Raja Venkatraman recommends three stocks for 30 October
Market expert Raja Venkatraman shares his top stock picks for today, 30 October. Here’s his technical outlook and trade strategy.
A sigh of relief as the bullish bias returned albeit on the last trading day of the week thus making everyone suspect the future course of action. Currently the trends are showing some solidarity and responding to the news flow. The forthcoming week will be of high importance as the decoding of the newsflow shall emerge. Indian equity markets staged a strong rebound on October 29, 2026, recovering from the previous session’s weakness as improved global sentiment, easing crude oil prices, and renewed institutional buying boosted investor risk appetite.
The Nifty 50 climbed over 1% to close above the crucial 22,900 mark at 22,936.75, while the Sensex surged 905 points to settle at 74,151.04. ZENSARTECH (Cmp 537.30) ZENSARTECH: Buy above ₹540, stop ₹515 target ₹605 (Multiday) BLUESTARCO (Cmp 1673) BLUESTARCO: Buy above ₹1675, stop ₹1590 target ₹1850 (Multiday) DLF: Buy above ₹697, stop ₹660 target ₹770 (Multiday) Market breadth improved significantly, with gains spreading across large-cap, mid-cap, and small-cap segments and reflecting broader participation in the recovery.
The rally was led by FMCG, financials, power, realty, and IT stocks, with Adani Ports, Kotak Mahindra Bank, Power Grid, Bajaj Finance, and Infosys among the notable gainers. Investor sentiment was supported by the US Federal Reserve’s decision to hold interest rates steady, a modest cooling in crude oil prices, and continued buying by both foreign and domestic institutional investors. In the last week the market was threatening us with a possible changing pattern- it had more consecutive lower lows for the first time since the April lows.
But it managed to save itself the blushes by turning around briskly and then proceeding to punch higher towards 23800 which is an important support zone. But that too didn’t help much as those levels were not held either- and the Nifty came down to test lower levels. All this to-ing and fro-ing has only succeeded in creating a mess on the chart. There has been so much of small range volatility that it has been almost impossible to make out a trend over the past 3weeks.
This can be seen on the chart attached. But perhaps some solutions have finally emerged that can lend support to the next earnings season. While all of us await some encouraging triggers That ought to bring some relief because people will at least have something to concentrate on. For the past few weeks markets have been bereft of any specific news and hence tended to follow the moves overseas and suffered in turn.
Technically, the Nifty reclaimed the 22,800-resistance zone and closed near the day’s high, indicating renewed bullish momentum; the 22,700–22,800 region is now an important support area, while 23,100 is the next resistance level. Overall, the session reflected a meaningful improvement in sentiment, supported by healthier market breadth, earnings resilience, and improving institutional flows, although elevated crude prices and geopolitical uncertainties remain key risks going forward.
While short covering action could emerge, we need to be ready to scale as the market is currently in midst of some very heavy news flow and the volatile geopolitical tension will look to impact the sentiment. After a while some positive news flow is about to unveil keeping the shorts in check. Beyond 23100 Nifty will face a resistance around 23500 as mentioned on Friday , we need to see if the trends successfully moves beyond.
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.
