Raja Venkatraman recommends two stocks for 9 October

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Indian equities faced a sharp sell-off as surging crude prices and persistent foreign investor outflows weighed on sentiment. With macros continuing to show that the trends ahead could be sketchy we need to move ahead carefully.
On 8 October 2026, Indian equities witnessed a sharp downturn as global headwinds and relentless foreign investor selling weighed heavily on sentiment. The Nifty 50 closed at 22,231.80, down 371 points or 1.64%, while the Sensex tumbled 1,045 points or 1.44% to 71,593.24, marking its weakest close in months.
Two stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
PNBHOUSING (Cmp 1150)
PNBHOUSING: Buy above ₹1153, stop ₹1090 target ₹1260 (Multiday)
- Why it’s recommended:PNB Housing Finance Limited is a leading housing finance company in India promoted by Punjab National Bank, offering retail mortgages and corporate loans. Since mid-July the stock has spent lot of time consolidation marked by periodic profit booking. After prices taking supports at the Tenkan Sen and Kijun Sen we can see the a strong thrust from lower levels has been encouraging. A strong thrust always attract some buying interest. With the Relative Strength Index(RSI) showing a strong rebound from RSI 50 levels we note that the prices are seen crossing important thresholds, it can lead to some strong upward move in the coming weeks. Go long.
- Key metrics:
  
  - P/E Ratio : 12.76,
  - 52-week high: ₹1210.80
  - Volume: 1.91M
- Technical analysis: Support at ₹1070, resistance at ₹1325.
- Risk factors: High short-term share price volatility, international LPG and crude price fluctuations, and potential regulatory or import duty shifts.
- Buy : above ₹1153.
- Stop loss: ₹1090.
- Target price: ₹1600 (2 Months)
HINDALCO (Cmp 894)
HINDALCO: Sell below ₹890, stop ₹929 target ₹815 (Multiday)
- Why it’s recommended:Hindalco Industries Limited is the metals flagship company of the Aditya Birla Group that has grown into a $31 billion metals powerhouse and stands as the world's largest aluminium company by revenue. There has been steady rounding pattern formation at the Kumo clouds and facing resistance on every rise. This counter has been in a steady downtrend. The recent decline seen in this counter into the Kumo cloud has found some strong demand to the downside. With the Relative Strength Index (RSI) not giving up we can expect the upward drive to continue.
- Key metrics:
  - P/E Ratio : 21.30,
  - 52-week low: ₹754.60,
  - Volume: 5.21M.
- Technical analysis: Support at ₹800, resistance at ₹915.
- Risk factors: Commodity price volatility and input cost pressure.
- Sell : below ₹890
- Stop loss: ₹929
- Target price: ₹815 (2 Months)
Stock market recap
Selling was broad-based, with metals, realty, oil & gas, and consumer stocks leading declines, while IT counters showed relative resilience, with Infosys and Tech Mahindra managing modest gains.
Broader markets also came under pressure, with midcap and small-cap indices slipping over 2 percent, underscoring weak market breadth. Crude prices surged past $104 per barrel, intensifying inflation concerns, while the rupee remained under strain amid narrowing yield differentials and elevated US Treasury yields near 5.3 percent. Analysts cautioned that the Nifty’s break below 22,250 highlights vulnerability, with support seen near 22,000, suggesting that any rebound should be treated as corrective rather than a trend reversal.
Outlook for trading
The bearish tones that emanated from the geopolitical newsflows have impacted the way the markets are going to behave in the next few days. The worsening scenario that is shown by the rising Brent Crude , depreciating USDINR and the new high flashed in US Bond yields we could be looking at a challenging scenario for the equity markets in the coming days.
Technically, the index has broken below the Ichimoku cloud, confirming bearish momentum, while the RSI at 27.55 signals oversold conditions, suggesting that selling may have been overextended in the short term. Option statistics reinforced the defensive tone, with heavy call writing observed at the 22,400 and 22,500 strikes, capping upside potential.
On the put side, significant open interest was concentrated at 22,200 and 22,000, indicating traders are positioning for further downside while protecting against sharp declines. The advance-decline ratio remained weak, highlighting poor market breadth. Elevated crude prices above $104 per barrel and persistent foreign investor outflows added to the pressure, while the rupee stayed under strain. Overall, the technical setup points to vulnerability, with support near 22,000 and resistance around 22,400–22,500, making selective, risk-managed trades the prudent approach.
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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