Raja Venkatraman recommends three stocks for 3 November

Indian equities began November on a strong footing, extending the previous session’s gains despite mixed global cues and weakness in overseas technology stocks.

The benchmark Sensex rallied 1,233 points to a more than seven-week high on Monday, extending its gains for a third consecutive session. The Nifty rose 387.70 points, or 1.68%, to settle at 23,440.80, also its highest close in more than five weeks.

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

PHOENIXLTD (Cmp 2016.60)

• Why it’s recommended: The Phoenix Mills Limited operates as India's premier retail-led mixed-use real estate developer. While it maintains a dominant market share in destination shopping malls and enjoys stable rent-generating flows. Post a volatile phase from Augu 2026 the stock is now witnessing a revival from deep oversold levels. With a positive newsflow about its acquisition we can see the strong thrust in the momentum. As Tenkan Sen and Kijun Sen acts as a strong set of supports with support from Relative Strength Index(RSI) could help the prices rebound. Go long.
• Key metrics:
  • P/E Ratio : 12.81,
  • 52-week high: ₹2168.65
  • Volume: 678.18K
• Technical analysis: Support at ₹1800, resistance at ₹2400.
• Risk factors: Subdued Return Metrics, Elevated Premium Valuation and Real Estate Cyclicality.
• Buy : above ₹2020.
• Stop loss: ₹1910.
• Target price: ₹2250 (2 Months)

BHARTIHEXA (Cmp 1680.70)

• Why it’s recommended: Bharti Hexacom Limited (BHARTIHEXA) is a communications solutions provider in India that operates under the Airtel brand. After a some major consolidation from March 2026 the prices have been recovering from lower levels a V – Shaped recovery continuously declining until Q2 results. The strong showing along with some volume led surge we can see the prices scaling higher . The long body candles coupled with some strong participation has seen it form a new high. Now with the Relative Strength Index shows that the prices have moved beyond important threshold , go long.
• Key metrics:
  • P/E Ratio : 46.07,
  • 52-week high: ₹1925,
  • Volume: 152.90K.
• Technical analysis: Support at ₹1500, resistance at ₹1900.
• Risk factors: High Debt and Low Interest Coverage and Raw Material and Input Inflation.
• Buy: above ₹1685
• Stop loss: ₹1600.
• Target price: ₹1835 (2 Months)

INDGN (Cmp 619.40)

• Why it’s recommended: Indegene Limited, a primary digital-first life sciences commercialization company, faces several operational, financial, and market risks outlined in its financial reports, broker coverages, and market evaluations. The formation of a long body candle after a period of consolidation giving a breakout augurs well for the prices in the counter over the next few days. Also, newsflow of some stake sale of Saudi Business has generated some strong buying at lower levels. Go Long.
• Key metrics:
  • P/E: 66.35,
  • 52-week high: ₹627,
  • Volume: 1.94M
• Technical analysis: Support at ₹900, resistance at ₹1325.
• Risk factors: Input cost pressures, regulatory uncertainties, and cyclical demand shifts.
• Buy: above ₹625.
• Stop loss: ₹590.
• Target price: ₹685 (2 Months)

Stock Market Recap

Indian equities began November on a strong footing, extending the previous session’s gains despite mixed global cues and weakness in overseas technology stocks. The Nifty opened with a sharp gap-up and maintained its upward momentum throughout the day, supported by strong buying in heavyweights, particularly Reliance Industries following its quarterly earnings. Strength in energy, auto, PSU banking and select FMCG stocks helped benchmark indices register solid gains, while IT stocks remained relatively subdued amid lingering concerns from global tech markets.

Market breadth improved as investors welcomed easing crude oil prices and positive domestic sentiment, though volatility remained elevated with India VIX inching higher. The Nifty decisively moved above key resistance zones, signalling renewed bullish momentum and improving market confidence. Option data suggests aggressive put writing at lower levels, indicating strong support, while call writers shifted higher, reflecting expectations of further upside. Going ahead, sustaining above these breakout levels will be crucial for the bulls, with investors closely tracking earnings announcements, institutional flows and global developments for fresh directional cues.

Outlook for Trading

Overall the outlook remained very encouraging as the trends are showing promise that we are observing as the markets are once again indicating prospects of heading higher.

Technically, the index formed a large bullish candle with a strong close near the day's high, indicating aggressive buying interest throughout the session. The breakout above the highlighted resistance region suggests that sellers who had defended this zone earlier have been overwhelmed by fresh demand. Such a move often leads to short covering along with fresh long additions, providing further momentum to the uptrend.

The Relative Strength Index (RSI) has also strengthened significantly and is now trading above the 60 mark. This is an important development, as the indicator has moved out of the neutral range and is reflecting improving bullish momentum. Rising RSI coupled with a price breakout generally enhances the reliability of the bullish signal.

From a broader perspective, the sharp recovery from October lows and the successful retest of higher levels indicate that market participants are becoming increasingly optimistic. The immediate support zone now shifts to the breakout area of 23,250-23,300, while resistance is seen around 23,600-23,800 levels. Holding above the newly established support band will be critical for sustaining the present momentum.

Overall, the market structure has improved considerably, with price action and momentum indicators aligning in favor of the bulls. Traders are likely to adopt a positive bias going forward, while any corrective dips towards support zones may attract fresh buying interest. The breakout has strengthened the probability of an extension of the ongoing recovery rally in the coming 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.