From mint · Raja Venkatraman · · 1m 30s
Raja Venkatraman recommends three stocks for 9 November
Raja Venkatraman picks three stocks to trade on 9 November.
In brief
Raja Venkatraman picks three stocks to trade on 9 November. Raja Venkatraman recommends Havells, HDFCLIFE, and AxisBank for short-term gains based on technical analysis. Originally reported by mint.
Market Recap
Indian equities extended their winning streak to a seventh straight session on Friday, with the Nifty 50 reclaiming the 25,000 mark.
Market Performance
The Nifty surged 493.75 points to close at 25,030.35, while the Sensex jumped 1,718.01 points to settle at 81,028.02.
Foreign Buying
Record foreign buying of nearly ₹ 15,000 crore supported sentiment, with the rupee rising 0.6% to 93.91 against the dollar.
Stock Picks
Raja Venkatraman, co-founder of NeoTrader, recommends three stocks for 9 November based on technical analysis.
Havells
Havells India Ltd is a leading Indian multinational FMEG company with a 52-week high of ₹ 1,514.60.
HDFCLIFE
HDFC Life Insurance Co. Ltd is recommended with a target price of ₹ 610 after testing resistance zones around 560.
AxisBank
Axis Bank Ltd is recommended with a target price of ₹ 1,455 after breaching support zones around 1,200.
Technical Analysis
Havells shows a double bottom pattern with support at ₹ 950 and resistance at ₹ 1,340.
Risk Factors
Geographical concentration and commodity fluctuations pose risks for Havells, while HDFCLIFE faces regulatory changes.
Market Outlook
Sustained buying in the Nifty signals a positive shift, with derivatives data pointing to bullish sentiment.
The essence
Raja Venkatraman recommends Havells, HDFCLIFE, and AxisBank for short-term gains based on technical analysis.
