Three stocks to trade as recommended by Raja Venkatraman of NeoTrader:
Best stocks to buy today (All Buy trades are rates of Equity & Sell rates are based on F&O)
Vedanta Ltd: Buy above ₹528 | Stop ₹517 | Target ₹550 (multiday)
Adani Ports and Special Economic Zone Ltd: Buy above ₹1,520 | Stop ₹1,499 | Target ₹1,555 (intraday)
Federal Bank Ltd: Buy above ₹258 | Stop ₹255 | Target ₹263 (intraday)
Stock market update
On 28 November, the final trading session of the week and month saw Indian benchmarks end slightly lower, halting a two-day winning streak. The Nifty slipped 12.60 points or 0.05% to close at 26,202.95, while the Sensex declined 13.71 points or 0.02% to settle at 85,706.67. Despite the minor dip, the Nifty managed to hold above the 26,200 mark, maintaining strength after hitting fresh all-time highs in the previous session. The indices opened mildly higher but traded within a narrow range throughout the day, reflecting consolidation after recent gains.
Broader markets moved in line with the benchmarks, with BSE Midcap and Smallcap indices finishing flat. Importantly, the overall trend remained positive, as both the Sensex and the Nifty extended their winning streak for the third consecutive week and month, rising 0.5% during the week and adding 2% in November. The India VIX also recorded its sharpest weekly fall in six months, signalling cooling volatility.
Outlook for trading
We have so far reached a high of 26,310, as indicated last week, there were a lot of expectations from the Nifty Bank as well for leading and running ahead. Here too, prices have crossed 60k and are trying to stay above those levels. The sentiment was cheerful enough, but higher levels, with supplies coming in every day, spoiled the case for the bulls a tad. However, the damage was limited in terms of price moves. Nevertheless, we did see a two-day close being compromised.
Last week, the gap analysis indicated the possibility of continuation higher. So, it was heartening to see that the move above 25,900 that was anticipated worked to our advantage. On the attached chart, we can see that the prices have managed to close above the gap region and are challenging the next Fibonacci resistance zone. However, we note that the median line of the Pitchfork is tested, and from here we could experience some trend. The Nifty Bank daily is shown on the left, and there the prices hit the upper channel and are down with a step, while in the case of the Nifty, the failure seems to be occurring at the level of the median line. Will this create problems for the indices ahead? That remains to be seen. Resistances, if they are not to work, need to be regained as quickly as possible. Some pullbacks may occur, but that cannot be given too much room.
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On the daily charts, the Nifty displayed a strong reaction as it approached the median line channel, underscoring the importance of the 26,400-spot level. This zone now represents an inflexion point for the index, where traders will keenly watch whether the momentum can sustain and push the market higher or whether resistance will cap further gains. The technical setup suggests that the market is at a decisive juncture, and the coming sessions will be critical in determining the next directional move.
Bank Nifty too mirrored this revival, bouncing back sharply from the 58,000 mark to close above the psychologically significant 60,000 level. This recovery comes at a time when the Reserve Bank of India’s policy announcement is due next week, adding further intrigue to the market’s trajectory. The RBI’s stance on interest rates and liquidity will likely influence banking stocks, which in turn have a strong bearing on the overall index performance. The fact that Bank Nifty managed to reclaim 60,000 ahead of such an event reflects underlying strength and investor confidence in the sector.
Option data across both Nifty and Bank Nifty further reinforces the bullish undertone. Persistent buying at lower levels has pushed the Put-Call Ratio (PCR) above 1, indicating that traders are positioning themselves for continued upward momentum. A PCR above unity typically signals that put writing is dominating, reflecting confidence that the downside is limited and that markets are more likely to sustain or move higher.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
VEDL (Cmp 526)
Why it’s recommended: Vedanta Ltd is a diversified natural resources conglomerate with interests in aluminium, zinc-lead-silver, oil and gas, iron ore, steel, copper, and power. Following recent reactions and a dip into the TS & KS bands, buying interest has once again stepped in. While momentum did take a breather, the metal sector is back in action, and this stock is showing some strong moves. Consider going long.
Key metrics:
P/E: 18.46,
52-week high: ₹535.60,
Volume: 9.99M.
Technical analysis: Support at ₹505, resistance at ₹570.
Risk factors: Volatile global commodity prices, ongoing regulatory scrutiny, and potential challenges related to its proposed demerger plan.
Buy: above ₹528.
Target price: ₹550 in 2 months.
Stop loss: ₹517.
ADANIPORTS (Cmp 1516.90)
Why it’s recommended: Adani Ports and Special Economic Zone Limited (APSEZ) is India’s largest private port operator and logistics provider, with a significant presence in 13 domestic ports across seven maritime states. The ADANI group stocks are gearing up for some upward drive, and this counter, since September, has steadily shown some promise. The RSI is seen slowly inching higher, as buying interest steps in on the intraday timeframe. Go long.
Key metrics:
P/E: 158.79,
52-week high: ₹1523.45
Volume: 2.61M.
Technical analysis: Support at ₹1550, resistance at ₹1800.
Risk factors: Market volatility, regulatory changes, risks from significant related-party dealings and cargo concentration.
Buy: above ₹1,520.
Target price: ₹1,555.
Stop loss: ₹1,499.
FEDERALBNK (Cmp 257.90)
Why it’s recommended: Federal Bank is an Indian private sector bank headquartered in Aluva, Kerala, with a strong focus on retail, business, and NRI banking services. The strong upward charge seen in the prices seems unrelenting, and the intraday declines are seen as bought into. With a rounding pattern taking support on the Kumo cloud in the intraday charts, we can consider initiating a rounding pattern breakout in the coming session. Go long.
Key metrics:
P/E: 16.69,
52-week high: ₹258.75,
Volume: 5.51M.
Technical analysis: Support at ₹950, resistance at ₹1050.
Risk factors: Margin compression, credit cycle risks, execution challenges in digital initiatives, and regulatory changes.
Buy: above ₹258.
Target price: ₹263.
Stop loss: ₹255.
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.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
