Banking stocks also joined the rise, with the Bank Nifty advancing 707.75 points (1.20%) to settle at 59,528.05, despite lingering concerns in the financial space.
Three stocks to buy today by Ankush Bajaj for 27 November
Buy: MCX India Ltd — Current Price: ₹10,283.00
- Why it’s recommended: MCX is showing renewed strength after reclaiming higher ground following a brief intraday dip. The stock is maintaining its uptrend and trading above key intraday moving averages. With RSI improving on short-term charts and volumes picking up, momentum appears poised for a test of the next resistance zone around ₹10,355.
- Key metrics: RSI (14-day): Rising on intraday charts — indicates improving momentum
- MACD (12,26): Stable above signal line
- Support (stop loss): ₹10,248
- Technical view: Holding above ₹10,248 keeps the intraday bullish bias intact. The stock has seen accumulation near ₹10,250 and is likely to stretch toward ₹10,355 in the near term.
- Risk factors: Short-term volatility in broader indices or weakness in commodity-linked counters could lead to profit booking.
- Buy at: ₹10,283.00
- Stop loss: ₹10,248.00
- Target price: ₹10,355.00
Buy: Coforge Ltd — Current Price: ₹1,871.00
- Why it’s recommended: Coforge is attempting a breakout from its recent range and has respected its immediate support at ₹1,861. The stock has shown stability in a weak broader tech space and is hinting at a near-term pullback. Indicators like RSI and MACD are beginning to turn in favor of bulls.
- Key metrics: RSI (14-day): Neutral to positive — recovering from oversold zone
- MACD (12,26): Approaching crossover
- Support (stop loss): ₹1,861
- Technical view: The stock needs to stay above ₹1,861 to maintain the breakout structure. If it does, a quick move toward ₹1,890 is likely in the short term.
- Risk factors: Being an IT stock, it remains vulnerable to global tech sentiment and USD-INR movement.
- Buy at: ₹1,871.00
- Stop loss: ₹1,861.00
- Target price: ₹1,890.00
Buy: Larsen & Toubro Ltd (L&T) — Current Price: ₹4,062.00
- Why it’s recommended: L&T continues to ride on strong order book visibility and sectoral tailwinds in infrastructure. The stock is consolidating near highs and has taken fresh support at ₹4,043. With rising RSI and positive MACD structure, another leg higher looks probable toward ₹4,102.
- Key metrics: RSI (14-day): ~64 — bullish momentum
- MACD (12,26): Positive and rising
- Support (stop loss): ₹4,043
- Technical view: The price action remains constructive, with minor dips being bought into. A sustained move above ₹4,050 could quickly push the stock toward ₹4,102.
- Risk factors: Sensitive to infra spending data and global macro headlines. Any sector-wide pullback may cause short-term volatility.
- Buy at: ₹4,062.00
- Stop loss: ₹4,043.00
- Target price: ₹4,102.00
Market Wrap
On Wednesday, the market showed strong upward momentum as the Nifty 50 gained 320.50 points or 1.24% to close at 26,205.30, while the Sensex surged 1,022.50 points or 1.21% to finish at 85,609.51. Banking stocks also joined the rise, with the Bank Nifty advancing 707.75 points (1.20%) to settle at 59,528.05, despite lingering concerns in the financial space.
Sectoral cues remained largely positive, highlighted by a strong rally in the Metal Index, which climbed 2.06%, followed by the Energy Index up 1.74% and the Oil & Gas Index gaining 1.72%. Notably, no sector closed in the red today, underscoring broad-based strength.
On the stock-specific front, JSW Steel led the uptrend with a 3.81% jump, while HDFC Life Insurance advanced 2.74% and Bajaj Finserv added 2.70%, providing additional support to the benchmarks. Meanwhile, selective profit booking capped further upside as Bharti Airtel declined 1.61%, Adani Enterprises slipped 0.77%, and Eicher Motor edged lower by 0.28%, slightly trimming the day’s overall gains.
Nifty Technical Outlook
The Nifty 50 delivered a strong performance on Wednesday, surging by 320.50 points or 1.24% to close at 26,205.30, marking a decisive breakout above its recent consolidation range. This sharp rally reflects renewed bullish sentiment supported by positive global cues and strong domestic flows.
View Full Image
From a technical standpoint, the index is now comfortably trading above its key medium-term moving averages. The 20-day simple moving average (DMA) is placed at 25,861, while the 40-day exponential moving average (DEMA) stands at 25,668 — both levels are now well below the current price, underscoring a strong uptrend. The daily RSI has risen to 63, indicating improving momentum without being overbought, and the MACD has increased to +157, maintaining a positive crossover, thereby confirming the continuation of upward momentum.
View Full Image
On the hourly chart, the bullish tone is further validated as the index holds above both the 20-hour moving average at 26,052 and the 40-hour EMA at 25,054. The hourly RSI has strengthened to 61, and the MACD is also in the green at +37, both suggesting that short-term momentum remains firmly with the bulls.
The derivatives data strongly supports the bullish outlook. Total Put Open Interest (OI) has jumped to 16.58 crore, far exceeding Call OI at 10.69 crore, resulting in a positive differential of +5.89 crore, which confirms strong bullish positioning. The Put-Call Ratio (PCR) has climbed to 1.55, indicating aggressive put writing and confidence among traders in the market’s stability above 26,000. The 26000 strike holds the highest Put OI and the most significant addition, marking it as strong near-term support. On the Call side, the 26,500 strike holds the maximum open interest, while fresh additions were seen at the 26,700 strike, hinting at optimistic targets by option writers in the near term.
In summary, Nifty has broken out of its consolidation range with strong momentum and rising participation, both in price action and derivatives. The immediate support now shifts to the 26,000–26,050 zone, while resistance is seen near 26,500, followed by 26,700. As long as the index sustains above 26,000, the bias remains bullish. Any dips toward the 26,050–26,100 area could be seen as opportunities to add long positions.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
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 guarantee 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.
Register for Mint Extraclass for more tips and advice from Ankush Bajaj on how to trade in the stock markets. The sessions will be held on 27 November, 11 December and 18 December.
