Disclaimer: This article is written by Ajit Mishra, SVP-Research at Religare Broking. Views expressed are his own. Readers’ discretion is advised.
Market View
Markets edged higher on Wednesday, extending the prevailing positive trend and ending the session with decent gains. The
Nifty crossed the 25,400 mark in early trade, supported by favourable global and domestic cues. However, profit-taking in heavyweight stocks across sectors trimmed the gains as the session progressed. The index eventually settled at 25,255.05, up 0.84 per cent.
On the sectoral front, performance was mixed, with auto, banking and FMCG leading the gains, while pharma and healthcare remained relatively subdued. Broader markets also participated in the upmove, with midcap and smallcap indices gaining around 0.8 per cent and 1.6 per cent, respectively, indicating healthy market breadth and improving risk appetite.
Among the key triggers, foreign portfolio investors continued their aggressive buying, with cumulative November inflows reaching approximately $5.68 billion, the strongest monthly inflow since September 2024. Brent crude remained near $92–93 per barrel, well below its recent levels, easing concerns around imported inflation. Optimism around domestic demand and corporate earnings, along with moderating global enthusiasm for AI-linked investments, further enhanced the relative attractiveness of Indian equities.
Following the sharp and vertical rally, some consolidation would be healthy for the market. We believe the 24,800–25,000 zone could offer a favourable opportunity for fresh buying, with 24,600 serving as the key level for invalidating our positive view. On the upside, the Nifty could move towards the 25,500–25,750 target zone. With key sectors participating in the rally on a rotational basis, participants should focus on identifying quality stocks across promising themes, particularly PSU banking, capital markets and oil & gas. Any dips or consolidation should be utilised to accumulate quality names rather than chase extended moves.
Check – TOP GAINERS NSE | TOP LOSERS NSE Stocks to buy today (November 12) by Ajit Mishra of Religare Broking
Federal Bank Limited | LTP: ₹361.6| Recommendation: Buy | Target: ₹380| Stop-loss: ₹348
Federal Bank has registered a decisive bullish breakout from its prolonged consolidation phase and converging trendline pattern, signalling a potential resumption of its broader uptrend. The strong bullish candle, supported by improving volumes, reinforces the breakout and indicates renewed buying interest. The stock has reclaimed all its key exponential moving averages, strengthening its trend structure across multiple timeframes. The rising moving averages and consistent formation of higher highs and higher lows further support the positive outlook. Traders may consider initiating fresh delivery-based long positions while maintaining disciplined risk management.
Multi Commodity Exchange of India | LTP: ₹3617.6| Recommendation: Buy | Target: ₹3900| Stop-loss: ₹3470
MCX has registered a decisive breakout above its prolonged horizontal resistance zone and is now trading near its all-time highs, signalling the potential continuation of its prevailing bullish trend. The strong price expansion, accompanied by improving volumes, reflects renewed buying interest and reinforces the breakout structure. The stock is comfortably trading above its rising short-, medium-, and long-term moving averages, confirming positive alignment across timeframes. Sustained momentum above the breakout zone, supported by the formation of higher highs and higher lows, could attract further buying interest. Traders may consider initiating fresh delivery-based long positions with disciplined risk management.
One 97 Communications | LTP: ₹1793.8| Recommendation: Buy | Target: ₹1930| Stop-loss: ₹1725
One 97 Communications(Paytm) continues to exhibit a positive price structure, characterised by a consistent formation of higher highs and higher lows, indicating sustained near-term strength. The stock is trading above its short-, medium-, and long-term exponential moving averages, confirming an intact bullish trend across timeframes. A decisive rebound from the recent consolidation phase highlights strong buying interest at lower levels and signals a revival in upward momentum. Additionally, improving volumes during upward price movements indicate strengthening participation. Traders may consider initiating fresh long positions and holding them over the coming trading sessions for the stated targets, while adhering to the prescribed stop-loss.
