Three stocks to trade as recommended by Raja Venkatraman of NeoTrader for today:
Ashapura Minechem Ltd: Buy above ₹711 | Stop ₹687 | Target ₹780 (multi-day)
Indian Bank: Buy above ₹891 | Stop ₹879 | Target ₹908 (intra-day)
Max Financial Services Ltd: Buy above ₹1,700 | Stop ₹1,665 | Target ₹1,755 (intra-day)
Stock market update
On 17 November, Indian equity benchmarks extended their gains, supported by strength in index heavyweights and steady corporate earnings for the September quarter. The Sensex rose 386.43 points, or 0.46%, to 84,949.21, while the Nifty advanced 109.75 points, or 0.42%, to 26,019.80 by 2:15pm. Key contributors to the rally included Shriram Finance, Bajaj Auto, Axis Bank, Kotak Mahindra Bank, and Bajaj Finance, each gaining up to 2%.
Market breadth remained positive, with 2,056 stocks advancing against 1,542 declines and 192 remaining unchanged. Broader markets also witnessed strong buying interest, marking their second consecutive session of gains. The Nifty Midcap100 index climbed over 0.5%, while the Nifty Smallcap100 rose 0.62%, reflecting sustained investor appetite beyond large-cap stocks. The upbeat sentiment was underpinned by domestic institutional support and optimism around earnings resilience, even as global cues remained mixed. Overall, the session reflected a healthy risk-on mood across segments.
Outlook for trading
The Nifty had been struggling for a while, and the pain was observed and endured for quite a while until the market showed its true colours on Monday. Despite some hesitation, the slow and steady attempt to once again retest the highs at 26,100 has emerged yet again. While the challenge remains to close above it, the overall environment is promising a possibility of some upward traction that can emerge. The pace of activity that is now seen is clearly hinting at a bullish possibility that can carry the market ahead into the higher levels.
After some robust participation seen across the board, the Nifty has been able to hold itself above 60 on RSI in the daily timeframe, clearly hinting at more upward traction in the coming days. We observed the Open Interest that had some bouts of hesitation over the weekend, finally made the climb towards the 0.93, suggesting that the lower level Put writing is defending and absorbing any sell-off that is emerging at the moment.
View Full Image
We continue to maintain that the dip remains a buy opportunity, and one should hold on to the bullish bias, and could now consider 25,850-25,900 as a support zone for the reaction that may emerge in the coming sessions. A range breakout approach in the first 30 minutes will give a more confident entry for longs as they are entering the weekly expiry.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
ASHAPURMIN (Cmp ₹710.55)
Why it’s recommended: Ashapura Minechem Ltd is a prominent Indian mining and mineral company specializing in industrial minerals like bauxite, bentonite, and kaolin. The prices have managed to hold on steadily at the KS line and, after some deliberation, are witnessing some steady volumes, hinting at some possible upside in the counter. After generating some support around the 630 region, the prices are steadily heading higher. The stock took support at these levels and is showing some revival in momentum, supported by steady volumes, highlighting the possibility of more upward traction.
Key metrics:
P/E: 48.44,
52-week high: ₹725,
Volume: 845.38K.
Technical analysis: Support at ₹633, resistance at ₹820.
Risk factors: High debt levels, inconsistent profitability, high stock valuation, and promoter stake reduction.
Buy: Above ₹711.
Target price: ₹780 in two months.
Stop loss: ₹687.
INDIANB (Cmp ₹890.15)
Why it’s recommended: INDIANB is a major public sector bank headquartered in Chennai and is wholly owned by the Government of India. After a sharp surge seen in this counter for the last four months, the prices briefly slipped into a sideways phase before picking up pace once again. The strong showing on Monday has rekindled buying interest once again. With the TS levels holding on in the last two days, one can look at going long at current levels.
Key metrics:
P/E: 10.16,
52-week high: ₹887
Volume: 2.17M.
Technical analysis: Support at ₹847, resistance at ₹950.
Risk factors: Regulatory compliance, intense market competition, and geopolitical uncertainties.
Buy: Above ₹891.
Target price: ₹908.
Stop loss: ₹879.
MFSL (Cmp ₹1,698.30)
Why it’s recommended: MFSL is India’s largest non-bank private life insurer and a joint venture between Max Financial Services and Axis Bank. The stock has been on a sharp rise, and after the recent consolidation, Friday saw a strong upmove. The rise after is witnessing steady buy at every dip into the TS & KS bands, generating demand in lower timeframes. On the back of robust results, the strong upward move seen in the prices is signalling the possibility of more upward traction. Consider a long opportunity.
Key metrics:
P/E: 166.12,
52-week high: ₹1728.85,
Volume: 698.27K.
Technical analysis: Support at ₹1,640, resistance at ₹1,800.
Risk factors: Decline in agent productivity, institutional ownership dynamics and broader macroeconomic factors.
Buy: Above ₹1,700.
Target price: ₹1,755.
Stop loss: ₹1,665.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
