Indian Market Soars to One-Year Peak
The Indian stock market celebrated a robust trading session on Thursday, November 20, closing with significant gains. The rally was primarily fueled by optimism surrounding a potential India-US trade deal and strong performances from select heavyweight stocks. The market benchmark, the Nifty 50, scaled an impressive one-year peak of 26,246.65 during the day's trade before settling at 26,192.15. This represented a healthy gain of 140 points, or 0.54%.
FIIs Pour in ₹1,600 Crore, Boosting Sentiment
A key driver behind this upward momentum has been the renewed buying interest from Foreign Institutional Investors (FIIs). In a strong vote of confidence for Indian equities, FIIs purchased shares worth ₹283.65 crore in the cash segment on November 20 alone. The cumulative inflow for the week has been substantial, with FIIs pumping nearly ₹1,600 crore into Indian stocks.
Ajit Mishra, Senior Vice President of Research at Religare Broking, noted that investor sentiment remains upbeat. He attributed this positivity to the renewed FII inflows and positive cues from Asian markets, which were themselves buoyed by Nvidia's strong earnings guidance. This commentary helped alleviate broader market concerns about a potential AI-driven bubble that had recently pressured global technology stocks.
Expert Outlook and Stock Picks for the Short Term
Mishra expects the current uptrend to continue, with the Nifty poised to attempt a fresh record high. He identifies immediate support for the Nifty at the 26,050–26,000 zone, followed by a major support level at 25,800. His advice to traders is to adopt a 'buy-on-dips' approach, focusing on large-cap and quality mid-cap stocks that show sustained relative strength.
For the next one to two weeks, Mishra suggests buying the following three stocks based on a favourable technical setup.
HDFC Bank: Poised for a Breakout
Previous Close: ₹1,008.85 | Buy | Target Price: ₹1,080 | Stop Loss: ₹975
Mishra highlighted that the private banking space is seeing renewed interest. HDFC Bank has been trading in a broad consolidation range of ₹1,020–₹940. After a V-shaped recovery, the stock has now resumed its upward trend, breaking out of a buying pivot. A decisive move above the consolidation range could signal a sustained uptrend, making it an early opportunity for traders.
Eicher Motors: Auto Leader in Fast Lane
Previous Close: ₹7,125.50 | Buy | Target Price: ₹7,580 | Stop Loss: ₹6,890
According to Mishra, auto stocks continue to outperform, and Eicher Motors remains a sector leader. The stock recently broke out of a flag pattern, a classic trend-continuation setup, supported by strong volumes. This indicates a high probability of a sustained directional move, and traders are advised to consider accumulating positions.
Max Financial Services: Bullish Momentum Intact
Previous Close: ₹1,692.60 | Buy | Target Price: ₹1,810 | Stop Loss: ₹1,630
Mishra pointed out that Max Financial Services has been in a strong uptrend since March 2025. After a period of consolidation, the stock has broken out with strong volumes, signalling renewed buying interest. The overall chart structure remains constructive, and as long as the stock holds above the ₹1,630 support, traders can consider fresh long positions.
