In a recent analysis, Jigar S Patel, Senior Technical Research Analyst at Anand Rathi Share and Stock Brokers Ltd, has recommended a 'buy on dips' strategy for three prominent Indian stocks: HDFC Bank, Indian Renewable Energy Development Agency (IREDA), and Mankind Pharma. The recommendations, issued on November 11, 2026, are based on strong technical indicators suggesting bullish momentum and potential trend reversals.
HDFC Bank: Bullish Reversal Indicated
For HDFC Bank, the analysis points to a significant improvement in bullish momentum. The stock has successfully broken past multiple key swing highs, accompanied by a bullish divergence. This technical pattern often signals a potential reversal in the prevailing trend, suggesting a positive outlook for the banking giant. Traders are advised to accumulate the stock on declines, with a recommended target price of Rs 830 and a stop loss placed at Rs 760.
IREDA: Breakout Signals Upside Potential
Indian Renewable Energy Development Agency (IREDA) has also shown strong technical signals. The stock experienced a breakout above several significant swing highs, following the formation of a bullish divergence. This shift in price structure suggests a move towards a more bullish trajectory, indicating further upside potential. Anand Rathi recommends a 'buy on dips' approach for IREDA, setting a target price at Rs 125 and a stop loss at Rs 110.
Mankind Pharma: Long-Term Positive Shift
Mankind Pharma has registered a significant breakout on its monthly chart, signaling a positive shift in its long-term price structure. Complementing this, the monthly Relative Strength Index (RSI) has climbed above the crucial 60 mark, reinforcing the improving bullish momentum. The pharmaceutical stock is anticipated to maintain its positive bias, with traders advised to consider buying on declines. The target price for Mankind Pharma is set at Rs 2,800, with a stop loss at Rs 2,500.
The broader Indian equities market experienced a range-bound session on Monday, influenced by mixed global cues and limited trader participation ahead of Tuesday's trading holiday. However, a return of Foreign Institutional Investors (FIIs) provided some support, with the BSE Sensex closing at 81,106.65 and the NSE Nifty 50 at 25,044.65.
Disclaimer: This article provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.