Gains in metal and PSU bank stocks helped limit losses, even as investors turned cautious ahead of the US Federal Reserve’s rate decision later this week.
Two stock recommendations by MarketSmith India:
Buy: Deepak Fertilisers and Petrochemicals Corp. Ltd (current price: ₹1,519)
Why it’s recommended: Strong position in industrial and mining chemicals, diversified portfolio across chemicals and fertilisers, ongoing capacity expansion for growth, rising share of speciality fertilizers, and solid credit rating and financial strength.
Key metrics: P/E: 18.64 | 52-week high: ₹1,778.60 | Volume: ₹212.39 crore
Technical analysis: Reclaimed its 100-DMA with above-average volume
Risk factors: Cyclicality and price volatility in chemicals, regulatory and subsidy risks in fertilisers, high debt-funded capex execution risk, feedstock cost fluctuations (gas, ammonia), and demand slowdown in mining/infrastructure.
Buy: ₹1,510-1,530
Target price: ₹1,699 in two to three months
Stop loss: ₹1,440
Buy: HLE Glascoat Ltd (current price: ₹550.70)
Why it’s recommended: Strong order-book and demand visibility, acquisitions and geographic/segment expansion
Key metrics: 46.35: 46.21 | 52-week high: ₹579.50 | Volume: ₹102.15 crore
Technical analysis: Trendline breakout retest
Risk factors: Working capital & manufacturing cycle intensity, Raw material price volatility/macro sensitivity
Buy at: ₹545-555
Target price: ₹640 in two to three months
Stop loss: ₹505
Three stocks to trade as recommended by Raja Venkatraman of NeoTrader for today:
UNIONBANK (Cmp 147.07)
UNIONBANK: Buy above ₹147, stop ₹143 target ₹156 (Multiday)
Why it’s recommended: After spending lot of time in consolidation the trends at the moment in this counter has now come out of its recent challenge. With a strong thrust above the cloud the prices are hinting at some possible upside in the counter. After generating some support around 141 region the prices are steadily heading higher. Post surpassing this level the rise in momentum supported by steady volumes are highlighting possibility of more upward traction.
Key metrics:
P/E: 6.09,
52-week high: ₹158.60,
Volume: 15.19M.
Technical analysis: Support at ₹139, resistance at ₹155.
Risk factors: Interest rate fluctuations and equity market volatility due to geopolitical news could impact returns.
Buy at: above ₹147.
Target price: ₹156 in 1 month.
Stop loss: ₹143.
LAURUSLABS (Cmp 959.65)
LAURUSLABS: Buy above ₹965, stop ₹940 target ₹1000 (Intraday)
Why it’s recommended: Laurus Labs is an Indian multinational pharmaceutical and biotechnology company headquartered in Hyderabad. The stock has been forming steady rounding pattern at higher levels finding some strong supports at the TS & KS levels to head higher. With some revival seen in the last two days one can look at going long at current levels and also on dips.
Key metrics:
P/E: 75.87,
52-week high: ₹962.70
Volume: 2.72M.
Technical analysis: Support at ₹915, resistance at ₹1050.
Risk factors: ARV business volatility, increased operational expenses, and potentially foreign exchange impacts.
Buy at: above ₹965.
Target price: ₹1000.
Stop loss: ₹940.
BANDHANBNK (Cmp ₹175.62)
Why it’s recommended: The stock that had been under selling pressure and was seen tiring out. Now, with the prices witnessing some tailwind for some upward bounce, we can look to participate. The push above the cloud bodes well for prices, as steady demand is emerging at lower levels. Ahead of Q2 results, the strong upward move in prices is signalling the possibility of more upward traction. Buy.
Key metrics:
P/E: 13.78,
52-week high: ₹192.45,
Volume: 7.62M.
Technical analysis: Support at ₹340, resistance at ₹425.
Risk factors: Volatility of raw material prices, intense competition, high debt levels, and the execution risk associated with its capital expenditure plans.
Buy at: Above ₹176.
Target price: ₹181 in 1 month.
Stop loss: ₹172.
Top 3 stock picks by Ankush Bajaj for 29 October
Buy: Bharti Airtel Ltd — Current Price: ₹2,090.20
Why it’s recommended: Bharti Airtel is showing strong momentum after reclaiming key short-term moving averages. The stock has seen consistent accumulation over the last few sessions, supported by sectoral strength in telecom and improving business fundamentals. The daily RSI is firm near 62, reflecting bullish momentum, while the MACD has turned positive with a fresh crossover, supporting the case for continued upside toward the ₹2163 zone.
Key metrics:
RSI (14-day): ~62 — strengthening momentum
MACD (12,26): Positive crossover — trend confirmation
Support (stop loss): ₹2,050
Technical view: Sustaining above ₹2,050 maintains the bullish structure, with momentum expected to push the price toward ₹2,163 in the short term.
Risk factors: Sensitivity to regulatory developments and spectrum-related news. Global market sentiment and dollar strength may also impact FII flows in large-cap telecom.
Buy at: ₹2,090.20
Stop loss: ₹2,050.00
Target price: ₹2,163.00
Buy: Larsen & Toubro Ltd (L&T) — Current Price: ₹3,972.80
Why it’s recommended: L&T has resumed its uptrend after a brief consolidation near the ₹3,930- ₹3,950 support zone. The stock remains in a strong bullish phase with price action forming higher highs and higher lows. The RSI is trending upward around 64, and MACD has recently crossed above its signal line, indicating renewed momentum. L&T continues to benefit from strong order inflows and positive sentiment in the capital goods sector.
Key metrics:
RSI (14-day): ~64 — bullish momentum intact
MACD (12,26): Positive crossover
Support (stop loss): ₹3,938
Technical view: Holding above ₹3,938 keeps the bullish continuation valid, with short-term targets set around ₹4,022.
Risk factors: Sensitive to macro data on infrastructure spending, project execution risks, and global risk sentiment
Buy at: ₹3,972.80
Stop loss: ₹3,938.00
Target price: ₹4,022.00
Buy: Vedanta Ltd — Current Price: ₹502.45
Why it’s recommended: Vedanta continues to build on its recent recovery, with strong price action supported by rising momentum indicators. The RSI at 66 confirms strong bullish sentiment, and the MACD remains above the zero line, reinforcing the underlying uptrend. With commodities and metals showing relative strength, the stock is positioned to test the ₹512 level in the near term.
Key metrics:
RSI (14-day): ~66 — strong bullish momentum
MACD (12,26): Remains in positive territory
Support (stop loss): ₹497
Technical view: A sustained move above ₹500 keeps the uptrend intact, with immediate upside potential toward ₹512.
Risk factors: Exposure to global metal and energy prices; regulatory or dividend-related volatility can influence short-term moves
Buy at: ₹502.45
Stop loss: ₹497.00
Target price: ₹512.00
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441. Investments in securities are subject to market risks. Read all the related documents carefully before investing.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
MarketSmith India is a stock research platform and advisory service focused on the Indian stock market. Trade name: William O’Neil IndiaPvt. Ltd. Sebi Registration No.: INH000015543
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
