Market Ahead, November 7: All you need to know before the Opening Bell

Investors will look at corporate results and stock-specific action for market direction today. 

Sun Pharma, HPCL, and BPCL are among the 148 companies scheduled to announce their September quarter results today.

Yesterday, Tata Steel reported a loss of Rs 6.54 crore before tax on a consolidated basis in the September quarter against a profit of Rs 5,411 crore in the corresponding period last year, mainly due to a fall in realisations across geographies.

Moreover, after yesterday's rally, realty stocks will again be in focus after the Union Cabinet approved the setting up of a Rs 25,000-crore alternative investment fund to revive around 1,600 stalled housing projects across top cities in the country.

Market participants will also track global cues, foreign fund flow, the rupee's trajectory against the US dollar, and movement in oil prices.

In Wednesday's session, buying in private banks and IT major Infosys propelled the benchmark S&P BSE Sensex to end at a record closing peak of 40,470, up 222 points. Nifty also rallied and reclaimed the crucial 12,000-mark during the session but ended at 11,961, up 44 points.

Hereon, analysts advise traders to keep a positive bias and buy on every dip keeping a close eye on 11,880. The 12,000-mark will act as a stiff resistance but once broken the move may extend to 12,200 levels. 

On the global front, Asian shares paused near multi-month peaks on Thursday as reports of delays in sealing a preliminary Sino-U.S. trade deal left investors frustrated. MSCI’s broadest index of Asia-Pacific shares outside Japan was a shade lower, Japan's Nikkei started in the red, while South Korean stocks were 0.3 per cent down. US stocks ended little changed on Wednesday.The Dow Jones Industrial Average fell 0.07 points, the S&P 500 gained 2 points, and the Nasdaq Composite dropped 24 points. SGX Nifty indicated a flat to positive start for domestic indices.

In commodities, oil prices dropped more than $1 a barrel on Wednesday after a much larger-than-expected build in U.S. crude inventories. Brent crude settled at $61.74 a barrel, losing $1.22 cents.

And before we wrap up, here's a trading idea. 

CapitalVia Global Research Limited recommends buying Equitas Limited above Rs 100.30 for a target of Rs 112 with stop loss at Rs 95.