Weekly expiry hesitation was laid to rest and the strong close on Wednesday offers hope that the recent highs will be surpassed. As we now see possibilities of a new high, resistance around 26,100 is slowly diminishing.
Three stocks to trade today, recommended by NeoTrader’s Raja Venkatraman
VOLTAS (current price: ₹1401.80)
Buy above ₹1402, stop ₹1375 target ₹1445 (Multiday)
- Why it’s recommended: Voltas Limited is a leading Indian multinational home appliances and engineering solutions company, headquartered in Mumbai and part of the Tata Group. The prices have been oscillating for a while and the trends have been attempting to revive as the market sentiment is seen holding on to the bullish bias. With the prices moving above the cloud region forming a long body candle bullish setup, it is hinting at a potential rise in the coming days. Additionally, volume is picking up, hence we can consider this stock for the coming days.
- Key metrics:
- P/E: 86.02
- 52-week high: ₹1859.65
- Volume: 709.01K
- Technical analysis: Support at ₹1350, resistance at ₹1490.
- Risk factors: Climatic vagaries, intense competition & margin pressure, and collection and credit risks.
- Buy : above ₹1402
- Target price: ₹1445 in 2 months
- Stop loss: ₹1375
BSE (current price ₹2,898.30)
Buy above ₹2900, stop ₹2870 target ₹2960 (Intraday)
- Why it’s recommended: BSE Limited, formerly known as the Bombay Stock Exchange Ltd., is Asia’s oldest and one of India’s leading stock exchanges, located on Dalal Street in Mumbai. Strong bullish undercurrent in this counter continues to push the prices higher. With the recent value area resistance around 2850 being exceeded , the possibility of more upward traction emerges. As the RSI is indicating fresh moves unfolding in the next few days. The strong showing on Tuesday has reinstated 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: 65.15
- 52-week high: ₹1276.10
- Volume: 2.17M
- Technical analysis: Support at ₹2692, resistance at ₹3100.
- Risk factors: Regulatory compliance, intense market competition, and geopolitical uncertainties.
- Buy : above ₹2900
- Target price: ₹2960
- Stop loss: ₹2870
LTIM (current price: ₹5,972)
Buy above ₹5972, stop ₹5890 target ₹6105 (Intraday)
- Why it’s recommended: LTIMindtree Ltd. is a global technology consulting and digital solutions offering a wide range of services, including cloud and infrastructure, cybersecurity, data and analytics, digital engineering, and AI. The stock has been on a sharp rise since October and every dip into the TS & KS region has found some steady buying interest. With the IT sector holding firm we could now see some upward drive in the next few days. A strong closing seen yesterday can lead to a run in today’s session. Go long.
- Key metrics:
- P/E: 36.80
- 52-week high: ₹6764.80
- Volume: 868.07K
- Technical analysis: Support at ₹5575, resistance at ₹6150.
- Risk factors: Gold Price Volatility, Regulatory Risks and Intense Competition.
- Buy : above ₹5972
- Target price: ₹6105
- Stop loss: ₹5890
How the stock market performed on Wednesday
On 19 November Indian stock markets extended their resilience, with benchmark indices Sensex and Nifty rising 0.6%, defying the global equity downturn. This uptick followed a six-session winning streak from November 10 to 17, during which both indices gained over 2%, before witnessing mild profit booking on November 18. In contrast, Wall Street indices have declined in seven of the last nine sessions, weighed down by sharp corrections in AI-focused stocks like Nvidia and OpenAI.
India’s relative insulation stems from the absence of high-valuation, domestically listed AI pure plays, shielding its markets from sector-specific volatility. Strong domestic fundamentals, steady earnings, and investor confidence have further supported the upward momentum. While global peers grapple with uncertainty, Indian equities continue to attract attention for their stability and growth potential. The November 19 gains reaffirm India’s positioning as a fundamentally driven market, less vulnerable to the turbulence affecting AI-heavy global indices.
Outlook for trading
The strength that was missing on Tuesday resurfaced on Wednesday to keep bullish sentiment alive and the market staged a strong push above Tuesday’s close. As we move beyond the middle of the month, we find that the macro numbers haven’t indicated that the growth in India’s services sector eased last month due to a slower expansion in new business inflows. With such encouraging news the markets should have a measured response and participation should keep the trends in check.
Efforts to move above 26100 are in the making as the resistance zone highlighted on the charts are clearly identifying the possibility of further upward traction. We have repeatedly mentioned that 25,700 has been a point of defence for the bullish camp. After some hesitation at the 26,000 mark, we are once again seeing a stronger demonstration of bullishness this time around.
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Compared to the last few days, Option Data is now standing at an interesting point that is hinting at the resistance seen on the charts can now be exceeded. The Max Pain that was at 25,950 has now inched to 26,000, hinting at a possible upward march. The lower levels are witnessing some strong Put writing and the upside seems much more open to explore a potential to form a new high in November expiry itself. With the 25700 zone continuing to be held we can expect the momentum to revive further. The buy on every dip level can be now revised to 25,800 to explore the bullish side of the markets for now.
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.
