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On 29 September 2026, Indian equities mirrored global jitters as US 10-year Treasury yields surged past 5.2%, their highest since 2007. The spike in yields drew foreign capital back to US debt markets, prompting sustained FII outflows from emerging economies. This pressure dragged the Nifty 50 below 22,600 in early trade, marking a six‑month low, with IT majors like Infosys, Wipro, HCL Tech and Titan leading declines. Market sentiment stayed fragile as every attempt to climb higher was met with consistent supply. With price action failing to align with expectations, the outlook ahead remains clouded, suggesting that trends will continue to face a difficult and uncertain path. Two stocks to trade, recommended by NeoTrader’s Raja Venkatraman: PREMIERENE (Cmp 865.20) PREMIERENE: Sell below ₹862, stop ₹892 target ₹801 (Multiday) - Why it’s recommended:Premier Energies Limited is India's second-largest integrated solar cell and solar module manufacturer. After some consolidation seen since last few weeks the last two sessions has seen a strong selling that has led to some value area resistances that was holding back the decline being broken. In the process we are noticing that some selling pressure is intensifying. Also, the electric utilities sector is seen facing some headwinds in the last month. With the Average Directional Index after a pullback is seen crossing important thresholds, it can lead to some strong downward move in the coming weeks. Go short. - Key metrics: - P/E Ratio : 267.44, - 52-week high: ₹1134, - Volume: 3.05M - Technical analysis: Support at ₹763, resistance at ₹930. - Risk factors: Near-Term Margin Compression,Capacity Expansion Amid Underutilization and International Tariff and Export Vulnerability. - Sell : below ₹862. - Stop loss: ₹892. - Target price: ₹801 (2 Months) MANKIND (Cmp 2545) MANKIND: Buy above ₹2550, stop ₹2440 target ₹2800(Multiday) - Why it’s recommended:Mankind Pharma Limited is a leading Indian multinational pharmaceutical and healthcare. Since August 2026 this stock has been in a decline. The drop into value support region augured well for the prices as some strong buying interest developed in the last few days. 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 : 48.21, - 52-week high: ₹2640.30, - Volume: 1.97M. - Technical analysis: Support at ₹2300, resistance at ₹2900. - Risk factors: Revenue cyclicality,F&O regulatory tightening and seasoning of lending entities. - Buy : above ₹2550 - Stop loss: ₹2440 - Target price: ₹2800 (2 Months) Stock market recap Elevated crude prices, persistent inflation, and heavy government borrowing have kept yields high, raising the cost of capital for corporates and weighing on valuations, particularly in rate‑sensitive sectors such as banks, NBFCs, IT and metals. The rupee also faced depreciation pressures as foreign selling outpaced domestic inflows. However, a late‑session recovery helped benchmarks trim losses, with Nifty closing at 22,674.70 (‑0.46%) and Sensex at 72,420.34 (‑351 points), underscoring volatility amid global tightening shocks. Outlook for trading The situation for the market is getting worse as the geopolitical conflict between US and Iran does not seem to be improving. With no clarity emerging from United Sates of America , the in the equation is sending ripples across global markets, pushing crude oil prices higher due to concerns over supply disruptions, particularly in the Strait of Hormuz. Rising oil prices impact transportation, energy, and food costs, raising inflation risks just as central banks were beginning to ease policies. The price action shown below are also indicating that the gap resistance zone around 22800 mark played a part in the market recovery and thus halted the progress. As trends tries its best to recover, we are now observing that the trendline support from the lower levels around 22100 will come in play. A look at Bank Nifty indicates that room till 49000 has now opened up as the strong is given away the bulls will attempt to rebound. Bank Nifty is a sector that should be tracked. Once 49000 is breached there could be more pain extended with some stock specific action. At the moment there are divergent views been displayed across all the component stocks. PSU Banks or Private Banks are exhibiting bearishness making it difficult for the Bank Nifty to recover. This in turn will spill over to the other sectors like Auto, Realty and Finance. Despite markets on Monday showing some prowess of a recovery the inability of Bank Nifty to clear the 55100 mark seems limited in this curtailed week. Till then this index holds the key for some trends to recover. We are now observing that the Max Pain Point has shifted to 22750 as the PCR has retained itself just below 1 indicating that the lower levels are being defended. However, as one must accept the selling pressure has stepped up considerably once again. As trends are unable to show any revival as the bearish bias seen on Monday extended, we continue to witness deterioration in prices thus leading the trends through some challenging times. Time for being alert as trends are firmly etched lower with no signs of recovery. 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. With Nifty unable to cross 23000 band and Bank Nifty struggling below 55,000, the outlook remains cautious. Traders should watch crude oil trends, FII flows, and global bond yields as key triggers, while resistance near 23,100 and support around 22,500 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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