ഓഹരി വിപണിയിൽ മുന്നേറ്റം: സുമീത് ബഗാഡിയ നിർദ്ദേശിക്കുന്ന മികച്ച മൂന്ന് ഓഹരികൾ ഇവയാണ്

Stocks to buy | Sumeet Bagadia's stock recommendations: The key benchmark indices of the Indian stock market staged a strong rebound on Friday, October 9, bringing an end to the Nifty 50 and Sensex’s eight-week losing streak. The Nifty rose 1.30%, while the Sensex advanced 1.23%. Bank Nifty also recovered, gaining 1.36%. The rally was led by IT stocks following Tata Consultancy Services’ September-quarter results, with buying extending to FMCG, auto and financial shares.

The macroeconomic backdrop remains challenging. Brent crude continued to trade above $100 a barrel, while WTI remained above $90. Comments from the US president on discussions with Iran offered some temporary relief, but tensions around the Strait of Hormuz and concerns over regional energy infrastructure have kept the risk of supply disruptions elevated. For India, persistently high oil prices pose risks to inflation, the import bill and the rupee.

Foreign investor selling remains a significant overhang. FIIs recorded net outflows of approximately ₹39,779 crore in October so far, while domestic institutional investors (DIIs) bought around ₹40,355 crore over the same period, broadly offsetting the foreign selling. Domestic institutional demand has provided an important cushion, absorbing much of the pressure from overseas investors and helping stabilise the market.

Stock market outlook by Sumeet Bagadia

Sumeet Bagadia, Executive Director at Choice Broking, believes the Nifty 50 chart pattern is signalling improving short-term sentiment, although the broader structure remains weak below key moving averages. He said that PCR at 0.98 suggests a balanced derivatives setup, while India VIX eased to 14.375, reflecting reduced volatility. Sustaining the rebound and moving above resistance will be crucial for further improvement.

On the outlook for the Nifty 50 index, Sumeet Bagadia said, “Immediate support is placed at 22,250–22,400, while 22,650–22,700 remains the key resistance zone. RSI improved to 36.50 against its average of 31.48, indicating a gradual recovery from oversold territory.”

On the outlook for the Bank Nifty index, Bagadia said, “Immediate support is seen at 54,800–55,000, while 55,500–55,800 is the next resistance zone. RSI rose to 45.20 against its average of 38.02, signalling improving momentum.”

Bagadia said that a strong bullish candle highlights renewed demand at lower levels, though the index remains below its key moving averages.

Sumeet Bagadia's stock recommendations today

Regarding stocks to buy when trading resumes on Monday, Sumeet Bagadia recommended these three shares: SBI, HCL Tech, and Eicher Motors.

1] SBI: Buy at ₹959 | Target ₹1077 | Stop Loss ₹900.

SBI share price has halted its recent retracement right at the lower boundary of its broad trading range, with the price stabilising around ₹959.10 on the weekly timeframe. Following a sustained corrective slide from the ₹1,120 resistance band, the stock has tapped into a proven demand pocket around ₹940– ₹955, which closely aligns with its intermediate support shelf and the rising 100-week EMA at ₹930.47. The weekly candle is exhibiting clear rejection of lower levels within this support belt, suggesting that value-seeking buyers are stepping in to defend the structural base.

2] HCL Tech: Buy at ₹1217 | Target ₹1390 | Stop Loss ₹1130.

HCL Tech share has triggered a strong technical rebound from the apex of a falling wedge pattern while concurrently respecting its horizontal demand shelf near ₹1,180– ₹1,200, closing the day on a firm note at ₹1,217. On the daily timeframe, the stock has undergone steady price contraction within this wedge formation, finding solid support at the lower boundary and defending its multi-month base. The latest session formed an engulfing-style bullish candlestick, backed by increased volume, signalling strong dip accumulation and putting the stock on track to challenge the upper descending trendline hurdle.

3] Eicher Motors: Buy at ₹7050 | Target ₹7850 | Stop Loss ₹6650.

Eicher Motors' share has initiated a solid technical rebound after testing and defending its major multi-month demand zone placed around ₹6,700– ₹6,800, closing the session with a strong gain at ₹7,050. On the daily timeframe, the stock underwent an extensive corrective phase from its peak near ₹8,230.00 and has now printed a robust bullish reversal candle right from this historical support shelf, which has acted as a formidable accumulation base multiple times over the past year. The sharp uptick, alongside healthy volume, reflects active dip-buying, positioning the price to stage a recovery toward its dynamic moving averages.