Equity benchmarks bounced back on September 23, with the Nifty 50 rising half a percent amid positive market breadth. According to reports from Jainam Broking, about 2,149 shares advanced compared with 1,092 declining shares on the NSE. However, a weak broader technical structure and surging US bond yields signal caution, with range-bound trading likely in the near term. Technical analysts are recommending selective buying opportunities across multiple sectors.
IDFC First Bank has broken out above the key ₹86-87 resistance zone, indicating a continuation of its medium-term uptrend after a prolonged consolidation phase. As reported by SBI Securities, the stock is trading above its key moving averages on the daily chart, with the gap support zone near ₹82-83 likely to act as a strong demand area during any corrective decline. RBL Bank has reaffirmed its bullish momentum after taking firm support near its prior breakout zone, accompanied by strong volume-based buying. The stock continues to sustain comfortably above its rising 20-day moving average, with Wednesday's breakout confirming the continuation of the prevailing uptrend.
Vijaya Diagnostic Centre is witnessing strong buying interest as the stock has broken out above the crucial ₹1,550 resistance zone, marking a fresh all-time high. As reported by Jainam Broking, the stock continues to maintain a strong higher high-higher low structure and is trading comfortably above its key moving averages. The breakout follows a healthy consolidation phase, with momentum remaining supportive as the RSI holds above 60, signalling strengthening bullish momentum. Strategy: Buy with target ₹1,630 and stop-loss ₹1,529. Somany Ceramics has registered a decisive breakout above the ₹575 resistance zone, confirming the continuation of its medium-term uptrend. According to SBI Securities, the stock has been forming a well-defined higher high-higher low structure and continues to trade above its 20-day, 50-day, and 100-day moving averages.
TCS continues to face challenges with Citi maintaining a Sell rating and revising the target price down to ₹1,875 from ₹2,040, citing continued sector challenges and recent sector rerating. However, Bernstein maintains an Outperform rating on PB Fintech with a target price of ₹2,310, expecting the company to navigate through cost control measures with a scenario reflecting maximum pain of ₹2,000 crore by FY30. JP Morgan maintains an Underweight rating on KPIT Tech with a target price of ₹550, highlighting that multiple top clients have decided to reprioritize investments in software-defined vehicle programs, though management expects stabilization in Q2 and Q3.
Radico Khaitan has given a downward-sloping trendline breakout on the daily chart, signalling a potential shift in momentum. According to LKP Securities, the RSI has broken above its downward-sloping trendline and moved higher, with the DI+ crossing above DI- in the ADX indicator highlighting increasing strength among the bulls. MCX has witnessed a sharp pullback of around 10 percent from its 50-day EMA over the last five trading sessions, but the RSI has started to move higher, indicating a buildup of bullish momentum. The DI+ has crossed above DI- in the ADX indicator, suggesting that the bulls are gaining a firmer grip over the bears.
Petronet LNG maintains a Buy rating with UBS setting a target price of ₹325/share, citing the Kochi terminal's potential for utilization uplift and additional revenue opportunities. The management expects the LNG bunkering facility to be completed by end Q4FY27. BPCL receives a Neutral rating from UBS with a target price of ₹365/share, highlighting ongoing projects at the Kochi refinery including a polypropylene plant with 400ktpa capacity expected to be completed by Q3FY28. Nomura expects the RBI to do less in this cycle, not more, with policy fine-tuning rather than steep tightening, forecasting CPI inflation at 5.2% in FY27 before easing to the midpoint target of 4.0% in FY28.
