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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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A new and very important YouTube video is coming soon! In this video, I will explain why retail investors are panic-selling, especially in small and midcap stocks. I will also discuss the complete life cycle of an industry, how to select stocks during a bear phase with minimum downside risk when market volatility is at its peak, what the saturation phase in an industry cycle means—where many retail investors enter and end up trapped for years—and how to identify emerging sector stocks during the pioneering stage.
This video is extremely important. It is long, but highly informative, but if you truly want to understand the market, it’s best to watch the full video.
Please like and share this YouTube video. Kindly share it with your friends and family so they can benefit from it and become aware of the risks involved in following social media platforms without proper knowledge. The chances of getting trapped in a bear phase are much higher.👇
FII selling continues, but today the selling has reduced. Our market is already in a bear phase, and on top of that, retailers are aggressively selling small-mid-cap stocks. This month, panic selling by retail investors has increased significantly. Since most retail investors hold small- mid-cap stocks.When panic selling begins, almost every stock declines.Throughout the day, DIIs managed the index perfectly, just as they have been doing every day . I highlighted this two months ago and explained in my video how the index is being manipulated. At that time, I clearly said that the index hitting an ATH has no real meaning, and I predicted that Nov - Dec 25 would be painful. That prediction has turned out to be accurate.All these problems are arising because of high SIP inflow, which DIIs are using either to manage the index or to provide a safe exit to FIIs. There are no real benefits for retail investors.
Tomorrow, I will explain in youtube video what triggered this panic selling among retail investors.
👉Please watch my new YouTube video tomorrow, where I will explain why retail investors are panic-selling, the reasons behind this panic, and what triggered it. I will share insights you won’t find anywhere else. When the index is at an all-time high, why are retailers still panic-selling small and midcap stocks?
I will also explain how I accurately predicted the painful period in Nov–Dec 2025, even when the index was at an all-time high and most experts were predicting a bull run. I will discuss how I read FII and retail investor psychology to anticipate future market movements.
In addition, I will show you how to select stocks during a bear phase to minimise risk.
Our analysis is completely data-based, which is why the accuracy is very high.💥💥
Strong fundamental stocks that are holding well during this phase of panic selling are:
1. Interarch Building Solutions
2. Knowledge Marine
3. SJS Enterprises
4. Anupam Rasayan
5. Timex Group
6. PTC Industries
Strong panic selling by retail investors continues in small- and mid-cap stocks, while DIIs are keeping the index at an all-time high. This is why proper data analysis is essential—you can clearly understand what is actually happening in the market. On the charts, the market may look perfectly fine, but individual stocks are still falling.In a bear phase, only data analysis truly works because it gives you a clear market outlook. We may see a strong recovery in small- and mid-cap stocks once the panic selling by retail investors stops. As I had mentioned two months ago, November and December were expected to be painful months.
In this market, any stock that continues to show strong strength has a higher chance of rebounding sharply. During such panic-driven selling, patience is the key. Many retail investors are selling in fear because their portfolios are falling daily. A similar situation occurred in March 2025, when the market formed a bottom, but at that time there was no index manipulation involved.
💥RBI CUTS REPO RATE BY 25 BPS AT 5.25%💥
I have repeatedly said in many of my YouTube videos that the market being at an all-time high and the performance of individual stocks are two completely different things. Now you can see it yourself— the index is at an all-time high, but stocks are falling. This is a major trap for retail investors. The index is kept at ATH to attract more people into the market.
Technical chart experts will almost certainly predict a bull run just because the index is at an all-time high, and this is how many people get trapped during a bear phase. I have repeatedly mentioned over the last two months that the index is being manipulated. Whenever retail investors panic-sell, small- and mid-cap stocks fall the most because retail participants hold the majority in those segments.
As I said earlier, November–December 2025 will be painful months. Considering the level of panic selling happening in small- and mid-cap stocks, I believe we may see a good recovery soon..
In this market, those who stay calm and hold good-quality stocks will eventually create significant wealth. Once a rally begins, these stocks will rebound strongly. But during this panic situation, it is important to remain calm and avoid panic selling.🚀
Panic selling by retail investors continues in small- and mid-cap stocks, while DIIs are holding the index at all-time highs through selective buying in heavyweight stocks. These impatient retail investors, frustrated by the constant ‘bull run’ predictions on social media over the past six months, have started selling after the expected rally never came. FIIs also continue to sell, as they want the market to come down to more attractive valuations.
💥The RBI MPC outcome is scheduled for today at 10 AM. We are expecting a 25 bps rate cut, and the RBI Governor’s commentary will be important. However, since we are currently in a bear phase, I don’t expect any major impact on the market from the policy outcome. In a bear phase, no news is really positive for the market.💥
NSE data shows that retail participants offloaded nearly ₹13,776 crore in October and another ₹11,544 crore in November, marking two consecutive months of heavy selling.
Most retail investors enter the stock market during a bull phase because they get excited by quick returns. However, they are usually unaware of how difficult it is to make profits during a bear phase, especially when the bear phase is prolonged. Whenever the market becomes volatile or returns are not visible, they panic and start selling. The same happened in March 2025, when the market actually formed a bottom but retail investors exited in panic.
Now again, from November onward, retail investors have started selling aggressively.
Retail investors mostly hold small- and mid-cap stocks, so whenever they sell, these segments fall the most. In the last 1–2 months, we have seen exactly this pattern. Even in December, retail investors are likely to continue selling, which may keep pressure on small- and mid-cap stocks.
Meanwhile, DIIs are artificially keeping the index up through selective buying, but individual stocks continue to fall due to panic selling by retail investors.
Retail investors never imagine that a bear phase can last more than one year. Many social-media “experts” misguide them by repeatedly saying the market will recover soon, but no one explains that bear phases are long and painful.
If retail investors had watched our earlier videos, they would have known that bear phases typically last more than a year. We always speak the truth and share the real market situation so everyone remains mentally prepared for a painful bear phase.👆
FII selling is continuing in December as well. Panic- retail investors have also started selling which is adding more pressure on our portfolios.I had predicted two months ago that we would face pain in Nov-Dec . We already saw pain in November, and this pressure is continuing in December 2025 exactly as expected. Throughout December, the market is likely to remain highly volatile.Next month’s Q3 results will be crucial for the market, as investors will look for strong earnings growth. Until the Q3 results are out, I do not expect any major upward movement. The index may be at an ATH, but individual stocks are still falling. DIIs are manipulating the index through selective buying, which keeps valuations elevated and puts pressure on broader stocks.
What matters now is the quality of stocks you have accumulated during this bear phase. That will determine how quickly your portfolio recovers. The market will reward stocks from new and emerging sectors that did not participate in the previous bull run.
The solar sector may underperform due to the sharp rise in solar module production, which has pushed the industry into an oversupply risk zone. When supply exceeds demand, pricing pressure increases and profit margins decline, leading to underperformance in solar manufacturing companies.
Because of this oversupply situation, several solar players such as Vikram Solar, Waaree Energies, and Premier Energies have already started underperforming. In India, other listed companies like Websol Energy, Insolation Energy, KPI Green Energy and similar solar-focused businesses may also face continued pressure.
In summary, until the supply–demand balance improves and module prices stabilize, the solar manufacturing sector is likely to remain weak.
"Kaynes Technologies "
– Kotak Institutional Equities Raises Disclosure Concerns
Kotak has flagged several issues in Kaynes Technologies’ related-party disclosures:
Related-Party Transaction Mismatches
There are major discrepancies between the disclosures made by Kaynes’ subsidiaries and those made by Iskraemeco.
Iskraemeco vs. Kaynes Electronics Manufacturing
Iskraemeco reports purchases of ₹1.8 billion from Kaynes Electronics Manufacturing in FY25.
However, this transaction does not appear in Kaynes EM’s own disclosures.
Balance Sheet Mismatches
Iskraemeco shows:
₹3.2 billion in payables to Kaynes Technology.
₹1.8 billion in payables to Kaynes EM.
₹1.9 billion receivables from Kaynes Technology.
These figures are missing from the filings of the parent company and its subsidiaries.
Receivables Ageing Concerns
A large amount of receivables (₹458 million) is overdue for more than a year.
This raises concerns about transparency, accounting accuracy, and governance within the Kaynes group.
Impact: Negative
This may be a significant red flag that could weaken investor confidence and attract regulatory scrutiny.
Note :
👉We have already given exit calls for all old multibagger stocks last year. Our focus is now on new multibagger opportunities in emerging sectors that can lead in the next bull run.
Current market sentiment is so negative that it’s difficult to even find a single stock that is up by 10%. Negativity is at its peak. Retail investors are selling in panic, DIIs are busy manipulating the index, and FIIs are selling to bring market valuations down. All three are acting according to their own objectives.
I have seen a similar final bear-phase earlier, during January to March 2023, which was almost unbearable. During that period, we exited stocks like Mazagon Dock, RVNL, Shilchar Tech, and Som Distilleries in panic because they were correcting every single day. We thought it was better to book small profits and stay out of the market. But one year later, the same stocks delivered multibagger returns.
From April–May 2023 onwards, FIIs returned strongly and our market entered a bull run. But in January–March 2023, FIIs were selling every day, and portfolios were falling daily, causing unbearable pain. Most retail investors left the market during that time.
A similar pattern can be seen now. This pattern started around November 2025 and continues. So, the question is: Are we in the final stage of the bear market?
💥December Correction: The Final Phase of the Bear Market💥
DIIs will continue to manipulate the index, but your individual stocks will still correct. This has been happening since November onward.
This is a classic example of a painful bear market, even when SIP inflows are around ₹29,000 crore per month. Just imagine the next bear phase when SIP inflows reach ₹40,000 crore— the index may not fall because DIIs will keep supporting it, but individual stocks may still underperform.
Stocks are likely to correct further in December as I mentioned earlier. However, this should be the final phase of correction in this bear market. Small-cap and mid-cap valuations were high, so without a proper correction, we cannot expect a strong rally.
Many retail investors exit the market during the last painful stage of a bear phase, but that is exactly when you need to hold your portfolio with strong patience. When retail investors become frustrated and start leaving the market, that is usually when the market begins to turn around.
This is why it is important to understand the different cycles within a bear phase. The first and last cycles of a bear market are always the most painful.
From December 2024 to March 2025, the first painful phase occurred, where portfolios were bleeding. In between, the market moved sideways, followed by the final painful phase from November to December 2025.
You can understand these cycles only when you study the mindset of FIIs—what they expect, why they exit, and when they are likely to return—along with proper data analysis.
💥Why Retail Investors Always Get Trapped During a Bear Phase💥
Retail investors often get trapped in bear markets because, during a bull phase, they blindly follow technical chart experts. Their predictions appear accurate simply because the market is moving upward and luck is on their side. As a result, retail investors develop complete trust in these experts, while many technical analysts themselves become overconfident by the end of the bull run. They forget that a bear phase is approaching—where technical charts stop working effectively.
When the market starts correcting after the bull run ends, technical chart experts continue predicting higher levels and advise investors to “buy the dip.” They keep giving higher targets even when the market clearly enters a bear phase. At the time when investors should be exiting, many retail investors start accumulating more stocks based solely on these predictions. Most of the stocks they buy are already famous on social media—precisely the ones likely to underperform in the upcoming bear phase.
Technical chart experts remain optimistic and keep encouraging retail investors to buy more, saying the market has already corrected significantly and a big rally is coming. This leads many retail investors to deploy all their capital into popular stocks, without realizing it is a major trap. These stocks often underperform for years.
When the market keeps falling, retail investors begin averaging their positions, not understanding that averaging during a bear phase is extremely dangerous. Many fail to grasp how a bear market actually works and continue investing with a bull market mindset. Throughout the bear phase, technical analysts fail to predict the market accurately, and retail investors end up investing all their capital in stocks that may not recover even in the next bull run.
From the beginning of the bear phase, our channel has consistently explained what to do and what to avoid. We advised investors not to trade, because trading becomes extremely difficult—even impossible—during a bear market.
It is crucial to understand that technical charts work effectively only in bull phases, not in bear phases. During the 2022 bear market, many retail investors suffered heavy losses. Many entered F&O trading based on technical charts, but those charts failed too, and 99% of retail traders incurred massive losses.
After every bull market, a bear market eventually follows. But during a bull run, people become overconfident, ignore risks, and ultimately face huge losses.
So stay grounded in the stock market. Understand how the market works. Do not blindly trust social media, news, or technical chart experts. Everything looks positive in a bull market, and everything looks painful in a bear market.
We have made many YouTube videos explaining the bear phase from the very start—how painful it can be, and what investors should and shouldn’t do. Our analysis is based on real data and global macroeconomic factors, which help us understand when bull and bear phases are likely to come. This allows us to protect capital effectively.
💥New Bull Run, New Leaders: Avoid Old Multibagger Traps💥
I had advised exiting all old multibagger stocks that delivered massive returns during the 2023–24 bull run during October - December 2024, when most of those stocks were at all-time highs. I also advised not to re-enter them, because once the market enters a bear phase, everything changes 360 degrees—new sectors and new stocks usually lead the next bull run.
But many people did not exit. They continued holding, thinking they had a “long-term view.” Now they are saying that all their gains have been wiped out. Please understand: in the stock market, a long-term view does NOT work if you don’t follow the bull and bear cycles.
Many investors again entered the same old multibagger stocks at higher levels, assuming they would outperform again. But I have repeatedly said that the market will reward new sectors and new stocks. Old multibagger stocks will underperform for years, so you should stay away from them. Still, some people get influenced by social media hype and buy these stocks again.
This is the biggest problem with retail investors who do not understand market behaviour during a bear phase. Many get trapped for a long period because they buy old multibagger stocks believing that the bottom has been formed based on technical charts. But technical charts cannot tell you whether a stock will continue to underperform when the market has already changed 360 degree in a bear phase.
When FIIs return, they will invest in new sectors and new emerging stocks. They will not look at the old multibagger stocks because they want strong future returns—and that is possible only from new and emerging sectors, not from old, exhausted stocks.
As I mentioned earlier, December will be a painful month for our market. Do not expect any major upside this month. The market will remain highly volatile throughout. DIIs may try to hold the index up artificially, but your individual stocks are likely to correct. Stocks that corrected last month may not fall much now, but those that did not correct earlier will see a decline in December.
A bear phase is like a slow poison. It doesn’t create a sudden impact, but it causes slow and steady pain in your portfolio. This is normal in every bear market. I have already explained in all my YouTube videos that the final phase of a bear market is always the most painful. Those who regularly watch our videos understand how a bear phase works. People who rely only on technical charts do not understand the true nature of a bear market.
Small- and mid-cap stocks will continue to correct until valuations return to normal. Without proper valuation, FIIs will not return. This is the final part of the process. If the correction completes properly, we can expect FIIs to come back after Q3 results—provided earnings improve.
Those who are holding stocks from emerging sectors will see a strong rebound as soon as the next bull phase begins.
