The benchmark indices showed mixed performance on Tuesday, October 27, with the Nifty 50 trading lacklustre intraday after snapping its four-day losing streak in the previous session. According to Master Capital Services's Vishnu Kant Upadhyay, the index touched an intraday high of 22,804 and low of 22,653, indicating a lack of momentum in the market. The broader technical structure remains weak, with Nifty continuing to trade below its key short-term moving averages and the formation of lower highs and lower lows reinforcing the prevailing bearish bias. On the upside, 22,800-23,000 remains a crucial resistance zone, while 22,500-22,400 remains an important support zone. As per NeoTrader's Raja Venkatraman, the disappointing scenario continued to emanate in the Nifty expiry session, leading to high levels of frustration that is triggering the lack of participation. The overseas negative cues continue to pile up, resulting in a state of concern across the board.
Market experts have identified six stocks for possible short-term gains based on support levels, trend reversals and momentum signals. According to Master Capital Services' Vishnu Kant Upadhyay and *Choice Broking'*s Deepesh Sarawagi, these recommendations are valid for the next 1-2 weeks. The expert picks include BSE, GMR Airports, Nykaa, ICICI Prudential AMC, and Zen Technologies with specific target prices and stop-loss levels. NeoTrader's Raja Venkatraman has also recommended three additional stocks for October 28 trading: Tata Consumer Products (₹1005 buy, ₹1115 target, ₹950 stop loss), Vijaya Diagnostic Centre (₹1445 buy, ₹1560 target, ₹1375 stop loss), and CAMS (₹680 buy, ₹740 target, ₹650 stop loss).
Adani Ports has emerged as a breakout candidate after SBI Securities' Sudeep Shah identified the stock's decisive move above the downward-sloping trendline on the daily chart. The stock is currently trading at ₹1,857 with strong technical indicators supporting the bullish momentum. Shah highlights that the breakout is supported by healthy rise in volumes over the last 3 trading sessions, with the Relative Strength Index moving higher and settling above the 60-mark, indicating strong bullish momentum. The stock has also closed above the upper band of the Bollinger bands, a phenomenon often seen at the start of strong trends, while the MACD line has crossed over the signal line and moved above the zero line. Shah sees the ₹1,810-1,800 zone as an immediate support zone and expects the stock to extend its up move as long as it trades above that level.
Maruti Suzuki has received mixed brokerage recommendations following Q2 results. Citi maintains a Buy rating with target price of ₹14,500 (up from ₹13,800), citing Q2 operating profit above estimates and robust demand outlook, while Jefferies maintains a Buy rating but cuts target to ₹13,500 from ₹16,500, expressing concerns about weak Q2 performance and margin outlook. Bajaj Auto sees varied analyst opinions with GS maintaining Buy and raising target to ₹12,900 from ₹12,000, Citi maintaining Sell with target of ₹10,100, and Jefferies maintaining Hold with ₹11,500 target. L&T faces mixed recommendations with Citi maintaining Buy at ₹4,650 target and Jefferies cutting target to ₹4,700 from ₹5,000, while Cipla receives upgraded recommendations from Jefferies to Hold with ₹1,270 target and Kotak Neo maintaining Buy at ₹1,675 target. Paytm maintains strong Buy ratings from multiple brokers including Nomura with ₹2,300 target and Jefferies with ₹2,150 target, reflecting continued franchise strength.
SBI Life Insurance has received multiple upgraded recommendations with Morgan Stanley maintaining OVERWEIGHT at ₹2,395 (from ₹2,340), Elara Capital reiterating BUY at ₹2,475 (from ₹2,400), Goldman Sachs maintaining BUY at ₹2,055, and Motilal Oswal reiterating BUY at ₹2,100. Bajaj Auto shows mixed brokerage views with Elara Capital maintaining ACCUMULATE at ₹12,377 (from ₹12,020), Morgan Stanley maintaining UNDERWEIGHT at ₹9,259, Citi maintaining SELL at ₹10,100 (from ₹10,000), and Goldman Sachs maintaining Not stated at ₹12,900 (from ₹12,000). Maruti Suzuki has received varied recommendations with Elara Capital reiterating BUY at ₹15,378 (from ₹17,298), Morgan Stanley maintaining OVERWEIGHT at ₹14,560 (from ₹14,580), and Citi maintaining BUY at ₹14,500 (from ₹13,800). Cipla has seen significant upgrades with Elara Capital upgrading to ACCUMULATE at ₹1,455 (from ₹1,349), Citi maintaining BUY at ₹1,700, and Motilal Oswal maintaining NEUTRAL at ₹1,450.
Nykaa is showing strong recovery momentum with SBI Securities' Sudeep Shah identifying the stock's breakout from a consolidation range. The stock is currently trading at ₹350 and has given a breakout from the ₹519-473 range that it was consolidating in since September 2026. Shah notes that the RSI which was moving sideways during this period gave a breakout and moved higher, indicating renewed bullish momentum. Additionally, the DI+ crossed over DI- in the ADX indicator, indicating that the bulls now have a firm grip over the bears. Going ahead, Shah sees the ₹515-510 zone as an immediate support zone, and expects the stock to trade favourably as long as it holds above that level. Saregama India has also broken out from its consolidation range, with the stock witnessing fresh buying interest near its crucial long-term horizontal support zone of ₹519-473 since September 2026. The subsequent bounce from this level indicates demand emerging at lower prices, with a bullish RSI divergence on the daily chart suggesting weakening selling pressure.
During the week ended October 30, 2026, Indian equity markets staged a strong recovery with the Sensex gaining 1.8% to 74,460 and the Nifty advancing nearly 2% to 23,053. After a subdued start amid elevated crude oil prices, markets rallied on Thursday following the US Federal Reserve's decision to keep interest rates unchanged, which eased oil prices and spurred institutional buying. Banking, FMCG, Realty, and IT stocks led the recovery, while select earnings also supported sentiment. However, mid- and small-cap participation remained mixed, with crude oil prices remaining a key concern. According to Anand Rathi's Mehul Kothari, Friday's session witnessed significant selling pressure with the Smallcap 100 declining nearly 2% and Midcap index falling around 1%, while broader market indices including Midcap 500 also ended in the red. Most indices are struggling around their respective major resistance zones, indicating a lack of broader market participation. For sustainable upside, Nifty needs to move above 23,200 along with a corresponding breakout in broader market indices.
