Raja Venkatraman recommends three stocks for 4 November

The week began on a strong note, with the market displaying renewed strength and signaling the potential for further upside. However, the key resistance levels highlighted earlier remain critical, as they are likely to determine the market's next directional move.

On 3 November 2026, Indian equity markets extended their rally for the fourth consecutive session, supported by strong corporate earnings, renewed foreign investor interest, and easing global macro concerns. The Nifty 50 surged 370.05 points or 1.58% to close at 23,810.85, while the Sensex advanced 1,225.07 points or 1.62% to settle at 76,917.85, marking one of the strongest single-day gains in recent weeks.

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

SAREGAMA (Cmp 562.20)

SAREGAMA: Buy above ₹565, stop ₹540 target ₹615 (Multiday)

• Why it’s recommended:Saregama India Ltd. (formerly known as The Gramophone Company of India Ltd.) is India's oldest music record label and a leading entertainment Intellectual Property (IP) company. 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 ₹510, resistance at ₹640.
• Risk factors: Content acquisition, structural consumer shifts, premium valuations, and capital allocation.
• Buy : above ₹565.
• Stop loss: ₹540.
• Target price: ₹615 (2 Months)

ICICIBANK (Cmp 1424.50)

ICICIBANK: Buy above ₹1430, stop ₹1360 target ₹1570 (Multiday)

• Why it’s recommended : ICICI Bank Limited is one of India's largest private sector banks, providing a vast spectrum of banking products and financial services to corporate, retail, and NRI customers. 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 : 18.71,
  • 52-week high: ₹1479.90,
  • Volume: 17.5M
• Technical analysis: Support at ₹1350, resistance at ₹1700.
• Risk factors: Regulatory shifts, credit and asset quality management, liquidity pressures, and digital operational challenges.
• Buy : above ₹1430
• Stop loss: ₹1360.
• Target price: ₹1570 (2 Months)

BERGEPAINT (Cmp 479.70)

BERGEPAINT: Buy above ₹482, stop ₹455 target ₹535 (Multiday)

• Why it’s recommended: Berger Paints India Ltd is the second-largest paint company in India and a major multinational manufacturer of decorative and industrial coatings. 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: 47.76,
  • 52-week high: ₹594.20,
  • Volume: 277.18K
• Technical analysis: Support at ₹900, resistance at ₹1325.
• Risk factors: Input cost pressures, regulatory uncertainties, and cyclical demand shifts.
• Buy : above ₹482.
• Stop loss: ₹455.
• Target price: ₹535 (2 Months)

Stock market recap

The rally was broad-based, with FMCG, realty, consumption, and financial stocks leading the charge, while broader markets also participated, as the Nifty Midcap 100 and Smallcap 100 gained 1.06% and 0.31%, respectively.

Investor sentiment improved following a sharp decline in crude oil prices, softening US Treasury yields, and sustained optimism around second-quarter earnings. FMCG emerged as the top-performing sector, rising nearly 3%, with stocks such as Nestlé India, Tata Consumer Products, Asian Paints, and Bharti Airtel posting strong gains. However, PSU banks underperformed, while select heavyweight stocks like SBI, ONGC, and Power Grid witnessed profit booking.

Outlook for trading

For a change Nifty has been moving at a strong pace in the last few days buoyed by some strong showing by Private banks and now are expecting an encore from the Public banks as well. The last few days we have observed a mix sector rotation and has kept the bullish camp engaged. With the most awaited mid term poll beginning in the US we need to see how the trends could sway.

Technically, Nifty reclaimed the crucial 23,800 mark and closed near the day's high, reflecting strong bullish momentum. The immediate support zone is now placed around 23,200–23,500, while the 23,800–23,900 region could act as a near-term resistance band. Overall, the session reinforced the positive undertone in the market, with improving liquidity, supportive earnings, and returning FII participation providing the foundation for continued strength, although investors remain watchful of global policy cues, geopolitical developments, and oil price movements.

From the image above, we observed that there was a sync between the trend and the Options data. Further the Relative Strength Index (RSI) is continuously trading above the 60-mark highlighting the strong bullish sentiment. With continued bullish participation that saw a move of 1000 points in last 10 days has created a scenario for revival. As the surge has is reflecting improving bullish momentum, we can say that the bullish signal is showing a strong signs of continuation.

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.