Nifty 50 closed 120.60 points higher (0.47%) at 25,694.95, while BSE Sensex gained 335.97 points (0.40%) to settle at 83,871.32. Market strength was concentrated, with the IT and Auto sectors leading the charge, both posting gains of over 1.0%, driven by selective buying in heavyweights.
However, the PSU bank index and parts of the financial services sector saw profit-booking. Overall market breadth remained mixed, with the advance-decline ratio on the BSE showing a slight negative bias, as broader indices such as small caps lagged.
Two stock recommendations by MarketSmith India for 12 November
Buy: Persistent Systems Ltd. (current price: ₹6,030)
- Why it’s recommended: Strong revenue growth momentum, improving operating and EBIT margins, strategic focus on cloud, AI, and digital engineering, diversified client base across BFSI, healthcare, and tech sectors, robust balance sheet and healthy cash flows, clear growth roadmap targeting $2 billion revenue by FY27, consistent deal wins and client expansions, strong leadership and execution track record.
- Key metrics: P/E: 55.56, 52-week high: ₹6,788.90, volume: ₹ 436.59 crore
- Technical analysis: Reclaimed its 21-DMA on above average volume
- Risk factors: Premium valuation with limited margin of safety, high dependency on export markets and global IT spending, client concentration risk in key verticals, execution challenges in scaling operations, currency fluctuation impact on profitability, cybersecurity and data privacy exposure, rising employee costs and attrition pressure, rapid tech changes requiring constant reinvestment.
- Buy: ₹6,000–6,100
- Target price: ₹6,800 in two to three months
- Stop loss: ₹5,650
Buy: Borosil Renewables Ltd (current price: ₹699)
- Why it’s recommended: Leading domestic position in solar-glass manufacturing with substantial expansions planned to meet India’s solar capacity surge, and strong tailwinds from India’s aggressive renewable energy targets (solar additions and localisation) and import-duty protection aiding margins
- Key metrics: P/E: N/A; 52-week high: ₹705; volume: ₹308.34 crore
- Technical analysis: downward sloping trendline breakout retest
- Risk factors: The company has remained in loss-making or has shown low profitability in recent years; converting capacity utilisation and realisations into profits remains uncertain.
- Buy at: ₹690–705
- Target price: ₹820 in two to three months
- Stop loss: ₹640
How the market performed on 11 November
Indian equities ended higher on Tuesday, with Nifty 50 rising 0.47% to close at 25,694.95, up 120.6 points, led by strong gains in IT and Auto stocks. Sensex advanced in tandem, supported by broad-based buying in select large-cap names after a subdued start.
On the sectoral front, Nifty IT (+1.2%) and Auto (+1.1%) outperformed, while FMCG (+0.3%) and Metal (+0.7%) gave further support. In contrast, Financial Services (-0.1%), PSU Bank (-0.4%), and Healthcare (-0.1%) witnessed mild profit booking. Market breadth was nearly even, with 1,561 stocks advancing, 1,562 declining, and 80 remaining unchanged, indicating balanced sentiment.
The index formed a bullish candle on the daily chart, sustaining above its short-term moving averages, signaling renewed buying interest after a brief consolidation phase. The price action shows Nifty reclaiming its upward trendline that was recently breached, suggesting buyers are gradually regaining control.
Momentum indicators are also improving — the daily RSI has bounced from near-neutral territory and is currently around 56, indicating strengthening momentum but still leaving room for further upside before entering overbought levels. The MACD histogram, while still slightly negative, is narrowing, hinting at a potential bullish crossover in the coming sessions if follow-through buying persists.
According to O’Neil’s methodology of market direction, the market status has been shifted to a “Confirmed Uptrend” as it decisively surpassed its previous rally high of 25,670 to register a new 52-week.
The index ended on a positive note, reclaiming its 21-DMA, signaling renewed buying interest. However, it failed to close above 25,700, which remains a crucial resistance zone. A sustained breakout above 25,700 could pave the way for an upward move toward 26,000–26,100 in the coming sessions. On the downside, immediate support is placed at 25,300, while a stronger base around 25,000 continues to reinforce the broader uptrend and maintain market stability.
How did Nifty Bank perform?
Nifty Bank opened flat and briefly traded in negative territory. However, renewed buying interest at lower levels propelled the index into positive territory.
On the daily chart, the index formed a bullish candle and continued to trade comfortably above its key moving averages, reflecting strong upward momentum. Bank Nifty opened at 57,962.30, recorded an intraday high of 58,187.35, and a low of 57,594.25, before closing at 58,138.15, signaling renewed buying interest and strengthening bullish sentiment.
Overall, market sentiment remains positive, with traders expecting further upside. A sustained move above current levels could potentially lead to fresh highs in the near term.
The momentum indicator RSI has slightly moved toward the upside and is currently positioned around 63, indicating a neutral yet resilient undertone in market momentum. Meanwhile, the MACD has given a negative crossover, suggesting short-term consolidation. However, it continues to trade above the central line, reflecting underlying strength.
According to the O’Neil methodology for assessing market direction, the index remains in a confirmed uptrend, implying that despite minor fluctuations, the broader market structure continues to favor bullish sentiment and potential upside.
The index continues to trade firmly above all major moving averages, underscoring strong underlying momentum and the absence of bearish signals if it remains above the 21-DMA, currently positioned near 57,595. A sustained move above this key level could pave the way for an extended rally toward 58,500–59,000 in the near term.
On the downside, immediate support is placed between 57,600 and 57,000, and a decisive break below this range may trigger a short-term corrective phase. Overall, the broader trend structure remains constructive, with traders encouraged to adopt a buy-on-dips strategy amid prevailing strength and positive sentiment.
MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. It offers tools and resources to help investors make informed decisions based on the CAN SLIM methodology, founded by legendary investor William J. O’Neil. You can access a 10-day free trial by registering on its website.
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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.