RBI MPC outcome will be the focal point for the week

Nifty slipped in Friday’s trade, pressured by weak global cues and renewed worries over stretched valuations in the AI and tech space.

The 2-big questions:

1) Has the recent rally run out of steam?
2) Can Nifty recover after Friday’s sharp sell-off?

For now, the correction appears more like profit-booking rather than a trend reversal. The index is expected to consolidate and attempt another push toward its all-time high of 26,277.35.

The 2-Biggest Headwinds in near term:

1) Concerns over stretched AI valuations remain.

2) Rapidly fading expectations of a December U.S. Fed rate cut.

Despite the caution, Nifty bulls could regroup on backdrop of optimism surrounding a potential US–India trade agreement.

Please note, despite the steep 50% U.S. duty, India’s export decline has been relatively moderate, giving policymakers leverage — especially with growing signals of a potential tariff rollback.

GDP Snapshot:

India’s GDP growth data for the quarter ending 30 September 2025 is due on Friday, November 28th. The economy previously expanded 7.8% YoY in Q1 FY26, accelerating from 7.4%, marking the strongest growth in five quarters. Markets will be keen to see if this momentum continues.

Bottom-line: Nifty may rise, but volatility shall persist; also due to November F&O expiry due this Tuesday.

Now, as we step into a fresh week and also into a fresh month, all eyes turn to auto sales figures for November, releasing on Monday, December 1st. Apart from that, all eyes will also be on November GST Collection figures.

Also, Meesho’s Rs. 5421.20 crore IPO is set to open for subscription on Dec 3, 2025 and closes on Dec 5, 2025. The allotment is expected to be finalized on Dec 8, 2025. Meesho IPO will list on BSE, NSE with a tentative listing date fixed as Dec 10, 2025.

But the focal point of this week will be the RBI MPC outcome, to be wired on Friday, December 5th. As the Reserve Bank of India (RBI) prepares to announce its monetary policy next week in the backdrop of benign inflation, stable liquidity, and robust macroeconomic conditions, expectations are high that the central bank will cut its repo rate by 25 basis points to 5.25%. The RBI has held rates at 5.5% since August after a cumulative 100 bps of cuts in the first half of the year.

The Nifty options data suggests Nifty is likely to be in a trading range of 25500-27000 zone. Maximum Call OI is at 26000 followed by 27000 strike prices. 27000 mark is now Nifty’s major resistance zone on closing basis. Maximum Put open interest stands at 26000 levels followed by 25000 levels. Call writing was seen at 26300 and then at 26500 strike price, while there was meaningful Put writing at 26100 and then at 25900 strike prices.

Price Forecast:

Nifty CMP (26203)
Support : 25940/25500
RESISTANCE: 26600/26851
RANGE: 25955-26477
200 DMA: 24578
Nifty PCR: 1.21
BIAS: Positive

Bank Nifty CMP (59753)
Support: 58200/57000
RESISTANCE: 60500/62000
RANGE: 58700-60300
200 DMA 54737
BankNifty PCR: 1.19
BIAS: Positive

Preferred trade for the week:

Nifty (26203): Buy on dips between 26122-26133 zone. Targets at 26375/26600. Aggressive targets at 26850 zone. Stop at 25920.

TOP SECTORS

Bullish Sectors: BANKS, IT, AUTO, METALS

Bearish Sector: MEDIA, FMCG, POWER

STOCKS IN FOCUS:

BULLISH VIEW: FEDERALBNK, RELIANCE, SBIN, PGEL, ASHOKLEY, M&M, NUVAMA, SRF, HEROMOTOCORP

BEARISH VIEW: GAIL, TIINDIA, ASTRAL, KAYNES, CAMS, SBILIFE, PERSISTENT, SOLARINDS, DIXON, SHREECEM, PAGEIND, BOSCHLTD, POLYCAB.

Kalyan Jewellers India

BUY

CMP 505

Target Price 600
Stop 431
52 Week H/L 794.60/399.20
P/E 56
EPS (TTM) 8.93
Promoter Holding/FIIs/DIIs/FIIs/Public 62.77%/14.12%/14.56%/8.54%
Book Value 51.70
Market Cap (INR) 52186

Company Overview:
Kalyan Jewellers was founded in 1993 by T. S. Kalyanaraman, with its first store in Thrissur, Kerala and now is one of India’s largest jewellery retailers with a network of 315+ showrooms across India, the Middle East, and beyond.
It offers a wide range of products: gold, diamond, gemstone, platinum and more — catering to different customer segments.
In addition to physical retail, Kalyan expanded its online presence after acquiring full control of online jewellery-brand Candere in 2024.
In short: Kalyan Jewellers is a full-scale, pan-India (and global diaspora) jewellery chain, building on decades of legacy and scaling up both offline and online presence.

Key Strengths & Competitive Advantages:

Strong retail footprint + brand equity: With 300+ stores and presence across tier-1 to tier-3 cities, the company enjoys broad visibility and reach.
Omnichannel presence: Offline + online (via Candere) helps capture both traditional buyers and younger, digital-first consumers — giving flexibility in changing demand dynamics.
Diversified product mix & market segments: From mass-market jewellery to premium offerings, across gold, diamond, and gemstone reduces reliance on a single customer segment.
Strong Q2 FY26 performance: The recent surge in profit and revenue suggests improving demand, better cost control, and rebound in consumer sentiment.

Scalable growth via store expansion + changing consumer preferences: Rising disposable incomes, festive demand, and a shift toward branded jewellery over unorganized retail favor listed players benefit jewellers like Kalyan.

Risks & Challenges

Gold-price volatility: Jewellery demand is sensitive to gold price fluctuations; sharp spikes can hurt demand and margins.

Working-capital intensity & inventory risk.

Key Financial Results (Q2FY26):

(Q2 FY26), Kalyan Jewellers posted a net profit of Rs. 260 crore, nearly doubling from ₹130.3 crore in the same quarter last year.

Revenue from operations rose 30% year-on-year to Rs. 7,856 crore in Q2 FY26.

On an annual scale, the company’s turnover grew sharply over the years according to one source, TTM revenue is now close to Rs. 29,000+ crore.

In terms of profitability metrics: Return on Capital Employed (ROCE) is around 15%, Return on Equity (ROE) ~ 16%.

Market cap stands among the top in the jewellery retail space.

Technical Outlook: The stock at the moment is signalling massive consolidation breakout on the upside, confirmation of strength above its biggest hurdles at 530 levels. The stocks 200-DMA is placed at 517 levels.

Preferred Strategy: Look to buy at CMP, and on dips between 460-475 zone, targeting 530/565, and then aggressive targets at 613 mark. Stop below 431. Holding Period 9-12 Months.

Disclaimer: The investments & trading ideas recommended in the market analysis, research reports, etc. may not be suitable for all investors. This article or data points does not construe investment advice as stock market investments are subject to market risks so please refer to your financial consultant advice before Investing or trading. All information is a point of view, and is for educational, Learning and informational use only. The author or the group admin accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investors must make their own investment decisions based on their specific investment objectives, goals and financial position only after consulting with registered market intermediaries.

November 24th to November 28th 2025

The Good News: Nifty extended its winning streak for the third straight week!

The bullish sentiments pushed Nifty, Sensex, and Bank Nifty to fresh all-time highs.

The positive takeaway was that the breakout marks the end of a 14-month consolidation phase and signals the potential start of the next major leg of the rally.

Yipee…

Nifty (+0.52%, 26203)
Sensex (+0.56%, 85707)
Bank Nifty (+1.5%, 59753)

Strictly speaking, the fundamental, technical and sentimental stock market backdrop remains robust. The Biggest Positive Catalysts:

1) Positioning has begun ahead of the RBI’s final policy meeting of 2025 (Dec 3–5), where markets broadly expect a 25-bps rate cut, supported by repeated downside surprises in headline CPI inflation.

2) On the global front, expectations for a December US Fed rate cut have strengthened again. Futures positioning indicates traders now see a high probability of easing when the Fed meets on December 9–10—adding fuel to the risk-on sentiment.

Now, before we get into detail, here are new milestones clocked in the week gone by:

Nifty: 26,310.45
Sensex: 86,055.86
Bank Nifty: 59,897.50

Well, Nifty Auto Index too hit record highs driven by expectations of strong November wholesale figures.

Even the Nifty Auto Index joined the party, hitting fresh highs on expectations of robust November wholesale numbers.

Long Story Short: The bulls dominated the week — and now the key question is: Will the FPI comeback strongly?

With the macro backdrop turning firmly supportive, the mood on Dalal Street is upbeat — and the bulls now have their sights set on the next big psychological milestone: 27,000 on the Nifty.

Long live the bull.

Weekly Recap:
Instruments LTP Weekly % Change

Nifty 26203 +0.52%
Sensex 85707 +0.56%
Bank Nifty 59753 +1.50%
Nifty Midcap 16639 +1.37%
India VIX 11.62 (-14.77%)

Dow 47716 +3.18%
Nasdaq 25435 +4.93%
Bovespa 159072 +2.78%

Crude Oil 59.03 +1.63%
Gold 4176 +2.86%
Silver 53.80 +7.82%
USD/INR 89.46 (-0.17%)

Here are how indices performed in the week gone by:

1) Nifty (+0.52%) ringed gains for the 3rd straight week, and the positive takeaway was that the benchmark scaled new milestone at 26310.45.

Nifty is also way above its 21 DMA (25886), 50 DMA (25554), 100 DMA (25223) and Nifty’s 200 DMA at 24578 mark.

2) Bank Nifty (+1.5%) was well bid, a big outperfomer and the positive takeaway was that Bank Nifty managed scale new record all-time-high at 59897.50 mark.

Bank Nifty’s 200-DMA is at 54737 mark.

3) Both the Nifty Private Bank (+1.38%) and Nifty PSU Bank (+1.62%) indices surged to fresh all-time highs, signaling strong sector momentum and broad-based banking strength.

4) The broader markets traded, especially Nifty Mid-cap 50 index ended with smart gains, 1.37% while the Nifty Small-cap index wavered and inched 0.10% lower.

Bullish Sectors:
Nifty Pharma (+1.85%)
Nifty Media (+1.67%)
Nifty Metal (+1.48%)
Nifty IT (+1.41%)
Nifty Auto (+0.86%)
Nifty FMCG (+0.16%)

Bearish Sectors:
Nifty Energy (-0.85%)
Nifty Realty (-0.27%)
Nifty Infra (-0.08%)

STOCK SPECIFIC NEWS:

1) Zydus Lifesciences (+1.97%, ₹943) gained after receiving tentative USFDA approval for Empagliflozin + Linagliptin tablets (10mg/5mg & 25mg/5mg), used in diabetes treatment.

2) Escorts (+5.53%, ₹3817) and Ashok Leyland (+6.67%, ₹158.88) surged fueled by optimism in the commercial vehicle (CV) segment. (Source: economictimes)

3) Ashok Leyland (+9.28%, ₹1587) zoomed higher and hit fresh 52-Week high after announcing a strategic merger between its material subsidiary Hinduja Leyland Finance (HLFL) and NDL Ventures (formerly NXTDIGITAL).

4) MCX shares (+4.03%, ₹10074) gained and crossed the ₹10,000 mark for the first time, extending a remarkable rally. The stock has surged 132% in the past eight months, driven by strong volume growth and positive sentiment around the exchange business.

Year-to-date, MCX is up ~62% in 2025, following gains of 95% in 2024 and 106% in 2023, marking an exceptional multi-year bull run.

5) L&T (+1.11%, ₹4070) climbed, scaling fresh record high — as sentiment around the stock remains upbeat amidst strong order book visibility, execution strength, and continued government spending on infrastructure and defence.

6) Bharti Airtel (-2.83%, ₹2102) misses on the Gravy train amidst a block deal | Indian Continent Investment sold ₹7,100-crore stake.

7) Nelco (-1.23%, ₹305) was seen consolidating after securing additional Unified License (VNO) authorization, enabling broader VSAT service offerings.

8) SBI (+0.66, ₹979) hits a 52-week high of ₹988.95 on news that the GOI may raise FDI limit from 20% to 49%.

9) Shriram Finance (+3.44%, 852) touches a 52-week high following its recent solid Q2FY26: disbursements up 10.2% Y-o-Y to ₹49,019 crore; AUM up 15.7% Y-o-Y to ₹2.8 trillion.

10) Trent plunged toward its 52-week low of ₹4,250 after Q2 FY25 earnings showed moderating revenue growth, prompting a cautious outlook.

11) Muthoot Microfin (+2.98%, ₹3744) surged after the company announced that its board will meet on 27 November 2025 to consider raising funds through non-convertible debentures (NCDs) via private placement.

12) Glenmark Pharmaceuticals rallied 5.53%. The U.S. FDA issued a positive establishment inspection report (EIR) with voluntary action indicated (VAI) status for its formulations manufacturing facility in Monroe, North Carolina.

In the week gone by, notable gainers amongst Nifty 50 were:

HINDALCO
TECH MAHINDRA
SHRIRAM FINANCE
BAJAJ FINANCE
SUN PHARMA

And the losers were:

ADANI ENT (-5.87%)
BHARTI AIRTEL (-2.83%)
SBI LIFE (-2.79%)
POWERGRID (-2.76%)
TRENT (-2.49%)

WHAT’S NEXT FOR NIFTY?

Well, the good news on sentiment front is that India VIX logged its steepest weekly drop in six months, falling from 13.64 (Nov 21) to ~11.62.

Notably, this pullback comes even as Nifty hits fresh record highs — signalling reduced volatility expectations and growing trader confidence.

New records highs for benchmark Nifty shall be the new normal on reports that India’s Q2 FY26 GDP surged 8.2%, powered by strong consumption and sectoral momentum.

Real GDP rose to ₹48.63 trillion, up from ₹44.94 trillion in the same quarter last year.

Also, on backdrop are positive catalysts like:

1) Dual Rate-Cut Hopes: Investors now anticipate policy easing from both the U.S. Fed and the RBI as early as next month.

2) Trade Deal Optimism: Rising hopes of progress on a potential U.S.–India trade agreement.

3) Macro Strength: India’s cooling inflation paired with a resilient growth outlook continue to paint a favourable backdrop.

4) IMF Upgrade: The IMF’s move to reclassify India’s rupee regime to “crawl-like” signals reduced FX intervention and a more stable, market-driven currency framework—boosting global investor confidence.

Bottom-line: Nifty bulls are likely to be everywhere at Dalal Street — so keep your list of bullish stocks ready before Santa arrives with momentum gifts.

Long Story Short: Keep Your Nifty all-time high cap ready! Yipee!!

Disclaimer/ Disclosure: The investments & trading ideas recommended in the market analysis, research reports, etc. may not be suitable for all investors. This article or data points does not construe investment advice as stock market investments are subject to market risks so please refer to your financial consultant advice before Investing or trading. All information is a point of view, and is for educational, Learning and informational use only. The author or the group admin accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investors must make their own investment decisions based on their specific investment objectives, goals and financial position only after consulting with registered market intermediaries.

A volatile week likely

Nifty slipped in Friday’s trade, pressured by weak global cues and renewed worries over stretched valuations in the AI and tech space.

The 2-big questions:

1) Has the recent rally run out of steam?
2) Can Nifty recover after Friday’s sharp sell-off?

For now, the correction appears more like profit-booking rather than a trend reversal. The index is expected to consolidate and attempt another push toward its all-time high of 26,277.35.

The 2-Biggest Headwinds in near term:

1) Concerns over stretched AI valuations remain.

2) Rapidly fading expectations of a December U.S. Fed rate cut.

Despite the caution, Nifty bulls could regroup on backdrop of optimism surrounding a potential US–India trade agreement.

Please note, despite the steep 50% U.S. duty, India’s export decline has been relatively moderate, giving policymakers leverage — especially with growing signals of a potential tariff rollback.

GDP Snapshot:

India’s GDP growth data for the quarter ending 30 September 2025 is due on Friday, November 28th. The economy previously expanded 7.8% YoY in Q1 FY26, accelerating from 7.4%, marking the strongest growth in five quarters. Markets will be keen to see if this momentum continues.

Bottom-line: Nifty may rise, but volatility shall persist; also due to November F&O expiry due this Tuesday.
The Nifty options data suggests Nifty is likely to be in a trading range of 25000-27000 zone. Maximum Call OI is at 26000 followed by 27000 strike prices. 26000 mark is now Nifty’s major resistance zone on closing basis. Maximum Put open interest stands at 25000 levels followed by 26000 levels. Call writing was seen at 25600 and then at 25500 strike price, while there was meaningful Put writing at 25200 and then at 25300 strike prices.

Price Forecast:

Nifty CMP (26068)
Support : 25740/24422
RESISTANCE: 26300/26600
RANGE: 25750-26289
200 DMA: 24515
Nifty PCR: 1.00
BIAS: Positive

Bank Nifty CMP (58868)
Support: 57600/56000
RESISTANCE: 59650/61000
RANGE: 57900-59500
200 DMA 54498
BankNifty PCR: 0.89
BIAS: Positive

Preferred trade for the week:

Nifty (26068): Buy on dips between 25822-25835 zone. Targets at 26150/26277. Aggressive targets at 26500 zone. Stop at 25500.

TOP SECTORS

Bullish Sectors: BANKS, IT

Bearish Sector: MEDIA, METALS, REALTY

STOCKS IN FOCUS:

BULLISH VIEW: FEDERALBNK, PGEL, M&M, NYKAA, BIOCON, INFY, TCS

BEARISH VIEW: VEDL, JSWENERGY, COFORGE, ADANIPORTS, BAJAJFINSV, LODHA, HAL, DIVISLABS, BAJAJ AUTO, MAZDOCK, DMART, PERSISTENT, HDFCAMC, ALKEM, DIXON, POLYCAB, BOSCHLTD, HINDALCO, KEI

Tata Consumer Products

Tata Consumer Products BUY
CMP 1183
Target Price 1447
Stop 1039
52 Week H/L 1203/884
P/E 87.90
EPS (TTM) 18.65
Promoters/FIIs/DIIs//Public 33.84/22.06%/22.20%/0.01%
Book Value 205
Market Cap (INR) 117173 Cr.

Tata Consumer Products is a major Indian Food & Beverage company, formed by bringing together the consumer-products businesses of the Tata Group under one umbrella.

Headquartered in Mumbai, India, the company is home to iconic brands including Tata Tea, Tata Salt, Tetley, Eight O’Clock Coffee, Himalayan Water, and emerging food-brands such as Tata Sampann, Tata Soulfull, Tata Gluco Plus.

TCPL serves global markets in over 40 countries, and is guided by the Tata group’s values of responsibility, sustainability, and consumer-centric innovation.

Diversified portfolio and food‐business ramp up: A broader portfolio supports sustainable growth, as reliance on just one category (tea) is reduced.

• The company is moving beyond traditional tea & beverage into foods, ready-to-eat, spices, breakfast cereals etc.
• This diversification helps mitigate commodity risk (tea/coffee prices) and taps higher-growth segments.

Strong recent earnings performance: In Q2 2025, Tata Consumer Products (TCPL) reported an 18% year-on-year revenue growth, reaching ₹4,966 crore, while its consolidated net profit increased by approximately 11% to ₹404 crore. This performance was driven by a strong 18% growth in its India business and continued momentum in its international segment, though the company saw a hit to certain brands from new GST regulations. International Business: Grew by 15%, supported by strong performance in the U.S. market. Margin Expansion: Consolidated EBITDA margin expanded by 70 basis points sequentially (QoQ) to 13.6%.

Premiumisation & consumption trends: The company is focusing on premium brands (tea, coffee, organic, health‐foods) and e‐commerce channels, which have higher growth potential. With rising income levels and changing consumer behaviour in India (rural + urban), exposure to premium segments boosts growth potential beyond volume alone.

Low debt and strong balance sheet: The company has low leverage and manageable debt levels.

Key Considerations / Risks:

Premium & growth segments’ success is not guaranteed — execution risk remains.

Technical Outlook: The stock has been consolidating for last 25-months with immediate support seen at 1100-1125 area. Confirmation of strength above its all-time-high at 1254 mark. Above 1254, a massive ‘Flag Breakout’ on cards with targets at 1450 mark. The stock is currently trading well above its 200-DMA at 1085 levels.

Preferred trade

Buy Tata Consumer at CMP 1183, targeting 1209/1255 and then aggressive targets at psychological 1450 mark. Stop at 1097. Holding Period: 9-12 Months.

Disclaimer: The investments & trading ideas recommended in the market analysis, research reports, etc. may not be suitable for all investors. This article or data points does not construe investment advice as stock market investments are subject to market risks so please refer to your financial consultant advice before Investing or trading. All information is a point of view, and is for educational, Learning and informational use only. The author or the group admin accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investors must make their own investment decisions based on their specific investment objectives, goals and financial position only after consulting with registered market intermediaries.

November 17th to November 21st 2025

It was a cautiously positive week — frontline stocks managed to post modest gains, while mid- and small-caps continued to feel the pressure and phase of turbulence and hesitation still shaping the path ahead for the week ahead.

The biggest positive takeaway however was that Nifty logged its second consecutive weekly gain — a sign that optimism isn’t fully lost.

Nifty (+0.61%, 26068)
Sensex (+0.79%, 85232)
Bank Nifty (+0.60%, 58868)

The Biggest Positive Catalysts:

1) The Nifty IT index led sector gains, with Infosys emerging as the standout mover, rising 2.81%. The rally came as investors positioned ahead of the company’s ₹18,000 crore share buyback, which opens on 20 November 2025 and remains active until 26 November 2025.

Infosys plans to repurchase up to 10 crore shares (2.41% of equity) at ₹1,800 per share via the tender route, with eligibility based on the 14 November 2025 record date.

2) Bank Nifty has hit a fresh all-time high, and more importantly, is signalling a major upside breakout, reinforcing the strength of the broader market.

Substantial rate cuts from the RBI are on the horizon.

That’s because, India’s CPI inflation has dropped to record lows, marking the ninth straight month below the RBI’s 4% target.

Food inflation — which makes up nearly half of the CPI basket — fell 5.02% YoY, the sharpest decline ever recorded, strengthening the case for policy easing.

Other supportive catalysts include:

1) US–India Trade Deal Hopes: Renewed optimism as both countries inch closer to finalising a mutually beneficial agreement.

2) AI rally reignites Wall Street after Nvidia’s earnings and guidance smashed expectations.

3) Crude Oil Prices in a Freefall: Futures have tumbled toward $57.45 per barrel, after OPEC signalled a comfortable supply environment — a major macro tailwind for India.

Bottom-line: With the macro setup turning decisively bullish, Nifty bulls are now setting sights on its all-time-high at 26277.35 milestone, with the next target goal post firmly placed at psychological 27000 mark.

Weekly Recap:
Instruments LTP Weekly % Change
Nifty 26068 +0.61%
Sensex 85232 +0.79%
Bank Nifty 58868 +0.60%
Nifty Midcap 16415 +0.15%
India VIX 13.63 +14.18%

Dow 46245 (-3.07%)
Nasdaq 24240 (-3.07%)
Bovespa 154770 (-1.88%)

Crude Oil 57.50 (-4.25%)
Gold 4068 (-0.36%)
Silver 49.67 (-1.76%)
USD/INR 89.55 +1.05%

Here are how indices performed in the week gone by:

1) Nifty (+0.61%) ringed gains for the 2nd straight week, and the positive takeaway was that the benchmark ended above the psychological important 26000 mark.

Nifty is also way above its 21 DMA (25847), 50 DMA (25452), 100 DMA (25192) and Nifty’s 200 DMA at 24515 mark.

2) Bank Nifty (+0.60%) was well bid and the positive takeaway was that Bank Nifty managed scale new record all-time-high at 59440.10 mark.

Bank Nifty’s 200-DMA is at 54498 mark.

3) Nifty Private Bank index inched 0.72% higher while Nifty PSU Bank index gained 0.23% lower.

4) The broader markets traded with smart gains as Nifty Mid-cap 50 index ended with 0.72% higher while the Nifty Small-cap index plunged 2.22% lower.

Bullish Sectors:
Nifty IT (+1.61%)
Nifty Auto (+1.09%)
Nifty Infra (+0.44%)

Bearish Sectors:
Nifty Realty (-3.78%)
Nifty Metal (-3.36%)
Nifty Media (-2.4%)
Nifty Energy (-1.13%)
Nifty Pharma (-1.05%)
Nifty FMCG (-0.10%)

STOCK SPECIFIC NEWS:

1) Tata Consultancy Services (TCS) (+1.44%) gained after announcing a pact with TPG Terabyte Bidco to invest up to ₹18,000 crore in Hypervault, with plans to jointly develop AI data centers and supporting infrastructure.

2) InterGlobe Aviation (Indigo) (-1.10%) ended lower despite its board approving an investment of $820 million (₹729.4 crore) into its wholly owned subsidiary, InterGlobe Aviation Financial Services IFSC, to be executed in one or more tranches.

3) Hindalco Industries (-3.23%) after reporting a fire incident at its Novelis plant in Oswego, New York.

4) Tilaknagar Industries (TI) (-0.41%) was consolidating even after entering the premium whisky segment with the launch of Seven Islands pure malt whisky.

5) Transrail Lighting (-0.76%) gained on new orders worth ₹548 crore, including a major international transmission line EPC project in the MENA region.

6) Mahindra Holidays & Resorts India (+5.56%) climbed as its board approved entry into the ‘Leisure Hospitality’ segment, to be operated via its subsidiary Mahindra Hotels and Residences India under the brand Mahindra Signature Resorts.

7) Gujarat Industries Power Company (GIPCL) (-1.21%) slipped despite commissioning of the fourth phase of its 600-MW solar project at the 2,375-MW Renewable Energy Park in Khavda, Great Rann of Kutch.

8) Tata Motors Passenger Vehicles (-7.40%) dropped despite reporting a sharp jump in Q2 FY26 profit driven by exceptional gains from the commercial vehicle unit demerger. Revenue fell 13.4% YoY.

9) Kotak Mahindra Bank (+0.39%) gained ahead of its board meeting on 21 Nov to consider a stock split.

10) Glenmark Pharma (-2.71%) slipped even as Q2 consolidated profit surged 72.3% YoY and revenue jumped 76.6%.

11) Siemens (+2.9%) rallied on strong revenue growth, although Q4 profit dipped 7.1% YoY due to a high one-time base.

12) Narayana Hrudayalaya (+16.52%) surged as Q2 profit climbed 30.1% and revenue grew 20.3% YoY.

13) India Glycols (+8.37%) soared after reporting 30.9% profit growth and a 13.6% rise in Q2 revenue.

14) HUDCO (+1.1%) gained post results: Net sales rose 27.85% YoY to ₹3,219 crore in Sep 2025. Quarterly net profit increased 3.08% to ₹709.83 crore, while EBITDA grew 16.51% to ₹3,104 crore.

15) NBCC (-1.34%) slipped despite two key developments:
a) The company secured a ₹2,966.1 crore work order from the Nagpur Metropolitan Region Development Authority (NMRDA).
b) NBCC sold 609 residential units at Aspire Leisure Valley and Aspire Centurian Park, Noida (W) via e-auction, generating a total value of approximately ₹1,069.43 crore.

In the week gone by, notable gainers amongst Nifty 50 were:

MAX HEALTH (+7.07%)
EICHER MOT (+6.56%)
BHARTI AIRTEL (+2.95%)
INFOSYS (+2.81%)
AXIS BANK (+2.75%)

And the losers were:

TTATA MOTORS PV (-7.4%)
JIO FINANCIAL (-3.60%)
TATA STEEL (-3.59%)
HINDALCO (-3.23%)
BEL (-2.46%)

WHAT’S NEXT FOR NIFTY?

Nifty slipped in Friday’s trade, pressured by weak global cues and renewed worries over stretched valuations in the AI and tech space.

The 2-big questions:

1) Has the recent rally run out of steam?
2) Can Nifty recover after Friday’s sharp sell-off?

For now, the correction appears more like profit-booking rather than a trend reversal. The index is expected to consolidate and attempt another push toward its all-time high of 26,277.35.

The 2-Biggest Headwinds in near term:

1) Concerns over stretched AI valuations remain.

2) Rapidly fading expectations of a December U.S. Fed rate cut.

Despite the caution, Nifty bulls could regroup on backdrop of optimism surrounding a potential US–India trade agreement.

Please note, despite the steep 50% U.S. duty, India’s export decline has been relatively moderate, giving policymakers leverage — especially with growing signals of a potential tariff rollback.

GDP Snapshot:

India’s GDP growth data for the quarter ending 30 September 2025 is due. The economy previously expanded 7.8% YoY in Q1 FY26, accelerating from 7.4%, marking the strongest growth in five quarters. Markets will be keen to see if this momentum continues.

Bottom-line: Nifty may rise, but volatility shall persist.

Long Story Short: Keep Your Nifty all-time high cap ready! Yipee!!

Disclaimer/ Disclosure: The investments & trading ideas recommended in the market analysis, research reports, etc. may not be suitable for all investors. This article or data points does not construe investment advice as stock market investments are subject to market risks so please refer to your financial consultant advice before Investing or trading. All information is a point of view, and is for educational, Learning and informational use only. The author or the group admin accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investors must make their own investment decisions based on their specific investment objectives, goals and financial position only after consulting with registered market intermediaries.

The benchmarks will aim to take the positive baton from last week in a fresh week ahead as well.

Our call of the week suggests Nifty’s all-time-high at 26277.35 should reach sooner than later.

Investor sentiment shall remain upbeat after the National Democratic Alliance (NDA) landslide victory and returning to power in Bihar.

The 2-biggest Headwinds:

1) FIIs persistent selling. This November month, FIIs have already sold to the tune of Rs. 13653 Cr.

2) Doubt on next Fed rate cut

Long Story Short: A bullish celebration could unfold as the NDA’s victory in the Bihar elections reinforces political stability and lifts overall market sentiment.

Simply put, buying opportunities emerge at Dalal Street amidst ‘Signs of Bears Exhaustion’ and also on backdrop of ‘Overextension of Pessimism’.

Keep Your Nifty all-time high cap ready! Yipee!!

The Nifty options data suggests Nifty is likely to be in a trading range of 25000-27000 zone. Maximum Call OI is at 26000 followed by 27000 strike prices. 26000 mark is now Nifty’s major resistance zone on closing basis. Maximum Put open interest stands at 25000 levels followed by 26000 levels. Call writing was seen at 25600 and then at 25500 strike price, while there was meaningful Put writing at 25200 and then at 25300 strike prices.

Price Forecast:

Nifty CMP (25910)
Support : 25500/24551
RESISTANCE: 26277/26600
RANGE: 25677-26300
200 DMA: 24440
Nifty PCR: 0.97
BIAS: Positive

Bank Nifty CMP (58518)
Support: 57200/55500
RESISTANCE: 59650/61000
RANGE: 57500-59500
200 DMA 54240
BankNifty PCR: 0.92
BIAS: Positive

Preferred trade for the week:

Nifty (25910): Buy on dips between 25822-25835 zone. Targets at 26150/26277. Aggressive targets at 26500 zone. Stop at 25500.

TOP SECTORS

Bullish Sectors: BANKS, METALS, IT

Bearish Sector: MEDIA, FMCG

STOCKS IN FOCUS:

BULLISH VIEW: ASHOKLEY, SBIN, BDL, AMBER, MUTHOOTFIN, FEDERALBNK, MCX, BSE, SOLARINDS

BEARISH VIEW: BAJAJ AUTO, SRF, ULTRACEMCO, MPHASIS, HDFCAMC, SHREECEM

Garden Reach Shipbuilders & Engineers (GRSE)

Company Overview:

Garden Reach Shipbuilders & Engineers Ltd. (GRSE) is an Indian defence-shipbuilding and engineering firm under the administrative control of the Ministry of Defence.
Headquartered in Kolkata, West Bengal, the company designs, builds, repairs and overhauls warships, offshore platforms, and specialised marine vessels, as well as diversified engineering-products (portable steel bridges, deck-machinery, pumps). GRSE claims the distinction of being the first Indian shipyard to export warships and to deliver 100+ warships to the Indian Navy & Indian Coast Guard.

GRSE BUY
CMP 2897
Target Price 3100/3535
Stop 2593
52 Week H/L 3535/1180
P/E 53.81
EPS (TTM) 53.80
Promoters/FIIs/DIIs//Public 74.50/3.26%/1.99%/20.25%
Book Value 200
Market Cap (INR) 33,187 Cr.

Company Overview:

Garden Reach Shipbuilders & Engineers Ltd. (GRSE) is an Indian defence-shipbuilding and engineering firm under the administrative control of the Ministry of Defence.
Headquartered in Kolkata, West Bengal, the company designs, builds, repairs and overhauls warships, offshore platforms, and specialised marine vessels, as well as diversified engineering-products (portable steel bridges, deck-machinery, pumps). GRSE claims the distinction of being the first Indian shipyard to export warships and to deliver 100+ warships to the Indian Navy & Indian Coast Guard.

Key Strengths & Competitive Advantages
1) Defence domain + strategic importance – GRSE operates in the defence shipbuilding segment, which is often state-supported, high entry barrier, and aligned with “Make in India” themes. This gives GRSE leverage in securing orders and preferential access.
2) Strong order book / backlog & long-term contracts – With multiple ship-contracts, export potential, and repair/refit capabilities, GRSE enjoys visibility of future revenue streams. Order Book: GRSE’s order book stands at INR 21,700 crores as of June 30, 2025, covering 10 projects and 40 marine platforms.
3) Indigenisation & cost control – The push towards higher indigenous content for its vessels and engineering items reduces reliance on global suppliers, supports margins, and enhances strategic value for Indian defence procurement.
4) Diversified engineering portfolio – Beyond ship‐building, GRSE’s engineering division (bridges, pumps, machinery) provides additional revenue streams and helps mitigate pure ship-building cycle risk.
5) Track record & reputation – Delivering a large number of warships, export contracts and government visibility boosts credibility and may ease financing, approvals and partnerships.
Risks & Challenges
1) Long project lead-times & execution risk – Ship-building is capital‐intensive, with long gestation, risk of delays, cost overruns, and currency/material inflation exposure.

2) Working capital and margin pressure – Large contract volumes can tie up working capital; higher subcontracting or material cost escalation could squeeze margins. For example, in Q2 FY26 subcontracting charges saw steep YoY growth.

3) Dependence on government/PSU orders & policy risk – A large portion of business comes from defence/government clients; any change in policy, budget cuts, or delays in order awards could impact GRSE.

Key Financial Results (Q2 FY26)
GRSE delivered strong top-line and bottom-line growth in Q2 FY26, reflecting healthy execution, order conversion, and favourable macro tailwinds in defence/ship‐building.
 Revenue from operations: ~ ₹1,677.38 crore, up ~45.48 % YoY.
 Total income (including other income): ~ ₹1,746 crore, up ~42 % YoY.
 Profit after tax (PAT): ~ ₹153.78 crore, up ~57.28 % YoY versus ~₹97.77 crore in Q2 FY25.
 Profit before tax (PBT): ~ ₹209.36 crore vs ~₹130.53 crore previous year, ~60.39 % growth.
 EBITDA: ~ ₹225 crore in Q2 FY26 vs ~₹144 crore in Q2 FY25, ~56 % growth.
 Margin: Operating margin improved; e.g., an analysis reported OPM of ~9.31% in Q2 FY26.

Technical Outlook: The stock has been consolidating for last 4-months with immediate support seen at 2550-2675 area. Confirmation of strength above 3100. Above 3100, GRSE will aim its all-time-high at 3535 mark. The stock is currently trading well above its 200-DMA at 3296 levels.

Preferred trade:

Buy GRSE (CMP 2897) at CMP, targeting 3033/3100 and then aggressive targets at psychological 3550 mark. Stop at 2483. Holding Period: 12-15 Months.

Disclaimer: The investments & trading ideas recommended in the market analysis, research reports, etc. may not be suitable for all investors. This article or data points does not construe investment advice as stock market investments are subject to market risks so please refer to your financial consultant advice before Investing or trading. All information is a point of view, and is for educational, Learning and informational use only. The author or the group admin accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investors must make their own investment decisions based on their specific investment objectives, goals and financial position only after consulting with registered market intermediaries.

November 10th to November 14th 2025

Well, investors have reason to cheer — Nifty closed the week with a strong, decisive gain, reinforcing the view that bullish momentum may soon become the new normal on Dalal Street.

Our call of the week suggests that the recent phase of turbulence and hesitation is gradually receding.

Sentiment is improving, supported by rising expectations of rate cuts, fuelled by encouraging cooling CPI inflation that rekindles optimism and strengthens the market’s upward bias

Long Story Short: Animal spirits are back on Dalal Street.

Nifty (+1.64%, 25910)
Sensex (+1.62%, 84563)
Bank Nifty (+1.11%, 58518)

The Biggest Positive Catalyst: Bank Nifty has hit a fresh all-time high, and more importantly, is signalling a major upside breakout, reinforcing the strength of the broader market.

Substantial rate cuts from the RBI are on the horizon.

That’s because, India’s CPI inflation has dropped to record lows, marking the ninth straight month below the RBI’s 4% target.

Food inflation — which makes up nearly half of the CPI basket — fell 5.02% YoY, the sharpest decline ever recorded, strengthening the case for policy easing.

Other supportive catalysts include:

1) US–India Trade Deal Hopes: Renewed optimism as both countries inch closer to finalising a mutually beneficial agreement.

2) Crude Oil Prices in a Freefall: Futures have tumbled toward $58 per barrel, after OPEC signalled a comfortable supply environment — a major macro tailwind for India.

Bottom-line: With the macro setup turning decisively bullish, Nifty bulls are now setting sights on its all-time-high at 26277.35 milestone, with the next target goal post firmly placed at psychological 27000 mark.

Weekly Recap:
Instruments LTP Weekly % Change
Nifty 25910 +1.64%
Sensex 84563 +1.62%
Bank Nifty 58518 +1.11%
Nifty Midcap 16390 +2.47%
India VIX 11.94 (-4.94%)

Dow 47147 +0.34%
Nasdaq 25008 (-0.21%)
Bovespa 157739 +2.39%

Crude Oil 60.19 +0.75%
Gold 4089 +2.24%
Silver 51.21 +5.6%
USD/INR 88.66 (-0.01%)

Here are how indices performed in the week gone by:

1) Nifty (+1.64%) snapped its 2-week losing streak, and the positive takeaway was that the benchmark ended way above its 21 DMA (25756), 50 DMA (25324), 100 DMA (25154) and Nifty’s 200 DMA at 24440 mark.

2) Bank Nifty (+1.11%) was well bid and the positive takeaway was that Bank Nifty managed scale new record all-time-high at 58615.95 mark.

Bank Nifty’s 200-DMA is at 54240 mark.

3) Nifty Private Bank index inched 0.92% higher while Nifty PSU Bank index gained 0.57% higher.

4) The broader markets traded with smart gains as Nifty Mid-cap 50 index ended with 2.47% higher while the Nifty Small-cap index inched 0.98% higher.

Bullish Sectors:
Nifty IT (+3.37%)
Nifty Pharma (+2.94%)
Nifty Infra (+2.4%)
Nifty Auto (+1.72%)
Nifty Energy (+1.32%)
Nifty Metal (+0.65%)
Nifty FMCG (+0.22%)

Bearish Sectors:
Nifty Media (-0.67%)
Nifty Realty (-0.55%)

STOCK SPECIFIC NEWS:

1) Bharat Dynamics (+11.47%) jumped after the company delivered a strong set of numbers for Q2 FY26. Standalone profit surged 76.2% YoY to ₹215.88 crore, while revenue more than doubled, rising 110.55% YoY to ₹1,147.03 crore.

2) Hero MotoCorp (+4.58%) gained after the company reported a 23% jump in consolidated net profit to ₹1,308.89 crore, supported by a 16.6% rise in revenue to ₹12,218.39 crore in Q2 FY26.

3) Infibeam Avenues (+4.38%) spiked after posting strong Q2 earnings, with profit after tax rising 51% year-on-year to ₹66.52 crore. Revenue from operations also soared 93.27% to ₹1,964.91 crore in Q2 FY26 versus Q2 FY25, driven by robust performance across its digital payments and e-commerce solutions businesses.

4) Honasa Consumer (+6.63%) jumped after the company reported a net profit of Rs 39 crore in Q2 FY26 as against a net loss of Rs 19 crore recorded in Q2 FY25. Revenue from operations rose by 16.5% year-over-year (YoY) to Rs 538 crore during the quarter.

5) Samvardhana Motherson International (+5.82%) gained after its Q2 FY26 Revenue Rose to ₹30,173 Crore; Profit Up 15% YoY

6) Muthoot Finance (+15.34%) zoomed out of the gate after delivering a strong Q2FY26 performance with an 87% jump in profit, robust loan growth, and record consolidated AUM of ₹1.48 trillion, supported by steady lending momentum

7) Adani Enterprises (+6.22%) stock price climbed after the company announced details of its ₹25,000 crore rights issue. The rights price is set at ₹1,800 per share — a 23.93% discount to its previous close. Investors will be entitled to three shares for every 25 held (3:25).

8) BSE (+5.57%) surged after posting a 61% jump in Q2 net profit to ₹557 crore. Revenue from operations rose 44% YoY to ₹1,068 crore, driven by strong volumes and new listings.

9) BLS International Services (+4.62%) soared after reporting a 26.8% rise in consolidated net profit to ₹175.23 crore and a 48.8% jump in revenue to ₹736.63 crore for Q2 FY26.

10) Zaggle Prepaid Ocean Services (+7.79%) gained after delivering strong Q2 as standalone net profit surged 79.1% YoY to ₹33.24crore.

11) GSFC (+3.03%) rallied after Q2 results showed: Net sales up 20.96% YoY to ₹3,187 crore. Net profit up 8.67% YoY to ₹324 crore.

12) SpiceJet (+1.93%) gained despite reporting a wider consolidated net loss of ₹447.70 crore in Q2 FY26, compared to a loss of ₹424.26 crore in the same quarter last year. The company clarified that the figure excludes forex losses. The results highlight continued operational and cost challenges for the airline despite improving passenger traffic trends.

13) IOL Chemicals & Pharmaceuticals surged 5.53% as the company’s consolidated net profit jumped 56.5% to ₹30 crore, driven by an 8% increase in revenue to ₹568 crore in Q2 FY26 versus the same period last year.

14) Vodafone Idea surged 4.49% after the telecom major reported a narrower consolidated net loss of ₹5,524 crore in Q2 FY26, compared to a loss of ₹7,175.90 crore in the same quarter last year. Revenue from operations rose 2.3% year-on-year to ₹11,169.60 crore from ₹10,918.20 crore, signaling gradual improvement in the company’s performance.

15) Atul Auto (+4.6%) surged after the company’s consolidated net profit zoomed 69.5% to Rs 9.17 crore in Q2 FY26 as against Rs 5.41 crore posted in Q2 FY25.

16) Bharat Forge (+6.04%) rallied after posting Q2 results that surpassed Street expectations. While Trump’s tariff measures triggered a sharp 63% year-on-year decline in US-bound commercial vehicle exports, the company managed to deliver a robust high single-digit revenue growth.

17) Bajaj Finance fell about 4.51% after the lender cut its FY26 growth guidance despite its Q2 FY26 results broadly meeting Street estimates. The NBFC major’s July-September quarter performance showed expansion in key metrics, but asset quality worsening.

18) Eicher Motors (-2.7%) slipped despite posting a healthy 24.45% YoY rise in consolidated net profit to ₹1,369.45 crore in Q2 FY26 (vs ₹1,100.33 crore last year).

In the week gone by, notable gainers amongst Nifty 50 were:

ASIAN PAINTS (+11.19%)
Adani enterprises (+6.22%)
INDIGO (+5.82%)
HCL TECH (+5.44%)
JIO FINANCIAL (+5.21%)

And the losers were:

TRENT (-5.10%)
BAJAJ FINANCE (-4.51%)
TATA STEEL (-3.92%)
APOLLO HOSPITAL (-2.90%)
MAX HEALTHCARE (-2.84%)

WHAT’S NEXT FOR NIFTY?

Our call of the week suggests Nifty’s all-time-high at 26277.35 should reach sooner than later.

Investor sentiment shall remain upbeat after the National Democratic Alliance (NDA) landslide victory and returning to power in Bihar.

The 2-biggest Headwinds:

1) FIIs persistent selling. This November month, FIIs have already sold to the tune of Rs. 13653 Cr.

2) Doubt on next Fed rate cut

Long Story Short: A bullish celebration could unfold as the NDA’s victory in the Bihar elections reinforces political stability and lifts overall market sentiment.

Simply put, buying opportunities emerge at Dalal Street amidst ‘Signs of Bears Exhaustion’ and also on backdrop of ‘Overextension of Pessimism’.

Keep Your Nifty all-time high cap ready! Yipee!!

Disclaimer/ Disclosure: The investments & trading ideas recommended in the market analysis, research reports, etc. may not be suitable for all investors. This article or data points does not construe investment advice as stock market investments are subject to market risks so please refer to your financial consultant advice before Investing or trading. All information is a point of view, and is for educational, Learning and informational use only. The author or the group admin accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investors must make their own investment decisions based on their specific investment objectives, goals and financial position only after consulting with registered market intermediaries.

India’s CPI inflation data likely to be the focus point for the week.

India’s CPI Inflation data is set to release on Wednesday, November 12th. As per economists polls, India’s consumer inflation rate likely plunged to the lowest in at least a decade in October on a sustained fall in food prices, and intensified by a higher base of comparison last year. This may encourage RBI for another rate cut.

Now speaking about trade set-up for the upcoming week, a much-awaited rebound could be on the cards next week as Nifty bulls look to take cues from Wall Street’s roaring comeback from steep losses in Friday’s session.

The 2-big questions:

1) Are Nifty and its stocks already priced to perfection?
2) The return of risk?

The Street continues to show signs of fatigue after a barrage of below-expectation Q2 corporate results.

What’s dampening sentiment further is that Dalal Street is underperfoing its peers and most importantly, a time when confidence in earnings is showing cracks.

Still, a phase of mild uncertainty and consolidation might be exactly what the market needs before the next leg of the rally.

Near-term cues to watch include Q2 India corporate earnings,

 Sunday (November 9): JYOTI CNC, VLS FIANANCE

 Monday (November 10): SYRMA SGS TECHNOLOGIES, VODAFONE IDEA, V-MART RETAIL.

 Tuesday (November 11): VESUVIUS, ZAGGLE PREPAIDYATRA ONLINE, TORRENT POWER, TRANSRAIL LIGHTING, VINDHYA TELELINKS, ZUARI INDUSTRIES

 Wednesday (November 12): YUKEN INDIA, WANBURY, TEGA INDUSTRIES

 Thursday (November 13): VIPUL ORGANICS,

 Friday (November 14): V2 RETAIL, UNIPARTS

Last but not least, on the technical front, the Nifty will look to defend 100-DMA support at 25110 while on the upside targets remain at Nifty’s psychological 26000 mark and then all bullish eyes on Nifty’s all-time-high at 26277.35 mark.

The Nifty options data suggests Nifty is likely to be in a trading range of 25000-27000 zone. Maximum Call OI is at 26000 followed by 27000 strike prices. 26000 mark is now Nifty’s major resistance zone on closing basis. Maximum Put open interest stands at 25000 levels followed by 26000 levels. Call writing was seen at 25600 and then at 25500 strike price, while there was meaningful Put writing at 25200 and then at 25300 strike prices.

Price Forecast:

Nifty CMP (25492)
Support : 24851/24551
RESISTANCE: 25777/26200
RANGE: 25200-25630
200 DMA: 24375
Nifty PCR: 0.97
BIAS: Neutral

Bank Nifty CMP (57877)
Support: 56800/55000
RESISTANCE: 59240/60700
RANGE: 56900-59200
200 DMA 54003
BankNifty PCR: 0.91
BIAS: Neutral

Preferred trade for the week:

Nifty (25492): Buy on dips between 25251-25301 zone. Targets at 25777/26200. Aggressive targets at 26500 zone. Stop at 24822

TOP SECTORS

Bullish Sectors: BANKS,

Bearish Sector: MEDIA, METAL, IT

STOCKS IN FOCUS:

BULLISH VIEW: LTF, IDFCFIRTSB, VEDL, BEL, SBICARD, FEDERALBNK, BSE, MCX

BEARISH VIEW: BHARTIARTL, AMBER, INDIGO, APOLLOHOSP, SIEMENS, DMART, TRENT, OFSS, KAYNES, DIXON, DIVISLABS.

Mahindra & Mahindra Ltd

Mahindra & Mahindra Ltd
BUY
CMP 3690

Target Price 4300
Stop 3098
52 Week H/L 3723/2360
P/E 32.20
EPS (TTM) 107.53
Promoter Holding/FIIs/DIIs/FIIs/Public 18.43%/38.53%/29.57%/9.77%
Book Value 666
Market Cap (INR) 458887

Company Overview:

Mahindra & Mahindra (M&M) is a leading Indian OEM with two dominant pillars: Automotive (SUVs, LCVs, last-mile mobility, EVs) and Farm Equipment (tractors & agri machinery), complemented by adjacencies and group services (financial services, logistics, real estate, hospitality, IT). Global footprint across 100+ countries, with manufacturing operations in India, South Africa, and Egypt. The company holds leadership positions across its core franchises—#1 in SUVs (revenue share), #1 in LCVs <3.5T, #1 in Tractors, and #1 in electric 3-wheelers as of Q2 FY26. M&M’s next growth leg is Born-Electric SUVs on its INGLO skateboard platform, with a supply agreement for key EV components (MEB parts & unified cells) from Volkswagen Group. The first 7-seater born-electric SUV XEV 9S makes its world premiere on Nov 27, 2025.

Key Strengths & Competitive Advantages:

 Leadership across core categories: Q2 FY26 highlights: SUV revenue share 25.7% (↑390 bps YoY); LCV <3.5T share 53.2% (↑100 bps); Tractors 43.0% (↑50 bps); e-3W share 42.3%.

 Strong operating engines in Auto & Farm: Auto consolidated revenue ₹27,171 cr (+25% YoY); PBIT ₹2,538 cr (9.3% margin). Farm consolidated revenue ₹10,225 cr (+25% YoY); PBIT ₹1,608 cr (15.7% margin).

 Strategic EV roadmap with global partnerships: INGLO platform + VW MEB component supply agreement de-risks EV execution (cells/components) while enabling faster time-to-market for BE (Born Electric) and XUV.

Risks & Challenges

 Competitive Intensity in SUV Segment
 Intense competition from Maruti, Hyundai, Tata Motors, and emerging EV OEMs could pressure volumes and pricing.
 Supply Chain & Semiconductor Risks
 Persistent chip shortages or logistics bottlenecks can delay production and affect delivery schedules.
 Commodity Price Volatility
 Steel, aluminum, and rubber price fluctuations can impact margins if not effectively hedged.

Key Financial Results (Q2FY26):

Consolidated PAT at Rs 3,673 cr., up 28%*
Consolidated Revenue at Rs 46,106 cr., up 22%
RoE at 19.4% (annualized)

1 in SUVs with revenue market share at 25.7%, up 390 bps

1 in LCVs <3.5T: market share at 53.2% ^ , up 100 bps

1 in Tractors: market share at 43.0%, up 50 bps

1 in electric 3 wheelers: market share at 42.3%

Technical Outlook: The stock at the moment is signalling massive breakout on the upside, confirmation of strength above its all-time-high at 3724 mark.. The stocks 200-DMA is placed at 3122 levels.

Preferred Strategy: Look to buy at CMP, and on dips between 3300-3350 zone, targeting 3725/4007, and then aggressive targets at 4251 mark. Stop below 3111. Holding Period 9-12 Months.

Disclaimer: The investments & trading ideas recommended in the market analysis, research reports, etc. may not be suitable for all investors. This article or data points does not construe investment advice as stock market investments are subject to market risks so please refer to your financial consultant advice before Investing or trading. All information is a point of view, and is for educational, Learning and informational use only. The author or the group admin accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investors must make their own investment decisions based on their specific investment objectives, goals and financial position only after consulting with registered market intermediaries.

November 3rd to November 7th 2025

It was another bad week for Dalal Street as the Nifty ended lower for 2nd straight week.

The silver lining, however, came from the banking space — the Bank Nifty managed to close in positive territory, aided by strong traction in PSU Bank stocks, which continued to emerge as Dalal Street’s most resilient and bullish pocket.

The Big Question: Will Nifty continue to witness sustained selling pressure and fragile sentiment?

Nifty (-0.89%, 25492)
Sensex (-0.86%, 83216)
Bank Nifty (+0.17%, 57877)

Before we start, the ‘Red Flag’: Not many bulls are out there right now.

The most bullish scenario would be that the bulls and bears could wrestle for dominance, leaving the benchmark caught in a range amid rising intraday volatility.

We say so, because of 4-key headwinds:

1) Muted Q2 earnings season back home

2) FIIs were net sellers in the week gone by to the tune of ₹1,633 crore — adding further pressure to sentiment.

3) In the US, the government shutdown shows no signs of resolution and is likely to extend into a second month, further delaying the release of key economic data.

4) Pessimism revolves around Fed Chairman Jerome Powell, saying that they are uneasy about rate cuts without inflation data, citing rising services inflation right before the shutdown.

Technically speaking, confirmation of strength now only above Nifty 25900 mark.

Weekly Recap:
Instruments LTP Weekly % Change
Nifty 25492 (-0.89%)
Sensex 83216 (-0.86%)
Bank Nifty 57877 +0.17%
Nifty Midcap 17031 +0.14%
India VIX 12.56 +3.33%

Dow 46987 (-1.21%)
Nasdaq 25060 (-3.09%)
Bovespa 154064 (+3.02%)

Crude Oil 59.75 (-2.02%)
Gold 4001 (-0.09%)
Silver 48.50 (-2.91%)
USD/INR 88.67 (-0.11%)

Here are how indices performed in the week gone by:

1) Nifty (-0.89%) ended lower for the 2nd straight week, and the negative takeaway was that the benchmark ended way below its 21-DMA at 25611 mark.

Nifty however still continues to trade above its 50 DMA (25202) and its 100 DMA (25110). Nifty’s 200 DMA at 24375 mark.

2) Bank Nifty (+0.17%) was seen consolidating despite Nifty’s sluggish action.

The positive takeaway was that Bank Nifty managed to end above the dotted lines and is flirting near its all-time-high at 58577.50 mark.

Bank Nifty’s 200-DMA is at 54003 mark.

3) Nifty Private Bank index inched 0.14% higher while Nifty PSU Bank index gained 2.05% higher.

4) The broader markets however traded with positive bias with Nifty Mid-cap 50 index ended a tad 0.01% higher while the Nifty Small-cap index slumped 1.66% lower.

Bullish Sectors:
Nifty PSU Bank (+2.05%)

Bearish Sectors:
Nifty Media (-3.17%)
Nifty Infra (-1.8%)
Nifty Metal (-1.71%)
Nifty IT (-1.67%)
Nifty FMCG (-1.37%)
Nifty Energy (-1.34%)
Nifty Realty (-0.12%)

Nifty Auto (-0.11%)
Nifty Pharma (-0.03%)

STOCK SPECIFIC NEWS:

1) CCL Products (India) (+19.24%) zoomed higher after reporting impressive Q2 financial results. Standalone net profit increased by 306% to Rs. 112.26 crores, with revenue from operations rising 28% to Rs. 559.18 crores.

2) Allied Blenders and Distillers (-2.89%) declined despite the company’s consolidated net profit stood jumped 35.21% to Rs 64.31 crore in Q2 FY26 as against Rs 47.56 crore posted in Q2 FY25. Revenue from operations (excluding excise duty) increased by 10.93% year-on-year (YoY) to Rs 962.53 crore in Q2 FY26.

3) One 97 Communications (+3.32%) gained after the company reported a consolidated net profit of Rs 21 crore in Q2 FY26, which is sharply lower as compared with the PAT figure of Rs 930 crore recorded in Q2 FY25. Revenue from operations during the period under review increased by 24% YoY to Rs 2,061 crore.

4) Interglobe Aviation(Indigo) (-0.74%) slipped after the company’s consolidated net loss widens to Rs 2,582.1 crore in Q2 FY26, compared with net loss of Rs 986.7 crore in Q2 FY25, including the impact of currency movement pertaining to dollar based future obligations. Revenue from operations increased 9.34% to Rs 18,555.3 crore in Q2 Sept 2025, driven by strong operational execution and efficient capacity deployment.

5) Arvind Ltd (+2.98%) gained on reporting a 70% year-on-year rise in consolidated net profit to ₹106.74 crore for the second quarter of the financial year 2025–26 (Q2FY26), driven by higher revenue and the absence of a deferred tax expense recorded in the previous year.

6) GlaxoSmithKline Pharmaceuticals slipped 1.17% after the company posted a modest 2% year-on-year rise in consolidated net profit at ₹257 crore for the quarter, up from ₹253 crore a year earlier. However, revenue from operations declined 3.1% to ₹980 crore compared with ₹1,011 crore in the same period last year.

7) Crompton Greaves Consumer Electricals edged 1.96% lower as quarterly consolidated net profit tumbled 43% YoY to ₹71.2 crore from ₹125 crore a year ago. Revenue, however, inched up 1% YoY to ₹1,916 crore from ₹1,896 crore.

8) GMM Pfaudler dropped 4.6% despite reporting a robust jump in consolidated net profit to ₹41.4 crore for the quarter, compared with ₹15.2 crore in the same period last year. Revenue rose 12% YoY to ₹902 crore from ₹805 crore.

9) Redington (+15.07%) surged after its consolidated revenue for Q2 FY26 stood at Rs 29,118 crore, up 17% year-on-year, driven by robust demand across India, the Middle East, and Africa. Net profit jumped 32% YoY to Rs 388 crore, while EBITDA rose 23% YoY to Rs 632 crore.

10) Astral (+7.39%) zoomed higher after its revenue from operations rose 15.1% year-on-year to Rs 1,577.4 crore, up from Rs 1,370.4 crore in Q2 FY25, driven by sustained demand in both core segments.

11) Delhivery (-7.81%) slumped after the company reported a consolidated net loss of Rs 50.37 crore in Q2 FY26, compared with a net profit of Rs 10.20 crore in Q2 FY25.

4) Avanti Feeds (+0.08%) consolidated after the company’s consolidated net profit jumped 34.87% to Rs 153.29 crore in Q2 FY26 as against Rs 113.65 crore in Q2 FY25.

In the week gone by, notable gainers amongst Nifty 50 were:

SHRIRAM FINANCE (+9.01%)
M&M (5.82%)
ASIAN PAINTS (+1.40%)
HDFC LIFE (+2.38%)
BAJAJ FINANCE (+2.28%)

And the losers were:

HINDALCO (-6.78%)
GRASIM (-5.78%)
POWERGRID (-5.60%)
ADANI ENTERPRISES (-4.5%)
MARUTI (-4.37%)

WHAT’S NEXT FOR NIFTY?

A much-awaited rebound could be on the cards next week as Nifty bulls look to take cues from Wall Street’s roaring comeback from steep losses in Friday’s session.

The 2-big questions:

1) Are Nifty and its stocks already priced to perfection?
2) The return of risk?

The Street continues to show signs of fatigue after a barrage of below-expectation Q2 corporate results.

What’s dampening sentiment further is that Dalal Street is underperfoing its peers and most importantly, a time when confidence in earnings is showing cracks.

Still, a phase of mild uncertainty and consolidation might be exactly what the market needs before the next leg of the rally.

Near-term cues to watch include Q2 India corporate earnings,

 Sunday (November 9): JYOTI CNC, VLS FIANANCE

 Monday (November 10): SYRMA SGS TECHNOLOGIES, VODAFONE IDEA, V-MART RETAIL.

 Tuesday (November 11): VESUVIUS, ZAGGLE PREPAIDYATRA ONLINE, TORRENT POWER, TRANSRAIL LIGHTING, VINDHYA TELELINKS, ZUARI INDUSTRIES

 Wednesday (November 12): YUKEN INDIA, WANBURY, TEGA INDUSTRIES

 Thursday (November 13): VIPUL ORGANICS,

 Friday (November 14): V2 RETAIL, UNIPARTS

Last but not least, on the technical front, the Nifty will look to defend 100-DMA support at 25110 while on the upside targets remain at Nifty’s psychological 26000 mark and then all bullish eyes on Nifty’s all-time-high at 26277.35 mark.

Disclaimer/ Disclosure: The investments & trading ideas recommended in the market analysis, research reports, etc. may not be suitable for all investors. This article or data points does not construe investment advice as stock market investments are subject to market risks so please refer to your financial consultant advice before Investing or trading. All information is a point of view, and is for educational, Learning and informational use only. The author or the group admin accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investors must make their own investment decisions based on their specific investment objectives, goals and financial position only after consulting with registered market intermediaries.

Will Nifty reclaim 26277 mark?

Before we start, please note that our stock markets will remain closed on Wednesday, November 5th 2025 on account of Guru Nanak Jayanti.

Also, the street will get a chance to react to October Auto Sales numbers and GST collection figures which released over the weekend.

India’s collections of goods and services tax (GST) witnessed a 4.6% year-on-year (YoY) growth to ₹1.96 trillion in October 2025, despite the tax cuts rolled out by the central government’s GST council in September this year amid the festive season in the nation. This shows our resilient economy which is poised to flourish even more.

Also, India’s automobile sales too, rose in October, driven by the Dhanteras and Diwali celebrations, while some automakers attributed the surge to the benefits of the Goods and Services Tax (GST) reform. Maruti Suzuki saw an 8.3% increase in sales, while Tata Motors reported a 10% rise. Mahindra & Mahindra achieved a 26% growth, and Hyundai recorded strong demand, selling 69,894 units.

Moreover, a much-awaited rebound could be on the cards next week as Nifty bulls look to take cues from Wall Street’s roaring comeback in Friday’s session.

The 2-big questions:

1) Are Nifty and its stocks already priced to perfection?
2) The return of risk?

The Street continues to show signs of fatigue after a barrage of below-expectation Q2 corporate results.
What’s dampening sentiment further is that Dalal Street is flirting with record highs at a time when confidence in earnings is showing cracks.

Still, a phase of mild uncertainty and consolidation might be exactly what the market needs before the next leg of the rally.

Near-term cues to watch include Q2 India corporate earnings,

 Monday (November 3rd): BHARTI AIRTEL, TITAN, POWERGRID, AMBUJA CEMENTS, TATA CONSUMER, AJANT PHARMA, JK PAPER

 Tuesday (November 4th): SBI, M&M, ADANI PORTS, ADANI ENTERPRISES, INDIGO, INDIAN HOTELS, PAYTM, SUZLON ENERGY, ESCORTS, GRSE.

 Wednesday (November 5th): SUN PHARMA, GRASIM, AUROBINDO PHARMA, BLUE STAR, DELHIVERY, PIRAMAL PHARMA, BEML.

 Thursday (November 5th): LIFE INSURANCE, CHOLAMANDALAM FINANCE, CUMMINS, ABB, APOLLO HOSPITALS, LUPIN, GODREJ PROPERTIES, NHPC, UPL, MCX, NCC, PRICOL.

 Friday (November 6th): BAJAJ AUTO, HINDALCO, DIVIS LAB, TRENT, TORRENT PHARMA, NYKAA, KALYAN JEWELLERS, PETRONET LNG, NEULAND LAB.

Last but not least, on the technical front, the Nifty will look to defend support at 25450 while on the upside targets remain at Nifty’s all-time-high at 26277.35 mark and then aggressive targets at psychological 27000 mark.

The Nifty options data suggests Nifty is likely to be in a trading range of 25000-27000 zone. Maximum Call OI is at 26000 followed by 27000 strike prices. 27000 mark is now Nifty’s major resistance zone on closing basis. Maximum Put open interest stands at 26000 levels followed by 25000 levels. Call writing was seen at 25900 and then at 26000 strike price, while there was meaningful Put writing at 25300 and then at 25400 strike prices.

Price Forecast:

Nifty CMP (25722)
Support : 25300/24851
RESISTANCE: 26000/26500
RANGE: 25511-26100
200 DMA: 24327
Nifty PCR: 1.11
BIAS: Positive

Bank Nifty CMP (57776)
Support: 56800/55000
RESISTANCE: 59000/60700
RANGE: 56900-58650
200 DMA 53820
BankNifty PCR: 0.84
BIAS: Positive

Preferred trade for the week:

Nifty (25722): Buy at CMP. Targets at 26000/26277. Aggressive targets at 26500 zone. Stop at 25299.

TOP SECTORS

Bullish Sectors: BANKS, AUTO, FMCG, IT

Bearish Sector: MEDIA

STOCKS IN FOCUS:

BULLISH VIEW: SAMMAANCAP, INOXWIND, SBIN, ADANIENSOL, BEL, FEDERALBNK, HEROMOTOCORP, L&T, EICHERMOT, MCX

BEARISH VIEW: KOTAKBANK, MPHASIS, MAXHEALTH, INDIGO, 360ONE, CIPLA, MANKIND.

DEEP INDUSTRIES

BUY

CMP 483
Target Price 550/625
Stop 381
52 Week H/L 625/386
P/E 17.3
EPS (TTM) 22.92
Promoters/FIIs/DIIs//Public 63.49%/2.08%/1.15%/33.26%
Book Value 284
Market Cap (INR) 3093

Company Overview:

Incorporated in 1991, Deep Industries Limited (DIL) is an India-based oil & gas field-services provider focused on air & gas compression, drilling & workover rigs, gas dehydration and turnkey Integrated Project Management for E&P companies. Strong execution footprint in India’s upstream value chain.

Key strengths & competitive advantages

 Category leadership in high-pressure gas compression on charter; deep domain know-how across compression + drilling/workover.
 Integrated offering (IPM) from drilling to completion—single-contract efficiency and accountability.
 Robust order book (₹3,051 cr as of Q1 note) and strong operating leverage.
 Strategic acquisitions and offshore entry: DIL has acquired stakes (e.g., in Dolphin Offshore Enterprises Ltd) and is seeking to enter offshore services, thereby adding a new growth axis.

Risks & challenges

• Exposure to E&P capex cycles, tendering intensity and day-rate volatility.
• Project execution/logistics risks across remote fields; asset uptime critical to margins.

Key Financial Results – Q1 FY26

• Revenue (ops): ₹199.5 cr (+61.6% YoY)
• EBITDA: ₹95.0 cr (+54.7% YoY; margin 44.6%)
• PAT: ₹61.7 cr (+59.3% YoY; margin 29.0%)
• Order book: ₹3,051 cr (Q1 FY26).

Technical Outlook: The stock has been consolidating for last 12-months with immediate support seen at 450-450 area. Confirmation of strength above psychological 525 mark. The stock sis aiming to move above its 200-DMA at 485 levels.

Preferred Strategy: Look to buy at CMP, and on dips between 400-420 zone, targeting 525/570, and then aggressive targets at 625 mark. Stop below 381. Holding Period 12-15 Months.

Disclaimer: The investments & trading ideas recommended in the market analysis, research reports, etc. may not be suitable for all investors. This article or data points does not construe investment advice as stock market investments are subject to market risks so please refer to your financial consultant advice before Investing or trading. All information is a point of view, and is for educational, Learning and informational use only. The author or the group admin accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investors must make their own investment decisions based on their specific investment objectives, goals and financial position only after consulting with registered market intermediaries.

October 27th to October 31st 2025

Caution ruled Dalal Street as the Nifty snapped its four-week winning streak.

Investors were seen punishing stocks whose Q2 earnings failed to meet expectations, leading to selective profit-taking across sectors.

The Big Question: Are Nifty and its stocks priced to perfection?

Nifty (-0.28%, 25722)
Sensex (-0.32%, 83939)
Bank Nifty (+0.13%, 57736)

Before we start, the ‘Red Flag’: Not many bulls are out there right now.

Digging deeper, the classic “buy on rumour, sell on fact” theme was seen playing out at our stock markets. We say so , because:

1) Nifty unmoved by Xi-Trump pact and most importantly, the much-anticipated Xi–Trump meeting failed to ignite market optimism.

2) The US Federal Reserve 25 bps interest rate cut to its benchmark rate too failed to ignite market optimism.

Technically speaking, confirmation of strength now only above Nifty 26107 mark.

Weekly Recap:
Instruments LTP Weekly % Change
Nifty 25722 (-0.28%)

Sensex 84212 (-0.32%)
Bank Nifty 57776 +0.13%
Nifty Midcap 15994 +2.13%
India VIX 12.15 +4.85%

DowJones 47563 +0.75%
Nasdaq 25858 +6.31%
Bovespa 149540 +2.30%

Crude Oil 61.07 (-0.77%)
Gold 4021 (-2.19%)
Silver 48.90 +0.60%
USD/INR 88.75 +1.06%

Here are how indices performed in the week gone by:

1) Nifty (-0.26%) ended a tad lower, and the negative takeaway was that the benchmark snapped its 4-week winning.

Nifty still continues to trade above its 21 DMA (25494), 50 DMA (25155) and its 100 DMA (25085). Nifty’s 200 DMA at 24327 mark.

Please note, Nifty had surged 4.51% in October.

2) Bank Nifty (+0.13%) was seen consolidating Nifty’s sluggish action.

But the positive takeaway was that Bank Nifty managed to end above the dotted lines and is flirting near its all-time-high at 58577.50 mark.

Bank Nifty’s 200-DMA is at 53820 mark.

3) Nifty Private Bank index fell 1% lower while Nifty PSU Bank index gained 4.69% higher.

4) The broader markets however traded with positive bias with Nifty Mid-cap 50 index gaining +2.13% while the Nifty Small-cap index ended 0.70% higher.

Bullish Sectors:
Nifty Oil & Gas (+3.15%)
Nifty Metal (+2.56%)
Nifty Energy (+1.82%)
Nifty Infra (+1.8%)
Nifty Realty (+0.71%)

Bearish Sectors:
Nifty Auto (-1.10%)
Nifty Pharma (-0.81%)
Nifty IT (-0.76%)
Nifty FMCG (-0.25%)
Nifty Media (-0.11%)

STOCK SPECIFIC NEWS:

1) RailTel (-0.92%) slips after its Q2 PAT rose 5% YoY to Rs 76 crore. RailTel Corporation of India’s standalone net profit jumped 4.72% to Rs 76.07 crore in Q2 FY26, compared with Rs 72.64 crore in Q2 FY25.

2) Mahanagar Gas (-2.16%) fell after the company’s standalone net profit tanked 32.57% to Rs 193.37 crore in Q2 FY26 as against Rs 286.78 crore posted in Q2 FY25.

3) NTPC Green Energy (+1.64%) reported 130.25% surge in consolidated net profit to Rs 87.59 crore in Q2 FY26 as against Rs 38.04 crore reported in the same quarter last year.

4) Bandhan Bank (-7.91%) post its Q2 results where net profit plunged 88% to Rs 112 crore, NII dropped 12%.

5) Swiggy (-3.52%) dropped post its Q2 results where net loss widened to Rs 1,092 crore. Swiggy’s revenue from operations rose 54.4% YoY to Rs 5,561 crore in Q2, up from Rs 3,601 crore a year ago. It had reported a revenue of Rs 4,961 crore in the previous quarter.

6) Manappuram Finance (-3.73% plunged after reporting a 62% decline in second-quarter net profit to ₹217.3 crore, compared with ₹572 crore a year earlier, weighed down by a fall in net interest income (NII).

7) ITC (+0.85%) gained post Q2 results. Net profit rose 2% to Rs 5,180 cr, revenue declines 2%; Cigarettes business grew 6.6% FMCG business grew by 7% Agri business down 31% Paper business up 5%.

8) Nippon Life (-5.2%) traded with sluggishness after reporting a 4.2% year-on-year (YoY) decline in net profit at ₹345 crore for the quarter ended September (Q2 FY26), compared with ₹360 crore in the same period last year.

9) Coromandel International (-1.78%) dropped after reporting a 21.3% year-on-year rise in consolidated net profit at ₹805.2 crore for the September quarter. The stock tumbled after margin narrowed at 11.9% versus 13%.

10) Cipla Ltd (-5.21%) plunged after reporting a 3.7% rise in consolidated net profit at Rs 1,353.37 crore for the second quarter ended September 30, 2025. Margin came at 25% versus 26.7%.

11) Welspun Corp (+15.%) after its Q2 net profit jumped 53% to ₹439 crore, revenue surges 33%. Welspun Corp gains as US arm bags US$715 million pipeline orders.

12) Canara Bank (+8.98%) gained after reporting a 19% year-on-year (y-o-y) growth in its net profit, at ₹4,774 crore for Q2 FY26. However, the bank’s Net Interest Income (NII) declined by 1.87%, falling to ₹9,141 crore from ₹9,315 crore in the corresponding quarter last year.

13) Navin Fluorine International (+12.48%) gained post strong Q2 results with net profit more than doubling to ₹148.37 crore, up 152% year-over-year. Revenue increased by 46% to ₹758.42 crore, while EBITDA grew 130% to ₹246.00 crore.

14) TD Power Systems (+20.70%) zoomed higher after reporting a net profit of ₹60 crore for the second quarter, up 45.4% from ₹41.3 crore in the same period last year. Revenue for the quarter stood at ₹452.5 crore, reflecting a 47.7% increase from ₹306.4 crore in Q2 of the previous year.

15) NTPC slipped after its second quarter of this financial year. Revenue rose by 0.2% year-on-year for the three months ended September. Margin at 28.6% versus 26.1%.

16) Coal India (-1.37%) dropped after it reported that its net profit slumped over 50% on the quarter to Rs 4,354 crore during July–September.

17) Varun Beverages (+1.79%) gained after it announced that its looking to forays Into Alcohol Business.

18) Computer Age Management Services (CAMS) traded volatile after SEBI’s proposals in mutual funds triggered concerns for the sector.

19) BHEL (+14.96%) zoomed higher after its Q2 profit tripled to Rs 375 Crore, revenue rose by 14.1% year-on-year for the three months ended September, reaching Rs 7,511.8 crore.

20) Blue Dart Express (+18.08%) rallied after the company’s standalone net profit climbed 30.8% to Rs 79.50 crore on 7% increase in net sales to Rs 1,549.33 crore in Q2 FY26 over Q2 FY25.

21) Adani Green Energy (+10.56%) rallied after reporting over two-fold jump in Q2 PAT to Rs 583 cr.

22) CarTrade Tech (+18.63%) spiked, scaling a new 52-week high after its net profit more than doubled on yearly basis to Rs 60 crore, while revenue increased 25% YoY to Rs 193 crore for the quarter. Margins improved sharply to 32.88% for the reported period.

In the week gone by, notable gainers amongst Nifty 50 were:

SBI LIFE (+6.3%)
JSW STEEL (+5.66%)
TATA STEEL (+4.82%)
SHRIRAM FINANCE (+4.68%)
SBI (+3.59%)

And the losers were:

DR REDDYS LAB (-6.7%)
CIPLA (-5.24%)
BAJAJ FINANCE (-4.31%)
KOTAK MAH BANK (-3.88%)
M&M (-3.8%)

WHAT’S NEXT FOR NIFTY?

The much-awaited rebound could be on the cards next week as Nifty bulls look to take cues from Wall Street’s roaring comeback in Friday’s session.

The 2-big questions:

1) Are Nifty and its stocks already priced to perfection?
2) The return of risk?

The Street continues to show signs of fatigue after a barrage of below-expectation Q2 corporate results.
What’s dampening sentiment further is that Dalal Street is flirting with record highs at a time when confidence in earnings is showing cracks.

Still, a phase of mild uncertainty and consolidation might be exactly what the market needs before the next leg of the rally.

Near-term cues to watch include Q2 India corporate earnings,

 Monday (November 3rd): BHARTI AIRTEL, TITAN, POWERGRID, AMBUJA CEMENTS, TATA CONSUMER, AJANT PHARMA, JK PAPER

 Tuesday (November 4th): SBI, M&M, ADANI PORTS, ADANI ENTERPRISES, INDIGO, INDIAN HOTELS, PAYTM, SUZLON ENERGY, ESCORTS, GRSE.

 Wednesday (November 5th): SUN PHARMA, GRASIM, AUROBINDO PHARMA, BLUE STAR, DELHIVERY, PIRAMAL PHARMA, BEML.

 Thursday (November 5th): LIFE INSURANCE, CHOLAMANDALAM FINANCE, CUMMINS, ABB, APOLLO HOSPITALS, LUPIN, GODREJ PROPERTIES, NHPC, UPL, MCX, NCC, PRICOL.

 Friday (November 6th): BAJAJ AUTO, HINDALCO, DIVIS LAB, TRENT, TORRENT PHARMA, NYKAA, KALYAN JEWELLERS, PETRONET LNG, NEULAND LAB.

Last but not least, on the technical front, the Nifty will look to defend support at 25450 while on the upside targets remain at Nifty’s all-time-high at 26277.35 mark and then aggressive targets at psychological 27000 mark.

Disclaimer/ Disclosure: The investments & trading ideas recommended in the market analysis, research reports, etc. may not be suitable for all investors. This article or data points does not construe investment advice as stock market investments are subject to market risks so please refer to your financial consultant advice before Investing or trading. All information is a point of view, and is for educational, Learning and informational use only. The author or the group admin accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investors must make their own investment decisions based on their specific investment objectives, goals and financial position only after consulting with registered market intermediaries.