Indian equity markets ended the week of October 5–9, 2026, on a positive note, with the Nifty50 rising 0.44%, snapping an eight-week losing streak - the longest weekly losing streak in the last 25 years. According to Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, Friday's rebound towards 22,500 offers early signs of a potential bottoming process. The triple bullish divergence on the RSI across the Nifty 50, Nifty 500, Nifty Midcap 100 and Nifty Midcap 150 remains significant, suggesting that deterioration in price action is not being confirmed by downside momentum.
Tata Consultancy Services (TCS) is recommended as an accumulation opportunity with a target price of ₹2,400 and stop loss at ₹2,000. As per Patel's analysis, TCS is currently reversed from the major support zone of ₹2,000–₹1,970, which is likely to act as an important cushion on the downside. The daily RSI has formed a regular bullish divergence, followed by a hidden bullish divergence during the period from March 2026 to September 2026, indicating improving underlying momentum despite weakness in price action.
HDFC Life Insurance Company is positioned for potential bullish reversal with a buy recommendation between ₹558–₹550 and target price of ₹610. According to Patel's technical analysis, the stock shows signs of reversal supported by multiple bullish divergences that have emerged since April 2026. The stock has breached its prevailing bearish trendline, signalling a possible change in the near-term technical structure, with a strict stop-loss at ₹526 recommended to manage downside risk.
Cipla is recommended for selling between ₹1,320–₹1,330 with a target price of ₹1,220 and stop loss at ₹1,370. The stock is witnessing increasing technical weakness after breaking below its major pivot support zone of ₹1,340–₹1,345, which also aligns with the 200-week EMA. The weekly RSI remains within the 20–60 bearish range and has formed a triple top near the 60 mark, highlighting repeated resistance to bullish momentum. Despite the possibility of intermittent technical rebounds, the broader momentum remains weak unless Cipla reclaims its broken support zone.
