Top 3 stock recommendations by Ankush Bajaj for 22 September:
Buy: Redington Ltd — Current Price: ₹299.75
Why it’s recommended: Redington has shown a steady uptrend with bullish momentum building up. The daily RSI is sustaining in positive territory, reflecting strong underlying demand. The MACD remains above the signal line, confirming continuation of the uptrend, while ADX readings indicate improving trend strength. The stock has been consolidating near recent highs and is now poised for a fresh breakout, supported by healthy volumes and sectoral tailwinds from IT distribution and electronics demand.
Key metrics: RSI (14-day): Positive, showing bullish momentum
MACD: Positive, trend intact
ADX: Improving, trend gaining strength
Technical view: Sustaining above ₹286 strengthens the bullish setup and opens the path towards ₹325.
Risk factors:
-Dependency on global IT hardware demand cycles
-Foreign exchange fluctuations impacting margins
-Competitive pressures in the distribution business
Buy at: ₹299.75
Target price: ₹325
Stop loss: ₹286
Buy: GE Vernova T&D India Ltd — Current Price: ₹3,068.70
Why it’s recommended: GE Vernova T&D has been in a strong bullish phase, with price action supported by higher highs and higher lows. The daily RSI remains elevated, highlighting robust momentum, while the MACD is in positive territory, confirming sustained buying interest. The ADX also reflects strong trend strength, validating the ongoing uptrend. On the charts, the stock has broken above key resistances, reinforcing the bullish structure and signalling further upside.
Key metrics: RSI (14-day): Positive, strong momentum
MACD: Positive, confirming trend continuation
ADX: Strong, showing robust trend strength
Technical view: Sustaining above ₹3,030 will keep the bullish setup intact, with near-term potential to move toward ₹3,140.
Risk factors:
-High dependence on government and utility capex spending
-Order inflow volatility and project execution risks
-Global energy transition policies influencing sector demand
Buy at: ₹3,068.70
Target price: ₹3,140
Stop loss: ₹3,030
Buy: Usha Martin Ltd — Current Price: ₹426.55
Why it’s recommended: Usha Martin is sustaining strong momentum after a breakout from its recent consolidation phase. The daily RSI is comfortably placed in bullish territory, confirming positive momentum. The MACD is in buy mode, supporting further upside, while the ADX shows an emerging trend gaining strength. The stock’s price structure indicates strong support near the stop-loss zone, with scope for a move toward recent highs.
Key metrics: RSI (14-day): Positive, bullish momentum intact
MACD: Buy mode, supporting trend continuation
ADX: Positive, trend building strength
Technical view: Sustaining above ₹419 will keep the momentum intact, opening an upside target of ₹440.
Risk factors:
-Exposure to cyclical steel and wire rope demand
-Fluctuations in raw material prices
-Export dependence may expose the business to global trade risk.
Buy at: ₹426.55
Target price: ₹440
Stop loss: ₹419
How the market performed on Friday
The Nifty 50 slipped 96.55 points or 0.38% to close at 25,327.05, while the BSE Sensex lost 387.73 points or 0.47% to settle at 82,626.23. The Nifty Bank also ended lower by 268.60 points or 0.48% at 55,458.85, indicating weakness in financial heavyweights.
Sector-wise, select cyclical pockets showed resilience — the PSU Bank index rose 1.28%, the Energy index climbed 0.86%, and the Realty index gained 0.55%. However, broader sentiment remained weak as the Financial Services index slipped 0.64%, the Banking index fell 0.48%, and the FMCG sector dropped 0.44%.
In stock-specific action, Adani Enterprises gained 5.08% on strong institutional buying, while IndusInd Bank added 1.22% and SBI Life Insurance rose 1.10%. On the downside, HCLTech slipped 1.77%, Mahindra & Mahindra dropped 1.38%, and ICICI Bank declined 1.37%
Nifty technical analysis: Daily and hourly
The Nifty 50 closed lower on 19 September at 25,327.05, slipping by 96.55 points or 0.38%, as supply pressure at higher levels capped the recent bullish momentum. While the index has retreated marginally, it continues to trade comfortably above its medium-term supports, with the 20-DMA placed at 24,899 and the 40-DEMA at 24,928, keeping the broader structure constructive. On the daily chart, momentum remains supportive with the RSI holding at 63 and the MACD positive at +70, indicating that the larger trend bias is still bullish.
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On the hourly timeframe, the Nifty is sustaining above its short-term averages, with the 20-HMA at 25,353 and the 40-HEMA at 25,246, showing that support is emerging on declines. However, the hourly RSI has cooled to 57 and the MACD, though positive at +39, is flattening out, hinting that near-term momentum may consolidate before a clear directional move.
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The derivatives setup signals cautious undertones. Total Call open interest at 184.4 million is higher than Put open interest at 152.0 million, leaving a negative OI differential of –32.4 million. Fresh build-up was also stronger on the Call side, with additions of 54.4 million contracts compared to just 0.97 crore on the Put side. The 25,400 strike has emerged as a key hurdle, holding both the highest Call OI and maximum additions, while on the downside, the 25,300 strike has seen the strongest Put writing, establishing it as the immediate support.
Overall, the Nifty’s medium-term structure remains bullish, but the short-term picture has turned mixed with resistance visible at 25,400. Sustaining above 25,300 is critical for stability, and a failure to hold could trigger a decline toward 25,200-25,100. On the upside, a decisive move above 25,400 would open the path for 25,550-25,600. In the near term, the market is likely to remain in a consolidation phase with a bullish undertone, where dips towards support zones are expected to attract buying interest.
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.
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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.
