Stock recommendations for 10 November from MarketSmith India | Stock Market News

The Indian equity benchmarks concluded the day near the flatline, paring significant early losses to mark a highly volatile session, which was the third consecutive day of decline. Nifty 50 closed down a marginal 17.40 points, or 0.07%, at 25,492.30, while Sensex ended 94.73 points, or 0.11%, lower at 83,216.28.

The overall market advance-decline ratio remained mixed but improved significantly from the opening, with the broader market witnessing selective buying.

Two stock recommendations by MarketSmith India:

Buy: Krishna Institute of Medical Sciences Ltd. (current price: ₹728)

• Why it’s recommended: Growing healthcare demand & urbanisation, strong revenue growth outlook, established multi-specialty hospital chain with brand presence, and expansion potential into new geographies and specialties
• Key metrics: P/E: 72.71, 52-week high: ₹798.40, volume: ₹51.17 crore
• Technical analysis: Reclaimed its 21-DMA on above-average volume
• Risk factors: Moderate to high debt/leverage concerns, regulatory, licensing and healthcare service risk, intense competition in the hospital & healthcare services sector, and sensitive to macro factors: economic slowdown, capex, occupancy rates
• Buy: ₹720–740
• Target price: ₹830 in two to three months
• Stop loss: ₹680

Buy: AU Small Finance Bank Limited (current price: ₹908)

• Why it’s recommended: Merger with Fincare Small Finance Bank and expansion into new geographies, boosting scale and distribution, focus on high-RoA segments (secured retail, cards, MSME) and increasing fee/income from digital channels.
• Key metrics: P/E: 30.10; 52-week high: ₹910; volume: ₹281.29 crore
• Technical analysis: Bullish flag Breakout
• Risk factors: Lower CASA ratio (~29-30%) compared with larger banks, which may increase the cost of funds.
• Buy at: ₹900–915
• Target price: ₹1,000 in two to three months
• Stop loss: ₹ 860

Nifty 50 recap

Indian equities ended marginally lower on November 7th, with Nifty 50 slipping 17 points to close at 25,492 (-0.07%), after recovering from early losses. The market opened with a gap down, tracking weak global cues and profit-booking in select heavyweights, as investors turned cautious ahead of the key US economic data and rising crude prices.

However, buying interest in financials and metal stocks helped the indices rebound most of its losses in the second half. Sensex mirrored the trend, ending flat after oscillating through a volatile session. Sectorally, Nifty Financial Services (+1.2%), Metal (+1.4%), and Auto (+0.6%) outperformed, while FMCG (-0.5%), IT (-0.6%), and Consumer Durables (-0.7%) witnessed profit booking. The advance-decline ratio at 1.04:1 (1,589 advances vs 1,526 declines) reflected a broadly balanced market breadth, suggesting selective buying rather than a broad-based rally.

Nifty 50 continues to display a lower-high lower-low price structure on the daily chart, signaling a short-term corrective structure within its broader uptrend. Notably, the index witnessed a sharp rebound from the downward sloping trendline connecting the highs of June and September 2025.

Momentum indicators reflect a neutral undertone — the RSI at 49 suggests consolidation after easing from overbought territory. Meanwhile, the MACD’s bearish crossover and expanding negative histogram underscored waning bullish momentum. Overall, the price structure points to a phase of consolidation with a mild negative bias.

According to O’Neil’s methodology of market direction, the market status has shifted to a “Confirmed Uptrend” as it decisively surpassed its previous rally high of 25,670 to register a new 52-week.

On the downside, immediate support lies near 25,300, while a stronger base around 25,000 continues to reinforce the broader uptrend. For the positive momentum to resume, the index must form a higher-high higher-low price structure and sustain above 25,600, followed by a decisive breakout above 26,000, to re-establish bullish traction.

How did Nifty Bank Perform?

Bank Nifty opened on a negative note and briefly corrected, breaching its 21-DMA during intraday trade. However, strong buying interest emerged at lower levels, propelling the index into positive territory. By the end of the session, it formed a bullish candle and successfully reclaimed its 21-DMA. Bank Nifty opened at 57,391.40, recorded an intraday high of 58,001.35, and a low of 57,157.85 before closing at 57,876.80, reflecting renewed strength and positive momentum in the market. Sustained momentum above the 21-DMA may lead to further upward momentum in the coming sessions.

The momentum indicator, RSI, is moving sideways and is currently positioned around 60, indicating a neutral yet resilient undertone in market momentum. Meanwhile, the MACD has given a negative crossover, suggesting short-term consolidation. However, it continues to trade above the central line, reflecting underlying strength. According to the O’Neil methodology for assessing market direction, the index remains in a confirmed uptrend, implying that despite minor fluctuations, the broader market structure continues to favour bullish sentiment and potential upside.

The index successfully reclaimed its 21-DMA, signaling renewed strength and potential upward momentum. If the index continues to hold and trade above this crucial level, it may pave the way for a further rally toward 58,500–59,000 in the coming sessions. However, on the downside, immediate support is placed between 56,000 and 55,800. A decisive breach below this support range could trigger a fresh leg of correction and weaken the short-term bullish outlook.

MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. It offers tools and resources to help investors make informed decisions based on the CAN SLIM methodology, founded by legendary investor William J. O’Neil. You can access a 10-day free trial by registering on its website.

Trade name: William O’Neil India Pvt. Ltd.

Sebi Registration No.: INH000015543

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.

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