Indian equity markets ended on a subdued note on 4 November, with benchmark indices slipping amid broad-based selling pressure. The Nifty closed below the psychological 25,600 mark at 25,597.65, down 165.70 points or 0.64%, while the Sensex shed 519.34 points to settle at 83,459.15.
Despite a mildly positive start, indices failed to sustain early gains as mixed global cues and profit-booking weighed on sentiment.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
DELHIVERY (Cmp ₹484.85)
- Why it’s recommended: Delhivery is India’s largest fully integrated logistics and supply chain services provider, offering a wide range of services to businesses and individuals across the country and globally. This counter after witnessing a sharp profit booking can be seen in a consolidation mode in the last few days after a rebound since October 2025. The strong thrust seen is suggesting a strong trend across multiple timeframes. With the push in prices seen on Monday above the recent highs indicates that it is set for a turnaround. Go long.
- Key metrics:
P/E: 234.66,
52-week high: ₹489,
Volume: 10M.
- Technical analysis: Support at ₹450, resistance at ₹510.
- Risk factors: Intense competition, reliance on key personnel, Global economic slowdowns and macroeconomic fluctuations.
- Buy : above ₹485.
- Target price: ₹502.
- Stop loss: ₹476.
PHOENIXLTD (Cmp ₹1767.70)
- Why it’s recommended: Phoenix Mills Ltd (PHOENIXLTD) is an Indian real estate development company with business segments including property and related services, hospitality services, and residential properties. The steady ascent seen int eh prices are forming a higher high higher low with long body candles. A strong Q2 augurs well for the prices holding above the recent range. With momentum gathering pace we can look at the trends one can consider the possibility of upward traction. Can look to go long.
- Key metrics:
P/E: 227.92,
52-week high: ₹1902.10
Volume: 894.09K.
- Technical analysis: Support at ₹1630, resistance at ₹1850.
- Risk factors: Slowdown in Consumption/Economic Growth and Profit Volatility.
- Buy: above ₹1770.
- Target price: ₹1815.
- Stop loss: ₹1730.
APOLLOTYRE (Cmp ₹522.35)
- Why it’s recommended: Apollo Tyres Ltd. is an Indian multinational tyre manufacturing company that produces and sells a comprehensive range of tyres for various vehicles. The prices have been slowly and steadily inching higher since August 2025. The recent price action has formed a base around the 500 levels and is now producing a rebound above the TS & KS lines . With a positive turnaround emerging with volumes, we can look at initiating a long.
- Key metrics:
P/E: 50.28,
52-week high: ₹557.15,
Volume: 2.7M.
- Technical analysis: Support at ₹497, resistance at ₹550.
- Risk factors: Supplier retention , potential customer acquisition challenges, high interest rates and raw material price volatility.
- Buy: above ₹524.
- Target price: ₹514.
- Stop loss: ₹545.
Stock Market Recap
Indian equity markets ended on a subdued note on 4 November, with benchmark indices slipping amid broad-based selling pressure. The Nifty closed below the psychological 25,600 mark at 25,597.65, down 165.70 points or 0.64%, while the Sensex shed 519.34 points to settle at 83,459.15. Despite a mildly positive start, indices failed to sustain early gains as mixed global cues and profit-booking weighed on sentiment.
Sectorally, weakness was visible across the board, barring telecom and consumer durables, which offered some resilience. Broader markets underperformed, with the BSE Midcap and Smallcap indices declining 0.2% and 0.7%, respectively, reflecting cautious investor sentiment in the broader space.
The market’s inability to hold intraday highs suggests a lack of conviction at higher levels. Going forward, traders may look for cues from global markets, crude oil trends, and upcoming earnings. Sustained support near 25,500 on the Nifty will be crucial to watch in the near term.
Outlook for Trading
On the charts, the trends have been largely oriented towards trading rather than investing. Hence , from a trading perspective we can note that on the intraday charts the rally beyond the cloud region has met with some profit booking. The rends remain muted and is now attempting a revival while the sentiment remains bruised. The start on a weak note has put the trends in a jeopardy as Daily chart of Nifty in the November series is finding difficulty to generate an upward momentum.
The trend that is emerging clearly suggests that the rally seen in the last week is now taking a breather and the long body red candle formation has ensured that the profit booking at 25300 mark could continue.
Hence, one should track the trends that are in progress as upmove holds itself above 26100 (Nifty Spot) would extend the bullish bias. Momentums on intraday charts are indicating that the prices could witness a resumption of buying interest after the recent sell off. With the rise taking a breather, one needs to factor some additional triggers like newsflow or corporate action.
With the bearish grip rearing its head once again since the Nifty moved below 25650 highlighted yesterday for a potential drop towards 25300 as per the Open Interest data a sharp fall is expected once key resistance levels break. With the Nifty closing near the Max Pain at 25600 clearly outlines the shift in sentiment that could now test the resolve of the trends to stage a comeback.
If we witness a 30-minute range break on Thursday we can consider trading on either side as the trends still remain tentative where we expect some resistances to kick in. As ranging market is in play, we need to be quick in profit taking as we the trend does not have sufficient steam to move strongly in either direction.
The readings from the Option Data suggests that PCR has moved to 0.61 on expiry, highlighting that the trends after some heavy selloff could probably hint at some excessive overbought levels being reached. A rebound could be due in the upcoming sessions.
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.
