The Nifty index extended its decline for the fourth consecutive session on Thursday, with selling pressure prominently affecting metals, IT, pharma and PSU bank sectors. The benchmark index has slipped below its rising trendline, indicating a sudden increase in bearish sentiment among market participants.

Market Outlook and Technical Analysis

Rupak De, Senior Technical Analyst at LKP Securities, highlighted that the Nifty has breached the psychological support level of 26,000 and closed below the 50 EMA for the first time in three months. This development signals a bearish shift in the overall market trend.

"A rising India VIX is also pointing to increased panic among market participants. Overall, the setup looks uncomfortable for the bulls. Selling pressure is likely to persist in the near term unless the Nifty moves back above 26,000," De explained. He projects potential downside targets of 25,700 and 25,550 for the index.

Stock Recommendations for Friday

Despite the broader market weakness, technical analysts have identified two stocks with strong upside potential based on their chart patterns and momentum indicators.

IFB Agro Industries - High Conviction Buy

IFB Agro Industries has delivered a decisive breakout above the key resistance zone near ₹1,600.00, supported by strong bullish momentum and rising volumes. This indicates fresh institutional participation in the stock. Kunal Kamble, Sr. Technical Research Analyst at Bonanza Portfolio, notes that the stock is trading well above its short- and long-term moving averages, confirming a strong uptrend structure.

The technical setup shows the 20 EMA and 50 EMA sloping upward, providing immediate support on minor pullbacks. The RSI is positioned near 70, reflecting strong momentum without extreme overbought conditions. The breakout after a consolidation phase suggests trend continuation.

India Cements - Bullish Continuation Play

India Cements has confirmed a bullish continuation pattern by breaking above the rising trendline resistance near ₹460.00, supported by strong price action and improved volumes. The stock is firmly trading above its 20, 50, and 200-day moving averages, indicating a well-established uptrend across multiple timeframes.

The short-term moving averages are stacked positively, suggesting sustained momentum. The RSI is above 70, reflecting strong buying strength and trend dominance rather than exhaustion. The higher-high, higher-low structure remains intact, supporting further upside potential according to Kamble's analysis.

Risk Management

Both recommendations come with clearly defined stop-loss levels to manage downside risk. Traders are advised to maintain strict discipline with the suggested stop-loss levels of ₹1,600.00 for IFB Agro and ₹449.00 for India Cements.

India Cements Capital Limited (ICCL) has disclosed a significant cybercrime incident in its quarterly results for the period ended September 30, 2025. The company reported a fraudulent transfer of Rs 80 lakh from its bank account to unauthorized recipients during the reporting period.

Cybercrime Incident and Recovery Efforts

The company has taken immediate action following the incident:

• A formal complaint has been lodged with the Chennai Cyber Crime Cell.
• Legal proceedings are underway to recover the remaining amount.
• Rs 20.65 lakh has already been recovered.
• No provision has been made in the financial statements for this loss, as the company is actively pursuing recovery of the full amount.

Financial Performance

Despite the cybercrime incident, ICCL reported the following standalone financial results for Q2 FY26:

Business Operations

India Cements Capital's primary business activities include:

• Foreign currency trading
• Income from air ticketing and forex advisory services

The company's wholly-owned subsidiary is engaged in share brokerage and mutual fund dealings.

Corporate Governance

The Board of Directors approved the unaudited financial results at their meeting held on November 7, 2025. The Audit Committee reviewed the results before the Board's approval.

Auditor's Review

The statutory auditors have conducted a limited review of the quarterly results. In their report, they emphasized the cybercrime incident but did not modify their conclusion based on this matter.

India Cements Capital Limited continues to operate in the financial services sector, focusing on foreign exchange and related services. The company's prompt action in addressing the cybercrime incident and its ongoing efforts to recover the lost funds demonstrate its commitment to protecting shareholder interests and maintaining financial integrity.