Top 3 stock picks by Ankush Bajaj for 26 SeptemberBuy: JSW Steel Ltd — Current Price: ₹1,148.50
Why it’s recommended: JSW Steel is showing constructive signs after technical strength returning. The RSI is around 59.1, indicating bullish momentum without extreme overbought conditions. The MACD is positive at +2.7, confirming trend continuation. The ADX at 41.6 signals a strong trend in place. These indicators support a bullish bias with room to run.
Key metrics: RSI (14-day): 59.1 — bullish momentum
MACD (12,26): +2.7 — positive trend confirmation
ADX (14): 41.6 — strong trend strength
Technical view: Holding above ₹1,138 keeps structure intact, with upside toward ₹1,170 as long as momentum holds.
Risk factors: Steel demand and raw material volatility can disrupt gains.
Global cyclical shifts or trade policies may create headwinds.
Buy at: ₹1,148.50
Target price: ₹1,170
Stop loss: ₹1,138
Buy: PNB Housing Finance Ltd — Current Price: ₹907.75
Why it’s recommended: PNB Housing Finance is displaying strong upward momentum. The daily RSI is 70.8, indicating solid bullish momentum. The MACD is at +8.54, reinforcing a strong positive trend. The ADX is 31.1, marking a strong trend phase. These readings confirm the breakout and suggest continuation.
Key metrics: RSI (14-day): 70.8 — bullish momentum
MACD (12,26): +8.54 — positive confirmation
ADX (14): 31.1 — strong trend
Technical view: Sustaining above ₹870 supports the bullish setup and opens up for a move toward ₹980.
Risk factors: Exposure to interest rates and housing finance cycles.
Regulatory or credit issues could dampen momentum.
Buy at: ₹907.75
Target price: ₹980
Stop loss: ₹870
Buy: Tata Consumer Products Ltd — Current Price: ₹1,134.20
Why it’s recommended: Tata Consumer is showing strength on multiple fronts. The RSI is 62.35, reflecting sustained bullish momentum. The MACD is +15.07, confirming strong trend continuation, while ADX 33.02 signals a robust trend. These indicator values support the bullish bias toward the target zone.
Key metrics:RSI (14-day): 62.35 — sustained bullish momentum
MACD (12,26): +15.07 — trend strongly positive
ADX (14): 33.02 — healthy trend strength
Technical view: Holding above ₹1,124 keeps the structure intact, paving the way toward ₹1,155.
Risk factors: Vulnerability to inflation and raw material input costs.
Consumer demand shifts and currency impact can affect margins.
Buy at: ₹1,134.20
Target price: ₹1,155
Stop loss: ₹1,124
How the market performed on Thursday
The Nifty 50 slipped 166.05 points or 0.66% to close at 24,890.85, while the BSE Sensex lost 555.95 points or 0.68% to settle at 81,159.68. Nifty Bank also ended lower, shedding 145.30 points or 0.26% to close at 54,976.20, reflecting weakness in financial heavyweights.
Cyclical pockets offered limited support, with only the metal index rising 0.18%. However, broader market sentiment remained fragile as the realty index slipped 1.65%, the auto index fell 0.92%, and the pharma sector dropped 0.92%.
In stock-specific action, Bharat Electronics Ltd surged 1.95% on strong institutional buying, while Hero MotoCorp advanced 1.47% and Axis Bank rose 0.66%. Conversely, Trent slipped 3.15%, Power Grid dropped 3.03%, and Tata Motors declined 2.73%, keeping IT and consumption stocks under pressure.
Overall, the market showed some resilience around the 25,000 support level, but selling pressure dominated towards the close, resulting in a red finish for major indices.
Nifty technical analysis: daily & hourly
The Nifty 50 ended the session of September 25, 2025, with a sharp decline of 166.05 points or 0.66%, closing at 24,890.85. This marked a decisive slip below the psychological 25,000 mark, as supply pressure and aggressive call writing kept the index under pressure throughout the session. The weak close highlights traders’ reluctance to hold long positions near resistance, shifting the near-term bias to bearish.
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Source: TradingView
On the daily chart, the index is now trading below both the 20-DMA (24,963) and 40-DEMA (24,954), a bearish development suggesting that medium-term support levels are under stress. Momentum indicators confirm this weakening setup — the RSI has slipped further to 46, entering a neutral-to-weak zone, while the MACD, though still positive at +86, is flattening, signaling loss of strength at higher levels.
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Source: TradingView
The hourly chart reflects more pronounced weakness. The index has slipped well below its 20-HMA (25,068) and 40-HEMA (25,119), reinforcing a bearish intraday structure. The hourly RSI at 28 has dropped into oversold territory, while the MACD at –79 remains deep in negative terrain, both pointing to short-term downside pressure with the possibility of minor relief bounces.
Derivatives data paints a distinctly bearish picture. Total Call OI at 23.59 crore is far higher than Put OI at 13.78 crore, leaving a heavy negative differential of –9.81 crore. Fresh additions were also skewed towards the Call side, with Call OI rising by 7.64 crore against just 1.52 crore on the Put side, creating a negative differential of –6.12 crore. The 25,000 strike emerged as the most active battlefield, holding the highest Call additions as well as maximum Put OI, confirming it as the critical immediate resistance. On the downside, the 24,900 strike has now picked up the highest Put additions, suggesting it will try to act as a short-term support zone.
Overall view
The Nifty’s short-term outlook has weakened as the index slipped below 25,000 and broke under its key moving averages. Immediate support is now placed at 24,850–24,800, and a breach below this could extend the decline towards 24,650–24,500. On the upside, 25,000–25,050 will act as a strong supply zone, and only a decisive close above this level would negate the current bearish bias.
With daily indicators cooling and hourly charts in oversold conditions, the market may witness some intraday volatility and small pullback attempts. However, unless Nifty reclaims 25,000, the near-term structure remains bearish, and rallies are likely to face selling pressure.
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.