Ajit Mishra of Religare Broking recommends these 3 stocks on Nov 28

Market View

The markets remained range-bound for the third consecutive session, closing slightly higher and continuing the ongoing consolidation phase. After an initial uptick, the Nifty traded within a narrow range during the first half. However, a late surge in select heavyweight stocks lifted the index, which eventually settled at 24,274.90. 

 

Sector-wise, the trend remained mixed, with energy and metal stocks leading the gains, while the pharma and realty sectors showed minor weakness. Broader indices outperformed during the consolidation, registering gains of 0.7 per cent to 1.35 per cent.

 

The Nifty has demonstrated resilience throughout this consolidation phase, and the upcoming monthly expiry of November derivatives contracts on Thursday could potentially trigger a breakout above the 24,350 level, paving the way for a move toward 24,550. Notably, rotational buying in select heavyweight stocks across sectors is helping sustain a positive market sentiment. 

 

On the downside, a close below 24,100 could put pressure on the bulls and prolong the consolidation phase. In this environment, traders should prioritize prudent stock selection and effective trade management.

 

Stocks recommendations 

Bharti Airtel Limited | LTP: Rs 1,577.65 | Buy | Target: Rs 1,680 | Stop loss: Rs 1,520

Bharti Airtel has maintained its bullish momentum, consistently forming higher highs and higher lows on long-term charts. After peaking at Rs 1,779 in September 2024, the stock experienced profit booking and retraced to its 100-day EMA, a key support level. 

 

Although it briefly dipped below this level, it rebounded sharply in the following sessions and is steadily climbing higher. The outlook remains positive, indicating the uptrend is likely to persist.

 

Biocon Limited | LTP: Rs 358.65 | Buy | Target: Rs 378 | Stop loss: Rs 345

The pharma sector is exhibiting a mixed trend, with Biocon standing out for its strength amid the volatility. Following a significant correction from its recent high, the stock consolidated within a range for a month, forming an inverse head and shoulders pattern, signaling a potential short-term reversal. 

 

In today's session, it broke out of this pattern with strong volume support, indicating a likely resumption of its uptrend.

 

State Bank of India | LTP: 834.10 | Buy | Target: 878 | Stop-loss: 818

SBIN continues to outperform within the PSU banking space despite recent volatility. It has shown a strong rebound after retesting its 20-day EMA, a key long-term moving average, for the fourth time in two months. 

 

The current consolidation presents a favorable buying opportunity with an attractive risk-reward ratio.

 

(This article is by Ajit Mishra, SVP-research at Religare Broking Limited. Views expressed are this own.)