Market breadth remained weak, as declines outnumbered advances, with 2,855 stocks ending the day lower.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
JINDALSTEL (Cmp ₹1045.50)
- Why it’s recommended: Jindal Steel Ltd (formerly Jindal Steel & Power Ltd.) is a prominent Indian steel producer and a key player in the steel, mining, and infrastructure sectors . This counter after witnessing a sharp profit booking can be seen testing some supports and could be at a good juncture for 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: 27.90,
52-week high: ₹1097,
Volume: 1.5M.
- Technical analysis: Support at ₹1020, resistance at ₹1125.
- Risk factors: Intense competition, reliance on key personnel, Global economic slowdowns and macroeconomic fluctuations.
- Buy : above ₹1050.
- Target price: ₹1075.
- Stop loss: ₹1035.
BIOCON (Cmp ₹385)
- Why it’s recommended: Biocon Ltd is a global biopharmaceutical company dedicated to developing and delivering affordable, high-quality medicines, especially for chronic conditions such as diabetes, cancer, and autoimmune diseases. The steady ascent seen in the 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: 85.82,
52-week high: ₹406
Volume: 4.04M.
- Technical analysis: Support at ₹370, resistance at ₹405.
- Risk factors: Regulatory Scrutiny and Delays , Slowdown in Consumption/Economic Growth and Profit Volatility.
- Buy: above ₹385.
- Target price: ₹379.
- Stop loss: ₹393.
DMART (Cmp ₹4112)
- Why it’s recommended: DMart (Damani Mart) is a leading Indian supermarket chain offering a wide range of home and personal products at competitive prices. The prices post its Q2 have been slowly and steadily inching lower since September 2025. The recent consolidation breakdown action has now indicated some more bearishness after forming a base around the 4200 levels. With momentum highlighting the weakness beneath the TS & KS lines . Look to go short.
- Key metrics:
P/E: 89.12,
52-week low: ₹3340,
Volume: 2.7M.
- Technical analysis: Support at ₹4000, resistance at ₹4305.
- Risk factors: Supplier retention , potential customer acquisition challenges, high interest rates and raw material price volatility.
- Sell : below ₹4112.
- Target price: ₹4030.
- Stop loss: ₹4170.
Stock Market Recap
Indian equity benchmarks closed in the red on 6 November, with the Nifty settling at 25,509.70, down 87.95 points (0.34%), while the Sensex slipped 148.14 points (0.18%) to 83,311.01. Market breadth remained weak as declines outnumbered advances, with 2,855 stocks ending lower against 1,174 gainers.
Sectoral indices witnessed pressure, led by metals, power, realty, and media, which dropped between 1.5% and 2.5%. In contrast, FMCG, auto, and IT managed modest gains. Broader markets underperformed, with the BSE Midcap index down 1.2% and Smallcap shedding 1.5%.
Among Nifty constituents, Asian Paints, Interglobe Aviation, M&M, Reliance Industries, and UltraTech Cement emerged as top gainers. On the other hand, Hindalco, Grasim Industries, Adani Enterprises, Power Grid Corporation, and Eternal were the major laggards.
The subdued sentiment reflects cautious investor positioning amid sectoral rotation and profit booking in high-beta segments.
Outlook for Trading
Despite some positive cues that were emanating the market chose to head lower with a combination of profit booking and fresh selling interest that has now re-appeared. The lack of buying at each important level in Nifty clearly highlights bearish grip.
With repetitive signatures of trends tiring out at higher levels the road ahead seems challenging for a recovery. The trend that is emerging clearly suggests that the October positive charge is getting undone and this could prove to be a disappointment for the bullish camp. With the trends for 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.
Nifty formed a double top near 26,100, then broke below its 20-day exponential moving average (around 25,608), confirming a bearish short-term outlook.
The breakdown is heading toward the next significant support zone at approximately 25,450, previously a swing high that might now act as support.
This 25,450 level could also be interpreted as a gap support area, adding strength to this target zone. Resistance is now lowered to around 25,700-25,800, and only a move back above 26,100 would negate the bearish implication of the double top.
As highlighted yesterday 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 continue to trade 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.
As we look at the Option Data PCR has moved to 0.62 , highlighting that the trends are showing signs that heavy selloff could extend till 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.
