Raja Venkatraman recommends three stocks for 6 November

Stock Market Recap: On 5 November 2026, Indian equity markets witnessed a powerful rally, extending their winning streak to six consecutive sessions as improving global cues, falling crude oil prices, and sustained foreign institutional buying fueled broad-based optimism. The Nifty surged 576 points or 2.40% to close at 24,536.60, while the Sensex soared 2,008.61 points or 2.60% to settle at 79,310.01, marking one of the strongest single-day gains in recent months. The rally was supported by easing concerns over inflation after Brent crude slipped below the $100-per-barrel mark and renewed confidence following positive global market developments.

Buying was widespread across sectors, with financials, automobiles, realty, and IT leading the advance. Bajaj Finance, Shriram Finance, Mahindra & Mahindra, Maruti Suzuki, and IndiGo emerged among the top gainers, while banking stocks also attracted strong demand as investors rotated into large-cap leaders. Broader markets participated in the upmove, with midcap and smallcap indices advancing more than 1%, reflecting healthy market breadth and improving risk appetite.

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

BBOX (Cmp 856.85)

• Why it’s recommended: Black Box Limited (BBOX.BO / BBOX) is a global information and communications technology (ICT) and digital infrastructure solutions provider. Post a strong trend phase till June 2026 the stock witnessed profit booking to form a rounding pattern. Post that the recent revival from neutral zone of Relative Strength Index is suggesting a possible upmove. 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 : 1040.38,
  • 52-week high: ₹1104.30
  • Volume: 1.02M
• Technical analysis: Support at ₹760, resistance at ₹1040.
• Risk factors: operational strains from larger project structures, strict concentration dependencies, and elevating leverage profiles.
• Buy: above ₹860.
• Stop loss: ₹820.
• Target price: ₹950 (2 Months)

ANGELONE (Cmp 326.15)

• Why it’s recommended: Angel One Ltd (formerly Angel Broking Ltd) is a prominent Indian fintech company providing digital-first financial services, including equity, commodity, and currency broking, alongside margin trading, mutual fund distribution, and personal loans. After a sharp reaction the prices have consolidated and are showing a strong recovery forming a nice double bottom formation revival. A steady hold of the lower levels around the TS & KS bands augurs well for some upside if market rebounds. 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: 23.09,
  • 52-week high: ₹328.30,
  • Volume: 10.02M.
• Technical analysis: Support at ₹285, resistance at ₹425.
• Risk factors: Market volatility, regulatory changes, and intense competition in the digital brokerage space.
• Buy: above ₹328
• Stop loss: ₹308.
• Target price: ₹360 (2 Months)

THELEELA (Cmp 689.75)

• Why it’s recommended: Leela Palaces Hotels & Resorts Limited is India's largest institutionally owned and managed pure-play luxury hospitality brand. Since June this year there has been a strong surge marked by profit booking that has seen the prices taking supports at the Tenkan Sen and Kijun Sen. The resumption post the support has been encouraging. A strong thrust always attract some buying interest. With the Average Directional Index after a pullback is seen crossing important thresholds, it can lead to some strong upward move in the coming weeks. Go long.
• Key metrics:
  • P/E Ratio : 63.73,
  • 52-week high: ₹588.35,
  • Volume: 840.89K
• Technical analysis: Support at ₹610, resistance at ₹830.
• Risk factors: Negative Cash Flows, Vulnerability to disruptions during asset upgrades and Aggressive cost-management pressures risking service quality moats.
• Buy: above ₹695.
• Stop loss: ₹655.
• Target price: ₹765 (2 Months)

Outlook for Trading

The continued participation in Nifty has underlined the strong bullish sentiment that is currently forcing all the by-standers to join the festive cheer. We have been mentioning in the article for a while that the consolidation phase of the market is getting over and a close above 23100 could spell some positivity. The market ahs respected those levels and has been moving upwards ever since.

The trend extends beyond large-cap stocks. Across the broader Nifty 500 index, DII ownership has climbed to 20.3%, while FII ownership has fallen to 16.9%. Domestic institutions have also steadily increased their ownership in mid-cap and small-cap segments, absorbing the relative reduction in foreign exposure. Overall, DII ownership increased by 120 basis points over the September quarter to 15.3%.

The Nifty has staged a remarkable recovery from its October lows near 22,200, rallying sharply to close at 24,536.60. The recent breakout above the intermediate resistance zone around 23,800 confirms a strong shift in market sentiment and reflects aggressive buying interest supported by improving macro conditions, strong earnings, and renewed institutional participation. Price action now approaches a major supply zone between 24,600 and 24,800, highlighted on the chart, which acted as a significant support area earlier in the year before turning into resistance. This zone is likely to be the next crucial battleground for the bulls.

Momentum indicators continue to strengthen, with the RSI surging to 74.69, indicating powerful bullish momentum. While the RSI has entered the overbought territory, it also reflects the strength of the ongoing uptrend rather than an immediate reversal signal. Historically, strong trending markets can remain overbought for extended periods before witnessing meaningful corrections.

The sharp six-session rally has significantly improved the overall market structure, with higher highs and higher lows firmly in place. However, given the proximity to a major resistance zone and elevated momentum readings, some consolidation or profit booking cannot be ruled out in the near term. Immediate support is now seen in the 24,000–24,200 region, while a sustained breakout above 24,800 could open the door for a move towards 25,200–25,500. Overall, the trend remains decisively bullish, and any corrective pullbacks are likely to attract fresh buying interest as long as key support levels remain intact.

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.