Fortis & Jio Financial Lead Today's Picks as Nifty Targets New High

• Nifty and Bank Nifty extend gains, with Bank Nifty hitting fresh record highs.
• Bajaj Broking Research recommends Fortis Healthcare and Jio Financial Services as top picks for the day.
• Broader market sentiment remains positive amid stable macro data and supportive global cues.

The Indian stock market continues to show strength as benchmark indices inch closer to their historic highs. Supported by ease in inflation, improved global sentiment, and political stability, the Nifty and Bank Nifty sustained their bullish momentum ahead of key domestic and global triggers. Bajaj Broking Research has highlighted Fortis Healthcare and Jio Financial Services as the top stock recommendations for November 21, 2025.

Index View

Nifty 50

Benchmark indices ended a two-week losing streak as softer India CPI data and the resolution of the U.S. government shutdown boosted sentiment. The ruling NDA’s strong performance in the Bihar elections also added to the positive momentum.

• Nifty hit an intraweek high of 26,010 before closing at 25,910.05, up 1.64% for the week.
• A move above 26,100 could trigger a retest of the all-time high at 26,277.
• Failure to sustain above 26,100 may lead to consolidation between 25,700–26,100.
• Key support is positioned at 25,500–25,300, where multiple technical indicators converge.

Bank Nifty

Bank Nifty rallied over 600 points (+1.11%), closing at a fresh lifetime high of 58,516.55, after touching 58,615.95 during the week.

• Trend remains decisively bullish with a higher-high, higher-low structure.
• Strong support lies at 57,600, followed by 57,200.
• Upside resistance stands at 59,300 and 59,650, aligned with Fibonacci extensions.
• Despite overbought signals on stochastic indicators, dips are likely to attract buying.

Top Stock Recommendations (Bajaj Broking Research)

Fortis Healthcare – Buy at CMP Rs 925

Fortis Healthcare, one of India’s leading integrated healthcare service providers, continues to strengthen its position across hospitals, diagnostics, and day-care services. The company operates in India, Nepal, Dubai, and Sri Lanka, and controls the diagnostics arm SRL Limited, one of the largest private diagnostic chains.

Why Buy?

• Multi-year earnings upcycle driven by strong bed expansion.
• Improving ARPOB and occupancy rates.
• Asset-light O&M-led network expansion.
• Diagnostic margin recovery and regulatory clarity after IHH offer approval.
• Expected to turn net-debt-free by FY28.

Valuation: Target price Rs 1,051, valuing the company at 26x FY28E EV/EBITDA.

Jio Financial Services – Buy in Rs 306–308.5 Range

Jio Financial is consolidating on the charts and forming a strong base near key moving averages. The stock has retested its breakout level and regained strength after a brief pullback.

Why Buy?

• Strong base formation and trendline breakout.
• RSI above 50 indicates a positive momentum shift.
• Healthy risk–reward setup for near-term gains.
• Target: Rs 340, in line with previous swing highs.

Also Read: Sensex, Nifty Bounce Back on IT and Banking Strength

Stocks to Watch Today

ICICI Bank

Showing steady accumulation with strong support near its 20-day EMA. Banking strength continues to drive index momentum.

LTIMindtree

IT sector flows remain positive; the stock is approaching a breakout zone with improving volume activity.

Tata Motors

Auto segment remains resilient. The stock is trading near its support band and may see a rebound backed by strong monthly sales momentum.

Zomato

Witnessing consistent delivery-based buying; sentiment remains bullish due to improved unit economics and strong quarterly results.

Power Grid

Defensive buying visible on the charts; stable cash flows and infra spending outlook offer support.

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