During intraday deals, Sensex hit the day’s high of 85,290.06, gaining 864 points or 1.02%, over its last close. However, by the end of trade, the index had erased most losses as traders sold to lock in profits. Sensex ended 130.06 points or 0.15% higher at 84,556.40.
Nifty 50, topped the 26,000 mark to touch a high of 26,104.20 during the day, but finally settled at 25,891.40, up 23 points or 0.09%.
The broader markets underperformed. The BSE Midcap index declined 0.15% and the BSE Smallcap index closed 0.42% lower.
Against this backdrop, market expert Ankush Bajaj has released his top metal stock picks for investors seeking opportunities today, 23 October. His analysis provides a clear roadmap for navigating the current market landscape with confidence.
Top 3 stock picks by Ankush Bajaj for 23 October
Buy: IDFC First Bank Ltd — Current Price: ₹78.96
Why it’s recommended: IDFC First Bank continues to exhibit strong accumulation patterns after a brief consolidation phase, supported by improving credit growth and rising CASA ratios. The stock is showing signs of strength within the PSU and mid-tier banking basket as liquidity improves across the financial sector. The daily RSI at 63.2 reflects healthy bullish momentum, while the MACD at +0.85 confirms a positive crossover, signalling continued buying interest. The ADX at 36.7 indicates an emerging trend with strengthening bias.
Key metrics: RSI (14-day): 63.2 — bullish momentum intact
MACD (12,26): +0.85 — positive crossover, confirming uptrend
ADX (14): 36.7 — trend strength building steadily
Technical view: Sustaining above ₹76.30 will maintain the positive bias, opening room for a move toward ₹84.20.
Risk factors: Sensitive to changes in lending rate spreads and deposit cost pressures. Sector sentiment may fluctuate with policy and liquidity cycles.
Buy at: ₹78.96
Stop loss: ₹76.30
Target price: ₹84.20
Buy: Cummins India Ltd — Current Price: ₹4,073.90
Why it’s recommended: Cummins India is showing robust strength after sustaining above its breakout level, supported by strong order visibility from infrastructure and industrial segments. The stock remains in a firm uptrend with improving momentum signals. The RSI stands at 66.8, reflecting bullish sentiment, while the MACD at +12.3 confirms trend continuation. The ADX at 39.4 highlights steady trend strength. Price structure suggests a short-term breakout extension toward ₹4,112.
Key metrics: RSI (14-day): 66.8 — bullish and stable
MACD (12,26): +12.3 — positive crossover, momentum sustained
ADX (14): 39.4 — trend strength intact
Technical view: Holding above ₹4,052 will keep the setup constructive, with the next target seen near ₹4,112.
Risk factors: Fluctuations in capital goods demand and infrastructure spending. Dependence on industrial capex cycles and export momentum.
Buy at: ₹4,073.90
Stop loss: ₹4,052.00
Target price: ₹4,112.00
Buy: Persistent Systems Ltd — Current Price: ₹5,835.90
Why it’s recommended: Persistent Systems continues to demonstrate sustained momentum within the IT mid-cap space, benefiting from strong deal wins and consistent digital transformation demand. The RSI at 69.1 indicates bullish momentum near the upper range, while the MACD at +54.7 confirms continued buying strength. The ADX at 42.8 signals a strong, established uptrend. The stock remains above all key short-term moving averages, reflecting robust institutional participation and scope for further upside.
Key metrics: RSI (14-day): 69.1 — strong bullish momentum
MACD (12,26): +54.7 — trend continuation confirmed
ADX (14): 42.8 — powerful trend structure
Technical view: Sustaining above ₹5,784 keeps the bullish momentum intact, with potential for a rally toward ₹5,937.
Risk factors: Exposure to global IT spending cycles and client-specific volatility. Currency fluctuations may impact near-term margins.
Buy at: ₹5,835.90
Stop loss: ₹5,784.00
Target price: ₹5,937.00
How the market performed on Thursday
On Thursday, 23 October, after a brief festive break, the Indian equity markets opened with a strong gap-up start, mirroring upbeat global cues and positive sentiment. However, the initial euphoria quickly faded as profit-booking took hold through the session. Despite giving up most of the early gains, the market managed to close in the green, reflecting resilience amid volatility.
The Nifty 50 rose 22.80 points or 0.09% to close at 25,891.40, holding above the 25,700 mark. The Sensex ended marginally higher at 84,556.40, up 130.06 points or 0.15%, while the Bank Nifty advanced 70.85 points or 0.12% to close at 58,078.05, signaling moderate recovery in financial names.
Sectorally, momentum remained mixed, with defensive and consumption stocks offering stability. The FMCG index gained 0.29%, PSU Bank index added 0.28%, and the Service sector index rose 0.27%. Meanwhile, the Oil & Gas index declined 0.57%, the Infrastructure index fell 0.55%, and the Consumption index slipped 0.53%.
Among key movers, Infosys gained 3.81%, HCL Tech climbed 2.55%, and TCS advanced 2.21%, reflecting renewed strength in IT counters. Banking indices showed mild recovery, while on the losing side, Eternal declined sharply by 2.88%, Indigo Globe Aviation dropped 2.10%, and Eicher Motor fell 1.91%.
Nifty Technical Outlook
The Nifty 50 index extended its positive momentum on October 22, 2025, closing at 25,891.40, up 22.80 points or 0.09%, marking yet another session of strength and consolidation at higher levels. The index continues to hold firm above the 25,800 mark, indicating that bulls are maintaining control, though some signs of fatigue are emerging after the recent strong rally.
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On the daily chart, Nifty remains well-positioned within its ongoing uptrend. The index is comfortably trading above its short- and medium-term moving averages, with the 20-DMA at 25,193 and the 40-DEMA at 25,171, both acting as reliable support levels.
The RSI has climbed to 72, signalling an overbought zone but without any negative divergence, implying that momentum is still positive. Meanwhile, the MACD remains strong at +227, confirming that the uptrend continues with healthy follow-through buying. However, such elevated RSI readings often precede short phases of sideways consolidation or mild profit booking.
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The hourly chart shows a stable short-term structure with the 20-HMA at 25,870 and the 40-HEMA at 25,685, both offering intraday support. The hourly RSI at 56 suggests moderate strength, while the hourly MACD at +118 continues to reflect positive momentum. Price action indicates that the market could spend some time consolidating between 25,800 and 25,950 before attempting a fresh breakout above the upper band.
The derivatives data points to a slightly cautious undertone among traders. Total Call open interest stood at 19.25 crore against Put open interest of 16.87 crore, creating a negative differential of –2.38 crore, which suggests some amount of profit booking at higher levels. The highest Call open interest and fresh additions were seen at the 27,000 strike, confirming that as the next key resistance zone. On the downside, the 25,000 strike continues to hold the maximum Put open interest, reaffirming it as a strong base for the index. The change in open interest data also indicates that traders added 5.75 crore contracts on the Call side versus 3.77 crore on the Put side, showing a mild shift toward hedging near the top.
Overall, the Nifty’s short-term trend remains bullish, but momentum indicators are signalling near-term overbought conditions. Immediate support is seen around 25,750–25,800, while resistance lies near 25,950–26,050. A decisive close above 25,950 could push the index higher toward 26,200–26,400, while a drop below 25,750 may trigger mild profit booking toward 25,500.
In summary, the market remains in a strong uptrend, but traders should exercise caution while taking fresh long positions at these elevated levels. The RSI’s overbought reading and heavy Call writing at higher strikes indicate that a short pause or consolidation phase is possible before the next leg of the rally. The broader structure, however, continues to remain positive as long as the Nifty sustains above the 25,700–25,750 zone.
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.
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.
