Stocks to buy: Raja Venkatraman's top picks for 12 November
Market expert Raja Venkatraman shares his top three stock picks to buy today, 12 November. Discover his exclusive picks and analysis to inform your investment strategy.
Surviving the selling pressure, the market staged a comeback in the last few days to reinstate the bullish bias. While the momentum seems hesitant, the recovery this time around seems to be more hard-hitting and could carry the bias further into the coming days.
Here are three stocks to trade today as recommended by Raja Venkatraman of NeoTrader:
Bharat Electronics Ltd: Buy above ₹428 | Stop ₹421 | Target ₹440 (multiday)
Adani Ports and Special Economic Zone Ltd: Buy above ₹1,475 | Stop ₹1,455 | Target ₹1,505 (intraday)
Max Financial Services Ltd: Buy above ₹1,640 | Stop ₹1,610 | Target ₹1,685 (intraday)
Stock market recap
On 11 November, Indian equity benchmarks extended their winning streak for a second straight session, with the Nifty closing near the 25,700 mark. The day began on a positive note, buoyed by global cues and optimism surrounding the US shutdown bill and a potential India-US trade agreement. However, early gains were erased as market sentiment turned cautious due to recent terror incidents, leading to a dip in the first half.
A strong recovery in the afternoon, led by buying in auto, metal, and IT sectors, helped the indices rebound and close near the day’s high. The Nifty ended up 120.6 points or 0.47% at 25,694.95, while the Sensex gained 335.97 points or 0.40% to settle at 83,871.32. Broader markets lagged, with the BSE Midcap and Smallcap indices finishing flat, reflecting selective participation and a defensive undertone despite headline strength. Volatility remained elevated throughout the session.
Outlook for trading
Hesitation has been overcome, and the strong resolve to move higher has met with good demand. As the trends begin to hold over the last few days, the long body candle revival has once again assured that the trends are beginning to take shape, as a steady buying participation was witnessed throughout the day!
Trading has been daunting in the last few sessions and is now back to last Wednesday's high. The fall seen on Tuesday on expiry saw the prices retraced 61.8% Fibonacci levels of the recent rise. With the bias and newsflow being bullish, the possibilities of a revival emerged. In such a situation, we need to remain calm and hold out for any potential recovery. It would have been a wonder if one came out largely unscathed in the week.
The sharp rise seen on Tuesday highlights the strong KS support, and the rebound seen could look to extend after a strong decline seen last week. The supplies at higher levels will continue to test the confidence, but the recovery that is emerging swiftly from lower levels is signalling that the highs will continue to attract demand. With strong bullish possibilities emerging, we can now see that the weekly charts are beginning to show some aggressive potential to move higher. As positive cues continue to emerge, one should look at the potential to participate at every dip as the market retains the positive bias.
While trends remained robust, we can observe that the current scenario is attempting to move out of a ranging action, and a possible short-covering action may emerge today. Now, we can observe that the Nifty would look at 25,800, which has now turned into a resistance for the recovery. We can look at how to use every pullback to buy into.
After identifying that the Option data had reached oversold status, the market has responded resolutely to this data point. While the max pain point has now moved to 25650, highlighting that any buy on decline to this region will be an opportunity. With the Open Interest data clearly indicating that there are now hurdles that have shifted to higher levels at 26,000, we can continue to look at a 30-minute range breakout for creating some longs.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
BEL (Cmp ₹427.30)
Why it’s recommended: Bharat Electronics Ltd (BEL) is an Indian Navratna Public Sector Undertaking (PSU) under the Ministry of Defence, Government of India. Post a brief consolidation a strong thrust above the cloud the prices are hinting at some possible upside in the counter. After generating some support around the 417-420 region, the prices are steadily heading higher. Post surpassing this level, the rise in momentum supported by steady volumes is highlighting the possibility of more upward traction.
Key metrics:
P/E: 55.03,
52-week high: ₹436,
Volume: 24.89M.
Technical analysis: Support at ₹417 | Resistance at ₹450.
Risk factors: Market volatility and sector-wide fluctuations in geopolitical news could impact returns.
Buy: Above ₹428.
Target price: ₹455 in two months.
Stop loss: ₹421.
ADANIPORTS (Cmp ₹1,474.40)
Why it’s recommended: Adani Ports and Special Economic Zone Limited (APSEZ) is India's largest private port operator and an integrated transport utility company. The sharp rise since the beginning of August has not given up, and post the consolidation, we are finding a strong surge, and this could see some steady upward drive after the rise seen yesterday. With the TS levels holding on in the last two days, one can look at going long at current levels.
Key metrics:
P/E: 154.35,
52-week high: ₹1494
Volume: 2.26M.
Technical analysis: Support at ₹1410, resistance at ₹1510.
Risk factors: Rising input costs, increased operational expenses, and potentially foreign exchange impacts.
Buy: above ₹1,475.
Target price: ₹1,505.
Stop loss: ₹1,455.
MFSL (Cmp ₹1,635.50)
Why it’s recommended: Max Financial Services Limited (MFSL) is an Indian financial holding company, part of the multi-business Max Group, primarily engaged in the life insurance business. The stock has been undergoing a V-shaped recovery. The pullback into the TS & KS Bands over the last 8 days is generating steady demand at lower levels. On the back of robust results, the strong upward move seen in the prices is signalling the possibility of more upward traction. Consider a long opportunity.
Key metrics:
P/E: 167.41,
52-week high: ₹1,418.45,
Volume: 537.45K.
Technical analysis: Support at ₹1550, resistance at ₹1700.
Risk factors: Global economic volatility, industry-specific technological changes, and operational challenges.
Buy: Above ₹1,640.
Target price: ₹1,685.
Stop loss: ₹1,610.
Register for Mint Extraclass for more tips and advice on how to trade in the stock markets. The next session will be held on 13 November.
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.
topics
