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Indian equities reflected heightened volatility as foreign portfolio investors (FPIs) deepened their bearish stance amid rising global interest rates and surging crude prices. The Nifty closed 0.29% higher at 23,414, while the Sensex rallied 0.81% to 74,894. The broader markets, however, remained mixed, with the Nifty Midcap 100 index falling 0.23%, while the Nifty Smallcap 100 index remained largely unchanged from Friday’s close. Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman: EMUDHRA (Cmp 662) - Why it’s recommended: eMudhra Limited is India's largest licensed certifying authority providing digital signature certificates, paperless workflow solutions, and enterprise security. A gradual move seen in the last few months has generated steady pullbacks into the Tenkan Sen and Kijun Sen that witnessed some buying interest develop. Also, packaged software sector is seen reviving and in the last month has performed well. Overall , this sector has a promising future outlook. With the Relative Strength 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 : 29.23, - 52-week high: ₹140.80, - Volume: 1.93M - Technical analysis: Support at ₹570, resistance at ₹750. - Risk factors: Framework shifts, obsolescence risk and cyber threats. - Buy : above ₹665. - Stop loss: ₹630. - Target price: ₹735 (2 Months) HARSHA (Cmp 467.90) - Why it’s recommended: Harsha Engineers is the largest manufacturer of precision bearing cages in the organized sector in India and a leading global producer. The steady upward traction in this counter after some profit booking is seen helping the prices are moving higher forming higher lows and the strong action with volumes seen on Monday highlights some potential for upmove. A move from the value area region around 425 to 435 zone holding good indicates that we can expect the upward drive to continue. - Key metrics: - P/E Ratio : 29.23, - 52-week high: ₹140.80, - Volume: 776.65K. - Technical analysis: Support at ₹411, resistance at ₹550. - Risk factors: Input price volatility, overseas subsidiary drag and solar EPC challenges. - Buy : above ₹470 - Stop loss: ₹435 - Target price: ₹525 (2 Months) EDELWEISS (Cmp 139.52) - Why it’s recommended: Edelweiss Financial Services Limited is a leading diversified financial services conglomerate. Since July 2026 the stock has been reacting and taking supports at the Tenkan Sen and Kijun Sen to revive and head higher. The recent recovery with volumes signal a potential revival highlighting some fresh momentum. Strong domestic demand and higher gas prices have shifted focus on organised players. As the prices indicating a potential to move higher with a long body candle, we can now look for some positive vibes to extend. - Key metrics: - P/E: 29.23, - 52-week high: ₹140.80, - Volume: 318.84K. - Technical analysis: Support at ₹125, resistance at ₹145. - Risk factors: Concentrated resource profile, high borrowing costs, and potential challenges in reducing legacy corporate debt. - Buy : above ₹140 - Stop loss: ₹135 - Target price: ₹152 (2 Months) Stock Market Today On 21 September 2026, Indian equities reflected heightened volatility as foreign portfolio investors (FPIs) deepened their bearish stance amid rising global interest rates and surging crude prices. Data from the NSE showed FPIs ramping up net cumulative short positions on Nifty and Bank Nifty futures to a record 290,041 contracts before marginally trimming them to 288,428. Alongside futures selling, FPIs offloaded shares worth ₹20,974 crore this month, reversing the heavy inflows of July–August when optimism around easing oil prices briefly lifted sentiment. However, hopes of stability were dashed as the West Asian conflict spread from the Strait of Hormuz to the Red Sea, pushing Brent crude back above $103 per barrel after correcting to $82 in early August. Persistent outflows underline a trend of FPI risk aversion, with cumulative equity sales crossing ₹1.14 trillion in FY27 through mid-September, following heavy withdrawals in FY25 and FY26. The Fed and Bank of Japan’s latest 25-bps rate hikes only reinforced global uncertainty, keeping Indian markets under pressure. Outlook for Trading The technical setup revealed a "confused" trend, largely due to the support found at lower levels, even as the formation of lower lows driven many participants away from the market The market's temperament is seen dissipating, as overall trends are unable to generate a steady upward bias. In the last few days, we have noted that the trends have been suppressed and are showing a constant inability to move higher. Currently, prices are oscillating within the band formed by the large negative candle from last Tuesday, which is holding the trend. The formation of lower lows has taken away a lot of market participants. However , as we shift to the technical setup, we note that the trends are staying confused due to the support offered by the lower levels. However, we should note that the trends are indicating some hesitation to move lower as the formation of smaller body candles are clearly emphasising the emergence of a trend that could appear at any time. The momentum continues to desert us as the lack of willingness is very clearly visible on the charts. The sudden sell off at higher levels is leading us to reconsider the overall market scenario. The renewed geopolitical tensions will keep the tensions brewing until there is some clear evidence of the geopolitical newsflow relating to the war nearing its end. At the current juncture we need to relook at how to position ourselves in this market as the trends are not going to be easy to decipher and will force us to be very selective in our approach. While trends remained robust, we can observe that the current scenario is making an attempt to move out of a ranging action and a possible short covering action may emerge today. Now, we can observe that Nifty s attempting to consolidate as the trends are taking the time to discover the way forward. Derivatives data highlighted caution, steady Put writing at lower levels around 23300 has now moved higher to 23400 leading to a volatility spike, as India VIX surged 15% to 12.28, indicating heightened nervousness. Options positioning suggested strong resistance around 23,500–23,600 and support near 23,000 for Nifty, while Bank Nifty was capped between 55,000–58,000. At the moment the bearishness has been dragging the index lower. Until we see Nifty move below 23000 decisively the Open Interest data retains that 23600 as the next set of resistance emerging. As range-bound market continues to be in play, we need to look at quick profit taking as the trend shows no sufficient steam to move strongly in either 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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