Indian markets have been trading near all time highs during Diwali and this has been one of the best gifts for Indian investors. Dredging Corporation, MRPL, Bank of India, Indian Bank, PNB, Indian Overseas Bank, SBI were among major gainers during Muhurat Trading Session organized for Diwali. Indian markets have offered good returns to investors and a close near all-time highs will boost investors sentiment. Global markets have also shown resilience and we could see further strength in NSE Nifty. TopNews Team has reviewed technical levels for some of the buzzing stocks for short term investors and traders.

Indian Bank: Scaling New Heights in the Public Sector

Indian Bank’s latest all-time high of Rs 806.5 underscores its remarkable ascent, driven by solid fundamentals and sectoral momentum. Over the past year, the bank has generated investor returns of 55.28%, eclipsing the Sensex’s modest 3.96% gain. Over three and five years, Indian Bank has delivered stellar returns of 264.35% and 1,254.91% respectively, underscoring sustained growth.
Valuation-wise, the bank sits at a PE ratio of 8.93, and a Price to Book Value of 1.40, with its PEG ratio a compelling 0.36. The transition from an “attractive” to “fair” valuation grade signals rational pricing in light of exceptional growth. Indian Bank compares favorably to peers: while State Bank of India’s PE ratio (11.24) marks it as “very expensive”, Bank of Baroda offers a relative bargain at PE 6.94.

Operational indicators reinforce the bank’s impressive profile. Its Gross NPA ratio stands at 2.60%—notably lower than many industry peers—while the CAGR for net profits is a robust 70.83%. A strong net NPA to Book Value of 1.31 further illustrates prudent asset quality. Institutional investors remain confident, with 23.29% holding, a sign of conviction in Indian Bank’s strategy.

Analyst perspectives underscore the optimism. One leading technical analyst identifies Indian Bank as the preferred PSU banking sector holding, citing further upside after the stock’s recent rally. The bank’s prominent “Buy” rating from a major brokerage cements its reputation as a top long-term play. Sector rotation and the ongoing outperformance of PSU banks remain core tailwinds for continued growth.

MRPL: Operational Recovery, Attractive Value

The comeback story at Mangalore Refinery & Petrochemicals Ltd (MRPL) is defined by its recent surge—7.21% in a single session—to an intraday high of Rs 151.3. This outpaced the broader Oil Exploration and Refineries sector significantly, especially as MRPL is currently trading above all major moving averages, from 5-day to 200-day, affirming strong technical momentum.
MRPL’s valuation signals opportunity: its PE ratio is 23.81, EV/EBITDA stands at 12.15, and its strikingly low Price to Book Value of 0.19 paints the stock as undervalued. Over the past year, the company has underperformed the Sensex (down 16.58% vs the index’s up 3.64%), but its five-year performance—an astounding 451.27% return—testifies to its long-term value.

The strength of the turnaround is highlighted in its Q2FY26 results. MRPL’s EBITDA rose to Rs 14.9 billion, a dramatic bounce from a loss of Rs 4.7 billion a year prior. Profit after tax reached Rs 6.4 billion, whereas last year saw a loss of Rs 6.8 billion. Throughput fell 3.3% year-on-year but saw a 26.0% sequential jump—a key signal of operational improvement.

Analyst opinions reinforce MRPL’s potential. One research house’s “ACCUMULATE” rating comes with a target price of Rs 159, built on a 5.5x EV/EBITDA approach and a Rs 45 option value for MRPL’s chemicals venture. The expectation is for full-capacity operation ahead, supporting strength in refining margins. Current trading multiples include 16.8x/12.8x FY26/27 EPS and 7.8x/6.4x FY26/27E EV/EBITDA, positioning MRPL as a prime turnaround candidate.

Dredging Corporation of India: Navigating Volatility and Improved Outlook

Dredging Corporation of India offers an instructive case in operational volatility. Despite a stock drop of approximately 43% over the past year, DCI holds at Rs 600.40 with technical signals suggesting a middle position within a weak rising trend.
Key positives stem from credit rating movement. A leading ratings agency shifted DCI’s outlook to “Positive” while maintaining an IND BBB+ issuer grade. This reflects expectations for improved operating profitability supported by a robust order book and DCI’s leading maintenance dredging franchise.

A recent fiscal year saw a revenue uptick—operations grew 45% to INR 11,648 million, with EBITDA reaching INR 1,750 million, up from the previous year's INR 1,170 million. Recent volatility has centered on fluctuating dredging quantities and realization rates. Strengths include healthy orders, strategic market position, and fleet expansion. Yet DCI faces hurdles from potential debt increases, inefficient working capital cycles, heightened competition, and contingent liabilities.

Technical indicators remain mixed. Positive buy signals from moving averages suggest short-term upside, backed by volume increasing alongside price. Conversely, sell signals emerged from a recent pivot top and negative MACD. The recommended stop-loss is Rs 568.33, about 4.64% below current levels, indicating potential downside risk.

Sectoral Forces and Market Themes

Recent market rallies have highlighted the banking sector’s strength, with Bank Nifty leading and PSU banks, especially Indian Bank, carrying momentum. MRPL stands as a star among oil and gas stocks, showing resilience where sector challenges press hard. Its 156.32% three-year and 467.16% five-year rises demonstrate consistent value creation—even in a cyclical, commodity-driven business.
The dredging sector remains tightly linked to government infrastructure initiatives and competitive pressures. DCI’s entrenched position offers some insulation, but capital management and operational efficiency must improve in order to weather sector challenges.

Investment Strategy: Risks and Opportunities

For Indian Bank, the blend of solid fundamentals, balanced valuation, and robust institutional interest suggests attractive continued upside. However, investors must monitor whether recent highs signal a plateau or a springboard for further growth.
MRPL is a compelling turnaround story, enabled by strong quarterly data and deep value metrics. Still, the inherent cyclical risk and crude oil price volatility urge a measured approach.

Dredging Corporation’s prospects are clouded by operational volatility and debt challenges, but the improved rating outlook and technical buy signals offer hope for recovery—pending operational execution and balance sheet discipline.