Stock market recap: India’s benchmark equity indices extended their winning streak for a fourth consecutive session on Monday, driven primarily by robust Q2 corporate earnings and a favourable global cues.
The Nifty 50 gained 133.30 points (+0.52%) to close at 25,843.15, while the Sensex advanced 411.18 points (+0.49%) to settle at 84,363.37. Market momentum was anchored by heavyweights, notably Reliance Industries, which surged more than 3.5% following its Q2FY26 earnings, along with strength in select IT and private banking stocks like Axis Bank and TCS.
Conversely, profit-taking was observed in metal stocks and some financial majors, including ICICI Bank, which limited broader gains.
Against this backdrop, market expert Raja Venkatraman 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.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
Kansai Nerolac Paints Ltd (current price ₹256.85) – Buy above ₹257, stop ₹248 target ₹280 (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 950 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: 20.54, 52-week high: ₹289.65, Volume: 224.37K.
- Technical analysis: Support at ₹245, resistance at ₹1200.
- Risk factors: Market volatility and sector-wide fluctuations in geopolitical news could impact returns.
- Buy : above ₹257.
- Target price: ₹280 in 2 months.
- Stop loss: ₹248.
Fortis Healthcare (current market price ₹1097.90) – Buy above ₹1100, stop ₹1080 target ₹1135 (Intraday)
Why it’s recommended: Fortis Healthcare is an Indian integrated healthcare provider with a network of hospitals, diagnostics, and day care facilities. The sharp rise since October beginning has not given up and profit booking seen are finding some strong supports at the intraday TS & KS levels to break out of the cloud. With some revival seen in the last two days one can look at going long at current levels.
- Key metrics: P/E: 932.95, 52-week high: ₹1104.30, Volume: 87.44K.
- Technical analysis: Support at ₹1050, resistance at ₹1175.
- Risk factors: Rising input costs, increased operational expenses, and potentially foreign exchange impacts.
- Buy at: above ₹1100.
- Target price: ₹1135.
- Stop loss: ₹1080.
Apollo Tyres (current market price ₹515.15) – Buy above 515, stop ₹505 target ₹530 (Intraday)
- Why it’s recommended: Apollo Tyres is a global tyre manufacturer founded in 1972 and headquartered in Gurgaon, India. The company produces and sells a wide range of tyres for vehicles, including passenger cars, trucks, buses, two-wheelers, and industrial and agricultural equipment. The stock that had been undergoing some steady upward trajectory. The pullback into the TS & KS Bands since last 8 days are generating steady demand at lower levels. On back of robust results the strong up-move seen in the prices are signalling possibility of more upward traction. Consider a long opportunity.
- Key metrics: P/E: 49.60, 52-week high: ₹557, Volume: 537.45K.
- Technical analysis: Support at ₹485, resistance at ₹600.
- Risk factors: Volatility of raw material prices, intense competition, high debt levels, and the execution risk associated with its capital expenditure plans.
- Buy : above ₹515.
- Target price: ₹530.
- Stop loss: ₹505.
Stock market performance | 21 October
On 21 October, the Nifty index welcomed Samvat 2082 with its fifth consecutive gain, closing the Muhurat trading session at 25,868.60. The market maintained a firm bullish tone, reflecting strong investor sentiment and positioning ahead of the monthly expiry.
Nifty continued to demonstrate impressive resilience, with every minor dip being swiftly absorbed—underscoring the strength of follow-through buying. Trading well above its breakout neckline, the index reaffirmed its dominant uptrend and reinforced a robust bullish chart structure.
Sectoral performance added depth to the rally, with Banking and Financials leading the charge on the back of strong earnings and credit growth optimism. Auto and Capital Goods attracted festive demand-driven interest, while selective buying in IT was supported by stable guidance and margin outlooks. FMCG and Pharma remained subdued as investors rotated into high-beta names. The broad-based participation across key sectors set a confident tone for the new trading year, with momentum and stability emerging as defining themes for Samvat 2082.
Outlook for Trading
After some steady rise seen continuing after some rest to the geopolitical tensions the market continues to show that we could be looking at some bullish moves to sustain. However, the rise seen this week indicates that Nifty after spending some time at lower levels could sustain the momentum. The revival seen this week has clearly confirmed that the last few days the Nifty managed to hold on and did not give up, as the overall sentiment continues to favour the buyers.
As we can note on the charts the markets moved very much in line to challenge the resistance zone highlighted yesterday and move higher. On the charts we note that the supply zone has been broken and potential to move higher has now gained more strength. Taking some cues from the Option data, we can add that the higher levels around 25850 that had steady Call writers highlighting that if the selling steps up the PCR is hinting at some resistance now seeping in with a hint of negative bias.
The trend that is emerging clearly suggests that the dips seen last week managed to hold the support zone and the gap down opening was covered to ensure that the prices traded above the range area that developed in the last few days. Hence , one should track the trends that are in progress as upmove needs to continue their way higher, a dip towards 25700 (Nifty Spot) to consider a buy opportunity. At this levels we have the value area support as well as the median line that shall look to lend some aid to the descent. While volatility is seen expanding we need to factor the inconsistency of the moves seen lately into our equation.
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As we are awaiting the outcome of the event we are now looking at how the trends are going to unfold and how we should be planning the road ahead. Looking at the recent move in Nifty a move above 26000 which was the immediate resistance as per the Open Interest data holds more promise in the near term. If we witness a 30-minute range breakout on Thursday we can consider to trade on either side as the trends still remain tentative where we expect some resistances to kick in. We are entering a phase where we can expect some volatile scenario to kick in.
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
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 guarantees 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.
