Stocks to buy in November: Axis Direct names Nuvama, BEML and Petronet, sees up to 27% upside; target, rationale
A Ksheerasagar
Nuvama Wealth Management, BEML and Petronet LNG are the three stocks recommended by Axis Direct in its latest report for November, with upside potential of up to 27%.
Axis Direct said Nuvama has staged a sharp rally from its low of ₹1,097 to ₹2,066, while the subsequent correction found firm support around the 50% Fibonacci retracement level of ₹1,581.
The stock has also reclaimed its weekly 20-day simple moving average (20-SMA), while the relative strength index (RSI) has turned upwards above its signal line, indicating strengthening upside momentum.
The brokerage has advised investors to buy Nuvama in the range of ₹1,764– ₹1,800, with a target price range of ₹2,166– ₹2,349 and a stop-loss of ₹1,599.
For BEML, the brokerage has advised investors to buy in the range of ₹1,975– ₹2,015, with a target price range of ₹2,335– ₹2,495 and a stop-loss of ₹1,835.
Axis Direct said BEML has rebounded sharply from its 50-week and 100-week SMAs near ₹1,800– ₹1,845, which acted as strong support during the recent pullback, signalling a resumption of the medium-term uptrend from the ₹1,350 low. The stock continues to form a higher-high and higher-low structure, while the RSI has crossed above its signal line, reflecting strengthening bullish momentum.
For Petronet LNG, Axis Direct has suggested investors buy the stock in the range of ₹289– ₹295, with a target price range of ₹329– ₹349 and a stop-loss of ₹275.
On the weekly chart, the brokerage said Petronet LNG has rebounded from its rising trendline support and is sustaining above its 50-week, 100-week and 200-week SMAs, backed by strong price action, signalling the onset of an uptrend.
Momentum indicators remain supportive, with the weekly RSI trending higher and holding above its signal line, reflecting strengthening bullish momentum and reinforcing the positive bias in the stock's trend structure.
Axis Direct said that following eight consecutive weeks of losses, the benchmark's longest losing streak since the 2020 Covid-19 market crash, the Nifty 50 closed higher in three of the four weeks in October.
The brokerage noted that the weekly price structure has improved, with each week since the first week of October forming a higher low. However, weekly highs have remained capped within a narrow range of 23,150–23,175.
This tightening pattern suggests that buyers are stepping in at progressively higher levels, while selling pressure continues near the upper end of the range.
Upside potential: Axis Direct said a sustained breakout above 23,800 could strengthen upward momentum and push the index towards the 24,300–24,800 zone.
Downside risk: The brokerage said price action around the short-term support zone of 22,000 will be crucial to watch, as a decisive break below this level could drag the benchmark index towards the 21,500–21,000 range.
A Ksheerasagar
Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.
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