Three stocks to buy today: Ankush Bajaj's top recommendations for 29 October
Market expert Ankush Bajaj recommends three stocks to buy on 29 October. Discover his exclusive picks and analysis to inform your investment strategy.
Indian equities experienced a range-bound session, with the benchmark indices closing on a muted note after early volatility. The Nifty 50 slipped 29.85 points (0.11%) to close at 25,936.20, while the Sensex declined 150.68 points (0.18%) to end at 84,628.16. On the other hand, the Nifty Bank managed to stay in positive territory, rising 99.85 points (0.17%) to finish at 58,214.10.
Top 3 stock picks by Ankush Bajaj for 29 October
Buy: Bharti Airtel Ltd — Current Price: ₹2,090.20
Why it’s recommended: Bharti Airtel is showing strong momentum after reclaiming key short-term moving averages. The stock has seen consistent accumulation over the last few sessions, supported by sectoral strength in telecom and improving business fundamentals. The daily RSI is firm near 62, reflecting bullish momentum, while the MACD has turned positive with a fresh crossover, supporting the case for continued upside toward the ₹2163 zone.
Key metrics:
RSI (14-day): ~62 — strengthening momentum
MACD (12,26): Positive crossover — trend confirmation
Support (stop loss): ₹2,050
Technical view: Sustaining above ₹2,050 maintains the bullish structure, with momentum expected to push the price toward ₹2,163 in the short term.
Risk factors: Sensitivity to regulatory developments and spectrum-related news. Global market sentiment and dollar strength may also impact FII flows in large-cap telecom.
Buy at: ₹2,090.20
Stop loss: ₹2,050.00
Target price: ₹2,163.00
Buy: Larsen & Toubro Ltd (L&T) — Current Price: ₹3,972.80
Why it’s recommended: L&T has resumed its uptrend after a brief consolidation near the ₹3,930- ₹3,950 support zone. The stock remains in a strong bullish phase with price action forming higher highs and higher lows. The RSI is trending upward around 64, and MACD has recently crossed above its signal line, indicating renewed momentum. L&T continues to benefit from strong order inflows and positive sentiment in the capital goods sector.
Key metrics:
RSI (14-day): ~64 — bullish momentum intact
MACD (12,26): Positive crossover
Support (stop loss): ₹3,938
Technical view: Holding above ₹3,938 keeps the bullish continuation valid, with short-term targets set around ₹4,022.
Risk factors: Sensitive to macro data on infrastructure spending, project execution risks, and global risk sentiment
Buy at: ₹3,972.80
Stop loss: ₹3,938.00
Target price: ₹4,022.00
Buy: Vedanta Ltd — Current Price: ₹502.45
Why it’s recommended: Vedanta continues to build on its recent recovery, with strong price action supported by rising momentum indicators. The RSI at 66 confirms strong bullish sentiment, and the MACD remains above the zero line, reinforcing the underlying uptrend. With commodities and metals showing relative strength, the stock is positioned to test the ₹512 level in the near term.
Key metrics:
RSI (14-day): ~66 — strong bullish momentum
MACD (12,26): Remains in positive territory
Support (stop loss): ₹497
Technical view: A sustained move above ₹500 keeps the uptrend intact, with immediate upside potential toward ₹512.
Risk factors: Exposure to global metal and energy prices; regulatory or dividend-related volatility can influence short-term moves
Buy at: ₹502.45
Stop loss: ₹497.00
Target price: ₹512.00
Stock market wrap
Sector-wise performance was mixed, as commodity-linked spaces lent strength, with the PSU Bank Index advancing 1.23%, followed by the Metal Index, which gained 1.21%, and the Banking Index inching up 0.17%. On the downside, the Realty Index was the major laggard, slipping 1.05%, while the PSE Index fell 0.71% and FMCG declined 0.57%.
Positive sentiment in the metal and banking sectors drove select stock gains, as Tata Steel surged 2.92%, JSW Steel climbed 2.92%, and SBI Life Insurance added 1.77%, extending support to the broader market. However, selling pressure persisted in heavyweights—Trent dropped 1.53%, Bajaj Finance eased 1.38%, and Coal India slipped 1.34%, limiting the benchmark recovery.
Nifty technical outlook
The Nifty 50 ended Tuesday’s session on a slightly weaker note, slipping by 29.85 points or 0.11% to close at 25,936.20. Despite the modest decline, the index continues to hover near its recent highs, signalling consolidation rather than any breakdown in trend. The broader structure remains bullish, but momentum indicators and derivatives data suggest a pause or mild fatigue at current levels.
Technically, the Nifty remains well-positioned above key moving averages. The 20-day simple moving average stands at 25,348, and the 40-day exponential moving average at 25,273—both offering strong medium-term support. On the daily chart, the Relative Strength Index (RSI) has climbed to 70, entering overbought territory, which often precedes short-term consolidation or minor pullbacks. The MACD remains positive at +256, confirming that the primary trend is still intact with underlying strength.
On the hourly timeframe, the index is trading just below its 20-hour moving average at 25,897 and the 40-hour EMA at 25,828. The hourly RSI has softened to 57, showing neutral to slightly positive momentum, while the MACD remains in positive territory at +30 but with signs of flattening—indicating that intraday momentum is losing steam. This combination of high RSI and waning short-term momentum typically points toward a phase of range-bound movement.
Derivatives data further reinforces a cautious undertone. Total Call open interest stands at 160.8 million, outpacing the Put OI of 141.3 million, resulting in a net difference of –19.5 million—indicating a bearish bias in positioning. While both Call and Put OI have declined (–37.9 crore and –69.3 crore respectively), the net OI change of –31.4 crore continues to reflect hesitation at higher levels. The 25,950 strike holds the highest Call OI and fresh additions, marking it as a strong resistance zone. On the downside, the 25,900 and 25,850 strikes have seen notable Put additions, suggesting emerging support around those levels.
In summary, the Nifty’s trend remains structurally positive, but the near-term outlook is clouded by overbought momentum indicators and resistance at higher levels. Immediate support lies around 25,850, and unless the index decisively breaks above 25,950, a period of consolidation or mild profit booking is likely. A sustained move above 25,950 could pave the way for further upside toward 26,050 and eventually 26,200, while a break below 25,850 may drag the index down to 25,750. Traders are advised to adopt a cautious stance and consider establishing new long positions only on dips or a confirmed breakout above key resistance levels.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
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 guarantee 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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