Raja Venkatraman recommends three stocks for 11 November

Stock market recap: As the week began, markets emerged from a phase of measured consolidation with volatility building beneath the surface. The gradual swings of the previous series gave way to stronger directional conviction, driving a sharp rally from the opening session.

On Monday, Sensex climbed 107.25 point to settle at 81,106.65, while the Nifty rose 58.25 points, or 0.23 per cent, to close at 25,044.65.

Markets were shut on Tuesday for Diwali-Balipratipada.

Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman

MANKIND (current market price ₹2,668.30)

• Why it’s recommended: Mankind Pharma Ltd is one of India's leading pharmaceutical and healthcare companies, ranking among the top 4 pharmaceutical firms in India by domestic sales and #1 by prescription volume. Since May 2026 the lack of upward momentum had pushed the prices lower only to test key important levels has been spent in declining phase. In the recent past we can note that the prices have attempted to form a double bottom and is showing some volume lead recovery. The strong Relative Strength Divergence from lower levels is indicating a potential upmove that is unfolding. As possibility of upmove emerges one can consider going long.
• Key metrics:
  • P/E Ratio : 47.85,
  • 52-week high: ₹2705
  • Volume: 1.52M
• Technical analysis: Support at ₹2,200, resistance at ₹3,000.
• Risk factors: Marketing & promotional norms, supply chain & manufacturing and supply chain & import dependency.
• Buy : above ₹2,675.
• Stop loss: ₹2,570.
• Target price: ₹2,950 (2 Months)

CDSL (current market price ₹1,356)

• Why it’s recommended: Central Depository Services (India) Ltd (CDSL) holds and maintains investor securities—such as shares, bonds, mutual funds, and government securities—in electronic (dematerialized) form. After a sharp downward reaction, the prices have consolidated and made a double bottom pattern. With strong showing on Friday and have surpassed the Kumo Cloud resistance zones around 1330. A V shaped recovery augurs well for some upside with the market recovery in play. A rise in the DI indicates that we can look to initiate a long opportunity here for a push to higher levels. Go long now.
• Key metrics:
  • P/E: 57.08,
  • 52-week high: ₹1,673.70,
  • Volume: 1.35M.
• Risk factors: High linkage to capital markets, Sebi interventions and fee caps.
• Buy: above ₹1,360
• Stop loss: ₹1,290.
• Target price: ₹1,490 (2 Months)

AEGISLOG (current market price ₹1,226.70)

• Why it’s recommended: Aegis Logistics Ltd (AEGISLOG) is India's leading integrated oil, gas, and chemical logistics company, as well as one of the country's top private-sector LPG importers and handlers. This counter after some rangebound action since July 2026 declined into key support zones around 1100. We can observe that there are large body candles that are developing now indicating that the buying interest is now building up and prices could now travel to the next resistance zone around 1380. The demand at lower levels could play a part in containing the decline but the trends definitely look to be on the weaker side.
• Key metrics:
  • P/E Ratio : 29.87,
  • 52-week high: ₹1528.70,
  • Volume: 1.6M
• Risk factors: Hazardous materials and safety exposures, and heavy capital expenditure burden.
• Buy: above ₹1,230.
• Stop loss: ₹1,165.
• Target price: ₹1,355 (2 Months)

How the stock market performed on 9 November

On 9 November, Indian equity markets extended their winning streak, although gains were modest compared with the sharp rally of the previous week. The Nifty 50 rose 58.25 points to close at 25,044.65, holding above the crucial 25,000 mark, while the Sensex gained 107.25 points to settle at 81,106.65, its highest closing level in more than eight months.

The session remained volatile, with investors booking profits after a seven-session rally. However, buying in banking and select heavyweight stocks helped the benchmarks recover from intraday lows and end in positive territory.

Banking stocks led the gains, with PSU banks significantly outperforming the broader market. The Nifty PSU Bank index surged nearly 3.7%, while the Bank Nifty advanced around 1.5%, supported by gains in SBI, HDFC Bank, ICICI Bank and other financial stocks. Pharma stocks also attracted buying interest, while IT and metal stocks faced profit-booking. HCL Technologies, Infosys, Tech Mahindra and Tata Steel were among the key laggards.

Outlook for trading

Strong performance in GIFT Nifty points to a firm start for the market. With the indices moving beyond key resistance zones, investors need the conviction to buy even at these levels. The positive sign is that indices have moved ahead sharply, while individual stocks are taking longer to catch up. This suggests that index traders may still have an opportunity to participate in the rally.

Broader markets remained resilient, with the Nifty Midcap 100 gaining around 0.55% and small-cap stocks posting marginal gains. Sentiment continued to draw support from easing crude oil prices, improving foreign investor participation and reduced geopolitical concerns. The India VIX declined sharply, signalling lower market anxiety and lending support to the recovery.

Technically, the Nifty has broken above multiple resistance zones, including key moving averages and a falling trendline, and closed above the important 24,800 supply zone on Monday. The previous Nifty expiry also offered encouraging signs of short-covering. Supported by favourable overnight cues, the index could now head towards its next major resistance zone around 25,500.

Momentum remains exceptionally strong, with the relative strength index (RSI) moving above 77 and entering overbought territory. This raises the possibility of near-term profit-booking and a cooling-off phase. However, overbought readings are common during strong trending markets and do not necessarily signal an immediate reversal.

Immediate support is placed around 25,000, followed by stronger support in the 24,800-24,500 range and then near 24,200. On the upside, a sustained move above 25,100 could open the way towards 25,500 in the coming weeks.

Investors should look to buy the index on dips towards 25,000 rather than chase the rally at current levels. The Indian equity market has staged a surprisingly strong recovery, and the underlying momentum remains positive, even as the possibility of a near-term pause warrants caution.

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.