Raja Venkatraman recommends three stocks for 9 November

Stock market recap: Indian equities shrugged off a sharp global selloff to extend their winning streak to a seventh straight session on Fridau, with the benchmark Nifty 50 reclaiming the 25,000 mark on strong buying in large-cap banks and financials.

The Nifty surged 493.75 points, or 2.01%, to close at its day's high of 25,030.35, while the Sensex jumped 1,718.01 points, or 2.17%, to settle at 81,028.02. The benchmarks gained about 8.6% over the week.

Sentiment was supported by nearly ₹15,000 crore in record foreign buying on Thursday and a 0.6% rise in the rupee to 93.91 against the dollar, even as Brent crude rebounded to around $97 a barrel.

Banks and financials led the gains, with the Bank Nifty rising 2.27%. Consumer durables and pharmaceuticals also advanced. ICICI Bank gained about 5%, while M&M and Titan rose around 3% each. Tata Motors Passenger Vehicles, Eicher Motors and Grasim, however, lagged.

The broader market was less buoyant, with mid- and small-cap stocks underperforming. A total of 1,439 stocks advanced, 2,141 declined and 126 remained unchanged.

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

HAVELLS (current market price ₹1,128)

• Why it’s recommended: Havells India Ltd is a leading Indian multinational Fast-Moving Electrical Goods (FMEG) company is one of the largest manufacturers of home appliances and power distribution equipment globally. Entire 2026 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 : 41.78,
  • 52-week high: ₹1514.60
  • Volume: 1.02M
• Technical analysis: Support at ₹950, resistance at ₹1340.
• Risk factors: Geographical & channel concentration, commodity & currency fluctuations and supply chain & import dependency.
• Buy: above ₹1,130.
• Stop loss: ₹1,080.
• Target price: ₹1,240 (2 Months)

HDFCLIFE (current market price ₹565.30)

• Why it’s recommended: HDFC Life Insurance Co. Ltd (HDFC Life) is one of India’s leading private-sector long-term life insurance solution providers. After a sharp downward reaction, the prices have consolidated and made a double bottom pattern. With strong showing on Friday and have tested the value area resistance zones around 560. A steady hold of the lower levels 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: 60.30,
  • 52-week high: ₹788.50,
  • Volume: 5.9M.
• Technical analysis: Support at ₹500, resistance at ₹700.
• Risk factors: Market volatility, regulatory changes, and Heavy Reliance on Non-Operational / Other Income.
• Buy : above ₹567
• Stop loss: ₹541.
• Target price: ₹610 (2 Months)

AXISBANK (current market price ₹1,322.90)

• Why it’s recommended: Axis Bank Ltd is India’s third-largest private sector bank providing a full spectrum of financial services to retail consumers, small and medium enterprises (SMEs), and large corporate entities across India This counter has managed to hold on to key support zones for a while but the trends are now looking to give up and the breach of the support trendline is an indication that the prices could slip further. 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. Can buy above 1325 as an ideal opportunity to go long with a stop below 1250 for a rise to 1450.
• Key metrics:
  • P/E Ratio : 14.85,
  • 52-week high: ₹1418.30,
  • Volume: 9.1M
• Technical analysis: Support at ₹1,200, resistance at ₹1,600.
• Risk factors: Slippages and NPA pressures, external conflicts and technology & AI governance.
• Buy : above ₹1325.
• Stop loss: ₹1250.
• Target price: ₹1455 (2 Months)

How the stock market performed on 6 November

Indian equities had a strong week, with the Nifty and Bank Nifty extending their recovery amid improving global cues, easing crude oil prices, robust second-quarter earnings and sustained foreign institutional buying. On Friday, 6 November, the Nifty climbed from the 23,000 zone to reclaim 25,000, while Bank Nifty crossed key resistance levels and participated strongly in the rally.

Financials, FMCG, autos, realty and select consumption stocks led the advance, reflecting an improvement in risk appetite. Strong foreign institutional investor (FII) participation, coupled with declining US bond yields and moderating crude prices, also eased macroeconomic concerns and supported market sentiment.

The Nifty 50 ended the week at 25,030.35, posting one of its strongest weekly advances in recent months. It recorded seven consecutive sessions of gains and rose more than 8% from its recent lows, reflecting a combination of aggressive short covering and fresh long positions. Bank Nifty also strengthened considerably, supported by buying in private-sector banking heavyweights and improving investor confidence.

While PSU banks underperformed in some sessions, financials remained a key driver of the broader recovery. FMCG stocks stood out following strong earnings from consumer companies, while autos, realty and financial services provided further support. IT stocks, which had led the previous phase of the rally, witnessed profit booking towards the latter part of the week, although the broader market trend remained constructive.

Outlook for trading

Sustained buying in the Nifty has reinforced the bullish sentiment, drawing even sidelined investors back into the market. We have maintained that the consolidation phase was nearing its end and that a close above 23,100 could signal a positive shift in sentiment. The market has respected that level and continued to move higher since.

Derivatives data also point to a decisive shift in favour of the bulls. Significant put open interest accumulation around the 24,500 strike indicates that traders increasingly view this level as an important support zone. On the upside, the highest call open interest has shifted towards the 25,000 strike, suggesting that resistance is moving higher.

The rally has also been accompanied by short covering in index futures, as traders unwound bearish positions built during October's correction. Falling volatility has further supported sentiment, with India VIX cooling as confidence returned to the market. The improving open interest structure suggests that market participants are increasingly positioning for a continuation of the uptrend rather than a reversal.

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.