Select heavyweights, including HDFC Bank, ICICI Bank, Bharti Airtel and Reliance, remained the top contributors to the rise in the Sensex index. However, Axis Bank, Infosys, SBI, and Tata Motors were among the top drags on the index.
The Sensex closed 137 points, or 0.17%, higher at 81,926.75, while the Nifty 50 ended at 25,108.30, up 31 points. The BSE Midcap index jumped 0.45%, but the Smallcap index ended with a loss of 0.15%.
Against this backdrop, market expert Raja Venkatraman has released his top metal stock picks for investors seeking opportunities today, 8 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:
JSW Energy (current price 548.05) Buy above ₹550 and dips to ₹525, stop loss ₹515, target price ₹595-620
Why it’s recommended: JSW Energy is a leading Indian power company within the JSW Group, focused on generating reliable, sustainable, and affordable power through an integrated energy value chain including generation, transmission, and trading.
As hesitant upward traction is beginning to give away , the possibility of prices above the clouds is looking more positive. As a strong momentum buildup in play more upward traction is possible.
Key metrics: P/E: 28.27, 52-week high: ₹614, Volume: 1.04M.
- Technical analysis: Support at ₹520, resistance at ₹700.
- Risk factors: Financial vulnerabilities like high debt and interest rate exposure, operational challenges tied to fuel costs and climate change.
- Buy: Above ₹550 and dips to ₹525.
- Target price: ₹595-620 in 1 month.
- Stop loss: ₹515.
HBL Engineering (current price ₹871.15) Buy above ₹875 and dips to ₹800, stop loss ₹780, target price ₹1030-1090
Why it’s recommended: HBL Engineering (formerly HBL Power Systems) is an engineering solutions company that designs, manufactures, and services specialized batteries and power solutions for diverse sectors including railways, defence, telecom, and e-mobility. After a strong run up the prices are s long body candle that has been formed on every dips is igniting some bullish enthusiasm. Positive outlook has emerged as the prices are demonstrating a strong upward drive. Can look to go long.
Key metrics: P/E : 72.55, 52-week high: ₹915, Volume: 1.07M.
- Technical analysis: Support at ₹800, resistance at ₹1000.
- Risk factors: Financial performance, market valuation, operational costs, and the specific dynamics of its industry.
- Buy: Above ₹875 and dips to ₹800.
- Target price: ₹1030-1090 in 1 month.
- Stop loss: ₹780.
Phoenix Mills (current price ₹1611.80) – Buy above 1615 and dips to ₹1570, stop ₹1550 target ₹1750-1800
- Why it’s recommended: Phoenix Mills (PML) is a leading retail mall developer and operator in India. It is into retail-led, mixed-use properties and has developed 17.5+ mn sq ft of retail, commercial, hospitality, and residential asset class. After some profit booking seen for a while the long body green candle is seen reviving from the TS & KS zone that is indicating some strong push to the upside. The last few days we have been witnessing long body candle being formed and RSI rebounding from 50 we can look at initiating long. .
- Key metrics: P/E: 204.43, 52-week high: ₹1902.10, Volume: 519.32K.
- Technical analysis: Support at ₹1530, resistance at ₹1800.
- Risk factors: Economic cyclicality affecting the real estate sector, expansion project risks, and market-specific performance issues.
- Buy: Above ₹1615 and dips to ₹1570.
- Target price: ₹1750-1800 in 1 month.
- Stop loss: ₹1550.
Stock market performance | 7 October
On 7 October, Indian benchmark indices extended their winning streak for the fourth consecutive session, closing modestly higher despite trimming intraday gains. The Nifty ended above the 25,100 mark, supported by buying in auto, consumer durables, oil & gas, energy, and realty sectors. The Sensex rose 136.63 points, or 0.17%, to close at 81,926.75, while the Nifty gained 30.65 points, or 0.12%, to settle at 25,108.30.
The BSE Midcap index added 0.4%, whereas the Smallcap index ended marginally lower, reflecting mixed sentiment in the broader market. Among the top Nifty gainers were Jio Financial, Bharti Airtel, Eternal, Eicher Motors, and HCL Technologies. On the flip side, Trent, Tata Motors, Axis Bank, Tata Consumer, and Hindustan Unilever were among the major losers. Sectorally, energy, oil & gas, pharma, telecom, and consumer durables posted gains ranging from 0.3% to 2%, indicating broad-based buying across defensives and cyclicals.
Outlook for Trading
Moving to the charts we note that the Fibonacci resistance area highlighted yesterday continues to halt the trends have been largely oriented towards trading rather than investing. Hence , from a trading perspective we can note that on the Daily charts the value area resistance area around 25200 will come under the spotlight. The gradual rise that we have witnessed last week is now set to scale higher as we trade ahead.
The trend that is emerging clearly suggests that the rally seen last week was seen holding the resistance zone and the gap up opening ensured 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 above 25200 (Nifty Spot) would extend the bullish bias. Momentums on hourly charts are indicating that the prices after settling down seems to have absorbed the selling pressure. With the gradual rise emerging from lower levels, we can expect the rise to remain hesitant as bearish overhang still continues.
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We continue to maintain short positions in the Nifty so long as 25000 holds, viewing any sustained move below that level as a clear sign that bullish conviction is waning. What had previously been support around 24,800 has now shifted up to 25,000, while open interest shows that the road ahead is more open.
If the index breaks down from its current 30-minute range on Wednesday, we can pivot to two-way trades, but until then the trend remains in a tentative standoff. Geopolitical uncertainty still looms large, limiting the market’s ability to muster strong directional moves, so be prepared to lock in gains quickly. At the same time, monitor FII/DII flow data for shifts in institutional sentiment, watch US yields and crude‐oil volatility for potential catalysts, leverage intraday volatility heatmaps to spot pockets of expanding risk, and consider short-tenor option structures—such as one-week iron condors—to capitalize on muted directional conviction.
The readings from the Option Data suggests that PCR has now moved comfortably above 1, highlighting that the trends are showing intention to move higher stage with some steady Put writing at 25100 levels continues to prove to be absorbing the bearish bias thus helping recovery.
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.
