Market benchmarks, the Sensex and Nifty 50 lost more than 2% each for the week ended 23 October amid rising crude oil prices. According to reports from Mint, the Nifty witnessed a correction following the previous week's rally of approximately 1,000 points. As per CNBC TV18, markets may stabilise over the coming months if geopolitical tensions ease, with current corrections largely driven by external factors investors are already aware of.
According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, an important development has emerged on the hourly chart of the Relative Strength Index (RSI). As reported by Mint, during the recent rally, the hourly RSI crossed the crucial 70 mark for the first time since August 2026. Despite the subsequent correction of approximately 700 points, the indicator has continued to hold above 40, suggesting that underlying momentum remains relatively resilient. The technical analyst maintains a buy-on-dips strategy, provided the Nifty holds above 22,200 on a daily closing basis.
For Bank Nifty, Patel noted that an extended bottom formation accompanied by bullish RSI divergence on the hourly chart indicates a possible weakening of selling pressure. According to Mint reports, the 54,000–53,800 zone will be critical for sustaining the recovery outlook. On the upside, a sustained move above 55,000 could trigger further gains towards 56,000, while a breakdown below 53,800 would weaken the bullish outlook.
One 97 Communications (Paytm) is recommended as a sell opportunity with a target price of ₹1,500 and stop-loss at ₹1,690. As reported by Mint, Paytm is showing signs of weakness after decisively breaching the crucial support levels of ₹1,640 and ₹1,620 on a closing basis. The RSI on 2-hour and 3-hour charts has already slipped below the 30 mark, signalling intense selling pressure. Sapphire Foods is recommended as a buy opportunity with a target price of ₹221 and stop-loss at ₹180. The stock is trading near its previous demand zone where buying interest has emerged over the last three to four trading sessions.
Market experts from NDTV Profit's Ask Profit show have provided updated recommendations for major stocks. Kalyan Jewellers India is recommended as a buy opportunity with a target of ₹740-₹750 from its current price of ₹504.80. Biocon is suggested as a sell with exit levels at ₹360-₹375 zone, while Reliance Industries is recommended to hold despite the stock's 25% decline from 52-week highs, with good support around ₹1,150-₹1,100. IDFC First Bank is advised to hold with targets of ₹81-₹85 for a year, and ITC is recommended to hold in its consolidation zone. According to Marketsmith India's Mayuresh Joshi, defence stocks Solar Industries and Zen Technologies remain preferred picks due to their competitive positioning and strong order visibility, with Solar Industries benefiting from backward integration and a defence order book of around ₹50,000 crore.
