Nuvama Wealth Management, BEML and Petronet LNG are the three stocks recommended by Axis Direct in its latest report for November, with upside potential of up to 27%.
Nuvama Wealth Management
Axis Direct said Nuvama has staged a sharp rally from its low of ₹1,097 to ₹2,066, while the subsequent correction found firm support around the 50% Fibonacci retracement level of ₹1,581.
The stock has also reclaimed its weekly 20-day simple moving average (20-SMA), while the relative strength index (RSI) has turned upwards above its signal line, indicating strengthening upside momentum.
The brokerage has advised investors to buy Nuvama in the range of ₹1,764– ₹1,800, with a target price range of ₹2,166– ₹2,349 and a stop-loss of ₹1,599.
BEML
For BEML, the brokerage has advised investors to buy in the range of ₹1,975– ₹2,015, with a target price range of ₹2,335– ₹2,495 and a stop-loss of ₹1,835.
Axis Direct said BEML has rebounded sharply from its 50-week and 100-week SMAs near ₹1,800– ₹1,845, which acted as strong support during the recent pullback, signalling a resumption of the medium-term uptrend from the ₹1,350 low. The stock continues to form a higher-high and higher-low structure, while the RSI has crossed above its signal line, reflecting strengthening bullish momentum.
Petronet LNG
For Petronet LNG, Axis Direct has suggested investors buy the stock in the range of ₹289– ₹295, with a target price range of ₹329– ₹349 and a stop-loss of ₹275.
On the weekly chart, the brokerage said Petronet LNG has rebounded from its rising trendline support and is sustaining above its 50-week, 100-week and 200-week SMAs, backed by strong price action, signalling the onset of an uptrend.
Momentum indicators remain supportive, with the weekly RSI trending higher and holding above its signal line, reflecting strengthening bullish momentum and reinforcing the positive bias in the stock’s trend structure.
Nifty 50 outlook
Axis Direct said that following eight consecutive weeks of losses, the benchmark’s longest losing streak since the 2020 Covid-19 market crash, the Nifty 50 closed higher in three of the four weeks in October.
The brokerage noted that the weekly price structure has improved, with each week since the first week of October forming a higher low. However, weekly highs have remained capped within a narrow range of 23,150–23,175.
This tightening pattern suggests that buyers are stepping in at progressively higher levels, while selling pressure continues near the upper end of the range.
Upside potential: Axis Direct said a sustained breakout above 23,800 could strengthen upward momentum and push the index towards the 24,300–24,800 zone.
Downside risk: The brokerage said price action around the short-term support zone of 22,000 will be crucial to watch, as a decisive break below this level could drag the benchmark index towards the 21,500–21,000 range.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
