Market Opens Positive Amid Global Cues
The Indian stock market began the week on a positive note as the Nifty 50 index opened with gains of 0.21 percent on Monday, November 24. The benchmark index started trading at 26,122.80 points, climbing from its previous close of 26,068.15.
This upward movement followed a slight setback in the previous session where the index declined by nearly half a percent, ending its two-day winning streak. However, looking at the broader picture, Nifty 50 recorded weekly gains of 0.61 percent for the week ended November 21, marking its second consecutive week of growth.
Technical Outlook Reveals Bullish Pattern
According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, the Nifty 50 has confirmed a significant long-term cup-and-handle breakout. This technical pattern indicates a strong bullish structure that could develop substantially in the coming months, potentially extending through the first half of 2026.
Patel noted that if the index manages to climb above 26,300 levels, it could trigger further upward movement toward 26,500. However, he cautioned traders that this potential rally might represent the final phase of the current uptrend, as a short-term corrective period appears likely afterward.
The expert also highlighted concerning signals from the broader market. Midcap and Smallcap indices continue to underperform, and sustained improvement in these segments will be crucial for overall market strength. On the downside, Patel identified 25,700 as immediate support for Nifty, with a breakdown below this level potentially delaying the index's march toward new lifetime highs.
Expert Stock Recommendations for Short-Term Trading
Jigar Patel has identified three stocks that traders can consider for the next one to two weeks, providing specific entry points, target prices, and stop loss levels for each recommendation.
Vedanta: Sell Recommendation
Patel suggests selling Vedanta in the price range of ₹495–505 with a target price of ₹465 and strict stop loss at ₹521. The stock shows weakening momentum with negative bearish divergence appearing on the RSI near December 2024 highs. A noticeable trendline breakdown has occurred, signaling potential shift in the stock's medium-term structure.
Ambuja Cements: Sell Recommendation
Ambuja Cements has recorded a negative breakdown after consolidating in a tight ₹550–568 range, with the stock currently trading around ₹547.55. The technical structure has weakened as the price trades below both 200-day simple and exponential moving averages. Patel recommends selling in the ₹547–555 range with target price of ₹510 and stop loss at ₹571.
Birlasoft: Buy Recommendation
Birlasoft presents a buying opportunity according to technical analysis. The stock is approaching a significant historical juncture with weekly chart showing a prominent double-bottom formation near the 61.8% Fibonacci retracement level. Patel recommends staggered buying in the ₹385–365 range with expected upside target of ₹460 and stop loss at ₹330.
Disclaimer: This analysis is for educational purposes only. The views and recommendations are those of the expert and not financial advice. Investors should consult certified experts before making investment decisions as market conditions can change rapidly.
