现已上线！2025 年 Telegram 研究 — 年度关键洞察 
Hidden Multibagger Stocks by Devendra (RA: INH000026488)
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Disclaimer: I am a SEBI Registered Research Analyst (RA: INH000026488). All stocks, market updates, and investment-related information shared in this channel are strictly for educational and informational purposes only.
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FII selling continue in December as well. This clearly shows that FIIs are not impressed by real GDP numbers. As I have said , FIIs look for strong nominal GDP growth, not real GDP.I expect FIIs to keep selling throughout Dec, because many FIIs will be on vacation during the Christmas holidays, so their activity will remain low. Without FII support, you should not expect any major movement in the market.DIIs are unnecessarily keeping the index at ATH through selective buying, but this strategy does not work in a bear phase. It only creates additional pressure on stocks. Last month, even though the index was at ATH, many small- mid-cap stocks crashed. So do not get excited just because the index is making new highs—your portfolio can still remain under pressure in a bear phase .We need to wait for Q3 results. Until then, do not expect a big rally in our market. The simple rule in the stock market is: if FIIs are selling, there will be no rally and no major movement, even if DIIs try to manipulate the index.
In a bear phase, doing nothing is sometimes the best decision, especially when the market is highly volatile and you expect FIIs to continue selling throughout the month. However, most impatient traders who want quick profits end up overtrading during a bear phase and eventually lose everything by the end of it, leaving themselves with no capital. That’s why strong patience is essential in a bear market.
During a bear phase, you must understand how the market is likely to behave over the next 1–2 months. If FIIs are expected to keep selling, it is better to wait and watch rather than make aggressive purchases.
Regarding FII activity, you will get accurate updates in our channel. Over the last six months, we have shared only a limited number of stocks because we knew the market would be in a bear phase. During such periods, there is very little movement, and the possibility of stock underperformance remains high even when the fundamentals are strong. Sometimes, staying idle in such a market is the best decision rather than showing aggression. Those who show too much aggression in a bear phase often end up with huge losses.
FIIs are likely to continue selling throughout December 2025 as well, which means December will also be painful. You have already seen the pain in November. DIIs are keeping the index near all-time highs, but in reality, small- and mid-cap stocks are going through a price adjustment phase. This is why the index appears strong, yet many stocks are correcting. I have explained in every video that, in the final stage of a bear market, stocks correct again.
Please understand: without proper correction, FIIs will not return. They want valuations to become attractive before they come back. As I have said, the Q3 earnings season will be the turning point for the market.
Those who are holding good-quality stocks bought at the bottom will be rewarded as soon as the bull run begins, provided earnings to improve in Q3.DIIs are trying to pull the market up and are putting in a lot of effort, but all their support fades in front of continuous FII selling.
What happened to the strong GDP number? There is no strength in the market — no movement, no volume. This is what a bear market looks . In a bear phase, even good news does not help. Do not get excited thinking a big rally will come just because of some positive events.
For the past year, I have seen people on social media getting excited about every event —
• March 2025 Good budget
• Trump tariff cut news
• India–Pakistan war ending
• Israel–Iran war ending
• GST cut
• RBI rate cut
• India–US trade deal finalised
• Strong GDP numbers
Every time, people expected a big rally, but nothing happened. In a bear market, the market does not react to your good news because the bear phase continues until proper time and price correction is complete.
In a bear market, FIIs control the trend. FIIs do not get excited by news. They look only at valuations, and unless valuations become attractive, they will not turn positive.
This is why many “experts” fail to understand bear markets, and many technical chart analysts also fail during these periods. If you don’t understand how a bear phase works, you will get trapped at every level by listening to social-media experts.
A bear phase usually takes more than one year for complete price and time correction. During this period, no matter what good news comes, the market will not react.
"Cupid Ltd,” one of our earlier multibagger picks, is delivering exceptional returns in this bearish market.🚀
“Interarch Building Solutions,” last Diwali’s Muhurat multibagger stock, is showing a strong recovery after the recent correction.🚀🚀
As I predicted, our market will remain highly volatile throughout December 2025 as well. The market is being kept at all-time highs by DIIs through selective buying. This volatility will continue until FIIs return, which is not likely to happen in December 2025 either.
I had mentioned last year itself that our market would stay in a bear phase throughout 2025. Now, with only one month left—December—my prediction about the bear market will definitely prove true. Moreover, FIIs will not be very active in December due to the Christmas holidays.
Do not expect any major moves in your portfolio during December 2025.A meaningful move in small- and mid-cap stocks can be expected only after the Q3 earnings, provided the earnings actually improve. Keeping the market at an all-time high is of no use; it’s merely a trap created by DIIs.
"Concord Control " new stock where Ashish Kacholiya has increased his stake, and it continues to outperform.🚀
"Lumax Industries" appears to be gearing up for a strong and sustained bull rally.”🚀
💥Important Events in December 2025 :
1 December: GST collection data
4–5 December: President Putin’s visit to India
5 December: RBI Monetary Policy; US Non-Farm Payroll data
11 December: US CPI data
17 December: US FED meeting
19 December: Bank of Japan meeting
25 December: Christmas holiday
💥Understanding Real GDP, Nominal GDP, and FII Expectations💥
Many people on social media are excited about India’s high GDP growth of 8.2%. However, this figure represents real GDP. FIIs, on the other hand, focus more on nominal GDP, which ideally needs to be above 10% for them to turn positive on the market. Nominal GDP is real GDP plus inflation.
Currently, India’s inflation is extremely low at around 0.25%. This means our nominal GDP is only about 8.5%, which is not attractive enough for FIIs. Typically, FIIs look for nominal GDP growth in the range of 12–13% before considering a strong comeback.
For the market, nominal GDP is more important because it includes inflation. Very low inflation benefits consumers, but for industries to grow profitably, inflation needs to be slightly higher. Only then do companies see improved pricing power and revenue growth. Therefore, from an industry and market perspective, nominal GDP matters far more than real GDP.
India still has room for inflation to rise to 4–5%, and if the RBI cuts interest rates, inflation may increase. Higher inflation, combined with strong real GDP, would help push nominal GDP towards levels that FIIs find attractive.
💥Why Auto-Auxiliary Stocks May Lead the Next Bull Rally💥
Some auto-auxiliary stocks are showing notable strength even in the current bear and weak market conditions. Historically, sectors that remain resilient during corrections are the ones that lead strongly in the next bull run. The auto-auxiliary segment is one such sector, and it is positioned to benefit significantly from government GST cut for the auto industry. Such a move would directly boost demand for vehicles and, in turn, benefit component manufacturers.
To identify potential outperformers, we must look at auto-auxiliary companies that are already showing strength despite market weakness and also have solid future growth potential. Some of these strong performers include:
1. Lumax Auto Technologies:
A consistently growing company in lighting and automotive components. Strong order book, improving margins, and exposure to EV components make it a promising long-term player.
2. Lumax Industries:
A market leader in automotive lighting systems with strong OEM relationships. The company is benefiting from premiumization trends and rising LED penetration in vehicles.
3. Rico Auto Industries;
Well-positioned in precision-engineered components, with growing demand from both domestic and export markets. Their focus on lightweight components aligns well with the EV and fuel-efficiency themes.
4. LG Balkrishnan & Bros:
A strong player in automotive chains and transmission components. The company has shown consistent performance and has a robust export presence, which adds stability during market volatility.
5. Jamna Auto Industries:
India’s largest manufacturer of suspension solutions. The company is benefiting from recovery in the commercial vehicle segment and is expected to gain further as capex cycles improve.
6. Belrise Industries:
A diversified auto component manufacturer with a presence across multiple OEMs. Their increasing focus on lightweight and EV-friendly solutions provides strong future potential.
7. SJS Enterprises:
A premium decorative aesthetics company for the auto sector. Strong margins, asset-light business model, and growing demand from both 2W and 4W segments make it fundamentally attractive.
From July 2025 onward, I consistently predicted that FIIs would sell continuously every month — and from July to November 2025, every prediction came true. I had also predicted non-stop FII selling in November, and that too turned out to be accurate. Because of this continuous FII selling from July to November 2025, our market underperformed. Even though DIIs pumped in large amounts of capital, the market remained dull and did not deliver meaningful returns.
Now you must have realised that when FIIs are selling, you should not expect returns for that month. The market becomes highly volatile, and even trading becomes difficult. Many traders suffered heavy losses during the July–November 2025 period.
No analyst provides monthly forecasts on FII behaviour because it is not easy. But for the last 2–3 years, I have been posting a daily market outlook on my Telegram channel based on DII–FII data. This helps me understand FII psychology — when they are likely to buy and when they are likely to sell.
With the help of this data, understanding the market becomes much simpler. If I say FIIs may continue selling throughout a particular month, it means you should not expect returns in that month. You have already observed this from July to November 2025.
Next week, I will share my prediction on whether FIIs will be buyers or sellers in December 2025. Based on that, you can easily judge whether the market will perform or underperform. There is no need to depend heavily on chart patterns — FII behaviour itself gives strong signals about market direction.
Using this approach, we were able to identify the bear phase in Oct–Dec 2024 and safely withdraw 70% of our capital. By now, everyone should understand that there is no better option than exiting the market before the start of a bear phase. Otherwise, your entire capital may get stuck for an extended period, and the portfolio will not recover as long as the bear phase continues.👆
💥Common Misunderstandings About the Bear Phase💥
Many people misunderstand the bear phase. They feel, “I am not getting profit in the bear phase.”
In reality, you cannot consistently earn profits during a bear market because the market is highly volatile. Stocks may rise sharply, but they usually come down again — this is a normal process in a bear phase.
Even if you have 50–60% profit, there is a high possibility that it may reduce to 30%, 20%, or even return to your buy price. This is completely normal in a bear market.
👉 How the Bear Market Moves:
The bear market moves in different cycles:
Stage 1: Market crash
Stage 2: Recovery phase
Stage 3: Final fall (valuation adjustment)
Because of these cycles, no stock moves up continuously in a bear phase. Many investors feel frustrated when their profits reduce, but this is how bear markets function.
👉 Focus on Portfolio Building:
In a bear market, you cannot control price movements.
Stocks can rise or fall without any specific reason — that is why it is called a bear market.
The right approach is to build a strong portfolio with fundamentally strong companies that can outperform in the next bull run.
Our objective in the bear phase is not to make quick gains, but to create strong portfolio to create wealth in the upcoming bull phase.
👉Why Stocks Don’t Give Big Returns in Bear Markets:
Even strong fundamental stocks will:
not move up consistently,
correct multiple times, and
react sharply to even small negative news.
This is why you must understand how the bear phase works.
If you treat a bear market like a bull market, you will make big mistakes.
👉Importance of Understanding FII Psychology:
To understand the bear phase, you must understand FII psychology, because FIIs regulate the market during a bear phase.
This is why technical charts do not work effectively in bear markets.
I have explained these concepts clearly in my YouTube videos so that you can understand each stage of the bear phase properly.
👉We Are in the Final Stage of the Bear Phase:
Right now, we are in the final stage of the bear phase, which is why stock prices are falling again.
Many people were confused about the fall in stocks during November, but I had already warned about this two months ago.
Even many experts get confused during bear markets because they do not understand these cycles.
We understand each stage clearly, and that is why we can guide you through the entire bear phase.
👉Conclusion:
If you want to invest in the bear market, your approach must be entirely different from the bull phase.
Do not expect multibagger returns during the bear market.
Focus on selecting strong fundamental stocks, and your wealth will be created in the next bull run.
To fully understand these concepts, watch my YouTube video where all stages of the bear phase are explained in detail.
Promoters of Yatharth Hospital sold 5% of their shares in the open market on 28th November 2025. In the stock market, we can choose companies based on strong fundamentals and future growth, but we can never fully understand a promoter’s mindset.
I do not know how the stock will behave tomorrow, and I also do not know the actual reason behind the promoter’s selling. So please take your own decision. We will exit stock if the promoter sells shares in the open market — even if that stock later becomes a multibagger.Promoter selling can happen in many companies, and if we exit based only on this one factor, we may miss some good opportunities. No expert in the world can predict what a promoter will do tomorrow, when they might sell their stake in the open market, or for what reason. This uncertainty will always remain, even if you identify a stock with strong fundamentals.💥
💥How Promoter Selling in the Open Market Can Be a Red Flag💥
In the stock market, investors choose companies based on strong fundamentals, consistent performance, and long-term growth potential. However, one factor that is often difficult to understand is the promoter’s mindset. Promoters have the deepest insight into the company’s operations, challenges, and future plans. Therefore, their buying or selling activity can sometimes signal important developments.
👉When a promoter sells a part of their stake in the open market, it can raise concerns for the following reasons:
🔆 It May Indicate Reduced Confidence in the Company
Promoters usually hold a large stake because they believe in the company’s long-term growth.
If they choose to sell shares directly in the open market, it may indicate that:
💥They expect slower growth in the future
💥They foresee challenges or uncertainties
💥They want to reduce their exposure
This is often considered the first warning sign, especially when the sale is sudden and unexplained.
🔆Open-Market Selling Is Different from Selling to FIIs/DIIs
If promoters sell their stake to FIIs, DIIs, or strategic investors, it is usually a positive sign because:
Institutional investors conduct deep due diligence
The stake is transferred in a structured manner
It shows confidence from large professional investors
However, open-market selling is less transparent. It does not clearly indicate who is buying the shares or why the promoter is selling them. This lack of clarity creates uncertainty.
🔆 It May Trigger Negative Market Sentiment
When the market sees promoters selling shares in the open market:
Retail investors often panic
The stock may face short-term selling pressure
Analysts may question the promoter’s intentions
Because promoters know the business better than anyone else, their selling is often interpreted as a potential risk signal.
🔆The Reason for Selling Is Not Immediately Known
Promoters might sell shares for many valid reasons:
Diversifying personal wealth
Funding a new business venture
Personal financial requirements
Wealth planning
Sometimes the sale is completely normal. But the challenge is that investors do not know the real reason immediately, which creates doubt. Until the company clarifies the reason, the market usually assumes the worst.
🔆Continuous or Large Sell-Offs Are More Concerning
A one-time small sale may not be alarming.
But repeated selling or selling a large percentage of their holding can indicate deeper issues:
Liquidity problems
Internal disagreements
Business slowdown
Funding requirements not disclosed to the market
Such situations require closer monitoring.
🔆It Should Not Be the Only Basis for Exiting a Stock
Promoter selling alone does not automatically mean the company is weak or has problems.
Good companies with strong fundamentals can still see promoter selling for normal, personal reasons.
Therefore, decisions should not be based only on promoter activity. Investors should consider:
Financial performance
Debt levels
Future growth plans
Corporate governance
Consistency in results
Industry conditions
Only a full combination of these factors gives a clear picture.
👉Conclusion
Promoter selling in the open market is considered a potential red flag because it indicates uncertainty and raises questions about promoter confidence. However, it is not always negative. The key is to observe:
The size of the sale
The frequency
The explanation provided by the company
Whether fundamentals remain strong
Promoter selling should be treated as a warning signal, not as the sole reason to exit a fundamentally strong stock.
FII sold heavily today, and since this is the last day of November, my prediction about continuous FII selling has come true. Is there any expert who can accurately predict how long FIIs will keep selling? Next month, I will share my view on whether FIIs will continue selling in December or not.
Please understand that the final stage of a bear market is always the most painful. Stocks that corrected in November are unlikely to fall much further, but those that did not correct will likely fall in December. Many members asked me how the market can correct if DIIs are buying, and how valuations will become attractive. Now you can see it clearly — the index is at an all-time high, yet individual stocks are falling. This is part of the valuation-adjustment process. In a bear phase, the market always follows its cycle, and no matter how much DIIs pump into the market, it has limited impact. DIIs are using retailers’ SIP money to provide a safe exit for FIIs.
The good news is that this is the final phase, and I expect a strong move in the market Jan–Feb–March 2026. I had predicted a year ago that the next bull run could begin in 2026. The only major risk for our market is a possible US recession in 2026. If the US enters a recession, it may create short-term selling pressure, but it will actually be positive for our market in the long term.
Understanding the market during a bear phase is extremely challenging, and this is where even many experts fail, because a bear market always brings unexpected moves. Today the index is at an all-time high, but if FIIs are selling, that all-time high has no real meaning.
