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During the week, Nifty traded in a volatile range between 23,116.10 and 23,592.85, reflecting sharp intraday swings. The week began positively on 21 September, with Nifty gaining 0.29% to 23,414.30 and Sensex rising 0.76% to 74,858.99, supported by bargain buying in large-cap stocks and easing crude oil prices. However, broader markets failed to participate, as midcaps and smallcaps slipped, highlighting selective recovery. Trends remained in distress as the higher levels were used to supply on a continuous basis. With the markets not behaving as expected the trends ahead will continue to remain in a challenging mode. Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman: ROLEXRINGS(Cmp 195.35) ROLEXRINGS: Buy above ₹196, stop ₹187 target ₹218 (Multiday) - Why it’s recommended:Rolex Rings Limited is one of India's leading manufacturers of forged and machined automotive components and bearing rings. After some consolidation seen since last few weeks the last two sessions has seen a strong recovery that has led to some value area supports around the Kumo cloud that is holding back the decline. In the process we are noticing that some buying interest also develop. Also, the services sector is seen reviving and in the last month has performed well. With the Average Directional Index after a pullback is seen crossing important thresholds, it can lead to some strong upward move in the coming weeks. Go long. - Key metrics: - P/E Ratio : 33.70, - 52-week high: ₹196.55, - Volume: 7.17M - Technical analysis: Support at ₹163, resistance at ₹230. - Risk factors: Logistics and freight cost spikes,EV transition pressures and competitive pricing pressures. - Buy : above ₹196. - Stop loss: ₹187. - Target price: ₹218 (2 Months) EMIL (Cmp 200.22) EMIL: Buy above ₹201, stop ₹193 target ₹223(Multiday) - Why it’s recommended:Electronics Mart India Limited (EMIL) is the 4th largest consumer durables and electronics retailer in India and the largest organized player in the southern region. Since March 2026 every dip in this stock has seen some demand coming in helping the prices revive. Despite the volatile market conditions and profit booking the prices are able to form higher lows and the strong action with volumes seen this week highlights steady buying at despite the market situation. A move from the value area region around 195 zone holding good indicates that we can expect the upward drive to continue. - Key metrics: - P/E Ratio : 37.39, - 52-week high: ₹202.60, - Volume: 6.78M. - Technical analysis: Support at ₹170, resistance at ₹225. - Risk factors: Revenue cyclicality,F&O regulatory tightening and seasoning of lending entities. - Buy : above ₹201 - Stop loss: ₹193 - Target price: ₹223 (2 Months) MANINFRA (Cmp 129.95) MANINFRA: Buy above ₹131, stop ₹127.50 target ₹139 (Multiday) - Why it’s recommended:Man Infraconstruction Limited (MICL Group) is a Mumbai-based integrated engineering, procurement, and construction (EPC) and real estate development company. Since July 2026 the prices started recovering and demonstrated a steady upward traction in this counter. After the recent consolidation we can see a strong surge in the prices with the formation of long body candle indicating the strong action with volumes seen this week highlights steady buying at despite the market situation. A move from the value area region around 120 zone holding good indicates that we can expect the upward drive to continue. - Key metrics: - P/E Ratio : 34.11, - 52-week high: ₹150.65, - Volume: 3.83M. - Technical analysis: Support at ₹800, resistance at ₹1030. - Risk factors: Inherent cyclicality of the real estate sector,execution, timelines, and cashflow risks for high-ticket launches. - Buy : above ₹131 - Stop loss: ₹127.50 - Target price: ₹139 (2 Months) Stock market recap Sectoral performance was mixed, with pharma and realty indices gaining over 1%, while metals came under pressure. Despite the early strength, sentiment weakened midweek as global bond yields remained elevated and geopolitical tensions in the Middle East persisted. Foreign institutional investors continued to offload equities, keeping the undertone cautious. By the end of the week, Nifty had surrendered gains, closing at 23,346.40, down 51.70 points (-0.22%) week-on-week. Sensex lost 486.80 points (-0.65%), while Bank Nifty slipped 247.85 points (-0.44%). Reuters noted this was the longest streak of weekly declines for Indian equities since 2020, underscoring the persistent bearish pressure. Outlook for trading This week majority of the sectors we note have seen a sharp decline seen through the week had taken a toll on the sectors overall and the selling pressure could be seen across the board. Due to some sector rotation into defensives, and optimism around housing demand and REIT valuations the Real Estate sector got some tailwind. The Pharma and FMCG also attracted some buying interest. The damage was largely done by the IT as a fall triggered by weak global tech sentiment, cautious guidance, and persistent FII outflows dragged the component stocks lower. Further, the IRDAI guidelines struck on the chords of the Banking names rather heavily that had a cascading effect on the market thus proving to be a chaotic Thrusday for the markets. The markets did try to stabilise on Friday the pessimism in the air cannot be ruled out. On the intraday charts we can note that the zone around 23300 that had been holding the prices for a while could now act as resistance. The strong decline from that region on hourly charts indicate that this region has now become pivotal for the subsequent rise in this year. The muted job numbers and rising bond yields in US have resulted in the market fearing that a rate hike by the Fed could be advanced as early as October that could lead to further volatility. Moving on to the daily chart we note that there has been a significantly high Put writing on Friday with an attempt to defend the lower levels . This signifies that the declines have been used as a good opportunity to go long. In the last few weeks dip buy strategy seems to be paying off and, in this situation, too we note that the lower channel of the modified Pitchfork acts as a strong support and till the levels around 21500 is not violated one can look to hold their position. Volume build up has been significant and the revival from hereon could lead the Nifty to 22300 this week. As far as monthly ranges are concerned, we had a strong decline of 1000 points in September, and the momentum we are going through one can expect more action in the coming days. However, we are not done with the macro numbers yet and next week we are having the IIP and inflation coming out which could be under the scanner for the continuation of the trends. Positive outlook from the budget and the status quo by the RBI should be helpful in reigning these numbers. With the fiscal year end drawing to a close we could be looking at the advance tax numbers that would be reported by the corporates that could give us some clue on their quarter performance. This could lead to some stock specific triggers that we can encash. In summary, the week of September 21–25 highlighted the tug-of-war between bargain buying and persistent global headwinds. While frontline indices attempted recovery early in the week, sustained FII selling and sectoral weakness capped gains. With Nifty stuck in a 23,100–23,600 band and Bank Nifty struggling below 57,000, the outlook remains cautious. Traders should watch crude oil trends, FII flows, and global bond yields as key triggers, while resistance near 23,600 and support around 23,100 will define near-term market direction. Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223. Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.
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