tremendous support for this stock at ₹7,600, hence bound to give short-term gains.
- TVS Motor Company Ltd
One bullish reversal pattern that may offer some appreciation in prices is presented by TVS Motor Company Ltd. With support at ₹2,335, the current trading price of ₹2,396 affords such an opportunity for traders to target ₹2,475, says Dongre.
- Cummins India Limited
Cummins India Ltd broke out at ₹3,330 recently on strong RSI signals. Long at ₹3,330; stop ₹3,275; and a target of ₹3,400. The stock’s technicals are positive and likely to continue to pull through.
Trade Setup for the Week Ahead
With continuing market volatility, the degrees of oversold conditions in indices make for possible technical pullbacks. Dealers must, therefore, keep a close watch on 200-day SMA levels for Nifty, Sensex, and Bank Nifty. Gains would accordingly be restricted at resistance levels, while Garware Hi-Tech Films, Gokul Agro-Resources, and Cummins India Limited will provide stronger technical clues.
Global Impact: US Dollar and Market Dynamics
A strong US dollar and rising yields of bonds are driving investors to the safe-haven shores, hence the headwinds to equities. Asian and European markets also ended poorly reflecting trends in global monetary policy. India’s market, however, would prove resilient and there would be scope for smart traders, especially in the high-performers and fundamentally sound stocks.
Conclusion
Even as the market corrects, selective buying in stocks such as TVS Motor Company Ltd, Garware Hi-Tech Films, and Info Edge (India) Ltd can generate significant returns. Both Sumeet Bagadia’s stocks to buy today and those of Ganesh Dongre focus on technical strength and a positive risk-reward ratio, thus emerging as good options in this uncertain space. For investors, strategic positioning and strict stop losses are key strategies in tiding over the volatility today.
