The benchmarks rose 0.3% each for the week, and had risen 3% in the last six sessions.
Among Sensex stocks, Hindustan Unilever dropped the most by 3.20%. UltraTech Cement, Kotak Mahindra Bank, Adani Ports, Titan, HDFC Bank and Axis Bank were also among the laggards.
Bharti Airtel, ICICI Bank, Bharat Electronics and Sun Pharma were among the gainers.
Against this backdrop, market expert Ankush Bajaj has released his top metal stock picks for investors seeking opportunities today, 27 October. His analysis provides a clear roadmap for navigating the current market landscape with confidence.
Top 3 stock picks by Ankush Bajaj for 27 October
Buy: Hindalco Industries Ltd — Current Price: ₹824.75
Why it’s recommended: Hindalco is witnessing sustained buying interest after a healthy pullback, with price action now turning higher from its short-term support levels. The stock is benefitting from strength in the broader metals pack and improving global aluminium prices. The daily RSI is near 61.5, reflecting renewed momentum, while a positive MACD crossover confirms bullish sentiment. The ADX reading of 33.1 indicates a strengthening trend setup, suggesting the potential for a push toward the ₹842 mark.
Key metrics:
RSI (14-day): 61.5 — bullish momentum building
MACD (12,26): +1.12 — fresh positive crossover
ADX (14): 33.1 — trend strength emerging
Technical view: Sustaining above ₹813 will keep the current momentum intact, with the breakout structure likely to extend toward ₹842 in the short term.
Risk factors: Susceptible to global commodity price fluctuations and policy developments in China. Watch for weakness in global base metal cues.
Buy at: ₹824.75
Stop loss: ₹813.00
Target price: ₹842.00
Buy: National Aluminium Co. Ltd (NALCO) — Current Price: ₹236.10
Why it’s recommended: NALCO is showing strong price behaviour after a shallow consolidation near its recent highs. The stock has held above its breakout zone and is supported by a rising RSI at 65.2, indicating robust momentum. A positive MACD signal above the zero line confirms continued strength, while ADX at 35.4 shows an active trend. With sector tailwinds supporting the metal space, NALCO looks poised for a move toward ₹244.
Key metrics:
RSI (14-day): 65.2 — strong bullish momentum
MACD (12,26): +0.75 — positive alignment above zero
ADX (14): 35.4 — well-established trending phase
Technical view: Sustaining above ₹232 will maintain bullish bias, with a potential upside extension toward ₹244 in the coming sessions.
Risk factors: Vulnerable to commodity price volatility and global demand cycles. Keep an eye on input cost pressures and energy-related movements.
Buy at: ₹236.10
Stop loss: ₹232.00
Target price: ₹244.00
Buy: Vedanta Ltd — Current Price: ₹495.60
Why it’s recommended: Vedanta is in the midst of a steady recovery phase, gaining traction after a pullback from recent highs. The stock has rebounded strongly from the ₹487 support zone, confirming it as a near-term base. RSI at 64 reflects growing bullish momentum, while the MACD has crossed into positive territory, reinforcing strength. ADX at 34.9 further validates the underlying uptrend, suggesting potential for a rally toward the ₹512 level.
Key metrics:
RSI (14-day): 64.0 — upward momentum gaining pace
MACD (12,26): +0.92 — above signal line, confirming strength
ADX (14): 34.9 — directional trend getting stronger
Technical view: Holding above ₹487 sustains the bullish outlook. A clean move beyond ₹500 can unlock further upside toward ₹512.
Risk factors: Impacted by fluctuations in global commodity markets, particularly crude and zinc. Regulatory actions or dividend-related events may also influence short-term price movement.
Buy at: ₹495.60
Stop loss: ₹487.00
Target price: ₹512.00
How the market performed on Friday
The Nifty 50 declined by 96.25 points, or 0.37%, to settle at 25,795.15, pausing its recent upward momentum. The Sensex also ended lower by 344.52 points (–0.41%) at 84,211.88, while the Bank Nifty underperformed, shedding 378.45 points (–0.65%) to close at 57,699.60, reflecting continued weakness in key financial stocks.
Sector-wise performance was mixed. Commodity-linked sectors provided some support, with the Metal index rising 1.03%, Oil & Gas gaining 0.20%, and Realty inching up by 0.18%. On the downside, defensives and rate-sensitive sectors saw pressure. The Healthcare index declined 0.83%, FMCG fell 0.75%, and PSU Banks dropped 0.74%.
In terms of individual stock movers, Hindalco surged 4.04% on strong sectoral momentum, while Bharti Airtel and ONGC added 1.07% and 1.05% respectively, offering support to the indices. Conversely, Cipla plunged 3.69%, Hindustan Unilever slipped 3.27%, and Max Healthcare fell 2.22%, exerting downward pressure on the broader market.
Nifty Technical Outlook
The Nifty 50 index ended Thursday’s session with a mild decline, falling 96.25 points or 0.37% to close at 25,795.15. This marks a pause in the recent upward momentum as the index faced selling pressure near the higher end of its short-term range. Despite the drop, the Nifty continues to trade within a broad consolidation band and remains above key support levels, suggesting that the larger uptrend is still intact.
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On the daily chart, the index remains well-placed above its medium-term moving averages. The 20-day simple moving average (20-DMA) at 25,230 and the 40-day exponential moving average (40-DEMA) at 25,292 continue to offer a strong structural base. The daily RSI stands at 67, just below the overbought zone, reflecting slightly reduced momentum. However, the MACD remains strong at +234, confirming that the broader uptrend is still in place, though follow-through buying has temporarily slowed. The slightly cooling RSI could indicate a short-term pause or mild pullback.
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On the hourly timeframe, the Nifty is holding close to its 20-hour moving average at 25,893, while the 40-hour EMA at 25,723 offers additional support below. The hourly RSI has softened to 49.80, suggesting neutral to slightly bearish intraday momentum. Meanwhile, the MACD remains positive at 38, showing that although momentum has cooled, it has not yet reversed direction. Overall, the hourly structure suggests a period of range-bound movement between 25,700 and 26,000.
The derivatives data paints a cautious picture. The total Call open interest (OI) stood at 26.58 crore, significantly higher than the Put OI of 17.37 crore, leading to a bearish OI differential of –9.20 crore. This indicates heavy Call writing and reflects hesitation among traders at higher levels. The change in OI also reinforces this sentiment, with Call OI increasing by 7.56 crore contracts, while Put OI rose by only 1.05 crore, creating a net change of –6.52 crore—a clear sign of building overhead supply. The highest Call OI is placed at the 26,500 strike, with fresh additions seen at 26,000, marking these zones as immediate resistance levels. On the downside, the 25,500 strike holds the highest Put OI, with notable additions at 25,700, making them important short-term supports.
Volatility remains low and manageable, but the positioning in options and moderation in momentum indicators suggests that the index may spend more time consolidating before making a decisive move.
Summary and Outlook
The Nifty’s short-term trend is showing early signs of fatigue after a strong rally, though the medium-term structure remains bullish as long as it holds above 25,700. Immediate support lies in the 25,700–25,750 zone, while resistance is now seen around 25,950–26,000. A decisive breakout above 26,000 could open the door for a move toward 26,200–26,400, while a sustained break below 25,700 might trigger a correction toward 25,500.
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.
