Stock market news: The Indian stock market experienced a significant surge on Thursday (October 16), with the Sensex jumping over 862 points (1.04%) to finish around 83,467, while the Nifty 50 increased nearly 262 points (1.03%) to close at approximately 25,585.
According to experts, this notable rally represented the highest level for the Sensex since early July 2025. Key sectors such as Auto (+1.27%), Consumer Durables (+1.53%), Banking, Financial Services, FMCG, Metals, and Realty all advanced, indicating a broad sense of market optimism.
Abhinav Tiwari, a Research Analyst at Bonanza, highlighted that significant insights from Thursday’s market activity include the substantial influence of the Q2FY26 earnings season, which boosted both banking and FMCG stocks.
The positive sentiment in the domestic market was further enhanced by optimism surrounding a potential India-US trade agreement, alongside decreasing crude oil prices and expectations of imminent monetary easing by the RBI.
Trade Setup for Friday
Rupak De, a Senior Technical Analyst at LKP Securities, noted that the bulls maintained control as the Nifty 50 exceeded the significant resistance level of 25,500 during the trading session and finished above it. From a technical perspective, the index has produced a swing high breakout, suggesting the likelihood of a robust rally in the near term.
The momentum indicator RSI is currently in a bullish crossover and is trending upward. Overall, the short-term outlook appears favorable, with the potential to reach between 25,750 and 25,800, while support is set at 25,500 on the downside.
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Vinod Nair, the Head of Research at Geojit Investments, noted that domestic equities continued their robust recovery, driven by encouraging global signals and renewed optimism regarding trade talks between India and the US. The gains were widespread, primarily led by the Realty, Auto, FMCG, and Private Banking sectors. Market sentiment was further enhanced by the anticipation of a revival in demand for Q3FY26, early indications of foreign institutional investors’ inflows, the dovish remarks from the US Federal Reserve, and a weaker dollar index.
Additionally, the recent strengthening of the Indian Rupee underpinned the overall positive sentiment. While the short-term momentum appears promising, sustained performance will hinge on evidence of earnings growth from the current corporate results and developments in global trade.
Stocks to buy today
Regarding stocks to buy today, market experts—Sumeet Bagadia, Executive Director at Choice Broking; Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, recommended these eight intraday stocks for today: Dr. Agarwals Health Care Ltd, Ather Energy Ltd, Steel Authority of India Ltd (SAIL), Mahindra & Mahindra Ltd (M&M), KPIT Technologies Ltd, ICICI Bank Ltd, Varroc Engineering Ltd, and Himatsingka Seide Ltd.
Sumeet Bagadia’s stock picks
Dr. Agarwals Health Care Ltd: Bagadia recommends buying Dr. Agarwals Health Care share price at ₹541.5 keeping a stoploss at ₹523 with a Dr. Agarwals Health Care share price target of ₹579.
Dr. Agarwals Health share price was trading at 541.5, the stock is currently displaying a Long-term uptrend, evident from its recent strong rally. The price structure is forming a sequence of higher lows and higher highs in recent sessions and has formed a new all-time high at 568, indicating strong bullish momentum. This bullish structure is supported by rising volumes, confirming the strength behind the price action. The overall trend remains firmly positive, with the 20, 50, 100 Days Exponential Moving Averages all trending upward—underscoring sustained demand and strengthening bullish sentiment across short- to long-term timeframes.
In conclusion, based on current technical conditions, Dr. Agarwals Health Care share price offers a strong buying opportunity for short-term traders targeting 579, provided sound risk management measures are maintained.
Ather Energy Ltd: Bagadia recommends buying Ather Energy share price at ₹688.55 keeping a stoploss at ₹665 with a Ather Energy share price target of ₹736.
Ather Energy share price was trading at 688.55, the stock is currently displaying a Long-term uptrend, evident from its recent strong rally. The price structure is forming a sequence of higher lows and higher highs in recent sessions and has formed a new all-time high at 695, indicating strong bullish momentum. This bullish structure is supported by rising volumes, confirming the strength behind the price action. The overall trend remains firmly positive, with the 20, 50, 100-day Exponential Moving Averages all trending upward—underscoring sustained demand and strengthening bullish sentiment across short- to long-term timeframes.
In conclusion, based on current technical conditions, Ather Energy share price offers a strong buying opportunity for short-term traders targeting 736, provided sound risk management measures are maintained.
Ganesh Dongre’s stocks to buy today
Steel Authority of India Ltd (SAIL): Ganesh Dongre recommends buying SAIL share price at ₹131 with a stoploss at ₹125 with SAIL share price target of ₹140.
SAIL share price has been exhibiting a strong and consistent bullish pattern, indicating sustained investor interest and positive price momentum. The stock is currently trading at ₹131 and has established a solid support base at ₹125. This level has historically acted as a cushion, and the recent price action suggests a reversal from this support, reinforcing bullish sentiment.
The technical setup points to the potential for a price retracement toward the ₹140 level in the near term. Given the renewed strength and the favourable risk-reward ratio, entering at the current market price with a stop-loss placed at ₹125 offers a strategic opportunity to capture the expected upside move. The outlook remains positive as long as the stock holds above its key support zone
Mahindra & Mahindra Ltd (M&M): Ganesh Dongre recommends buying M&M share price at ₹3,560 with a stoploss at ₹3,250 with M&M share price target of ₹3,750.
M&M share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹3,560 and maintaining a strong support at ₹3,250. The technical setup indicates the potential for a price retracement towards the ₹3,750 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹3,250 offers a prudent approach to capturing the anticipated upside.
KPIT Technologies Ltd: Ganesh Dongre recommends buying KPIT Technologies share price at ₹1,162 with a stoploss at ₹1,140 with KPIT Technologies share price target of ₹1,200.
KPIT Technologies share price has exhibited a strong notable continue bullish pattern, offering another promising opportunity for short-term traders. The stock is currently priced at ₹1,162 and maintaining a strong support at ₹1,140.
The technical setup indicates the potential for a price retracement towards the ₹1,200 level. With the stock reversing from a support base and showing signs of renewed strength, entering at the current market price with a stop-loss at ₹1,140 offers a prudent approach to capturing the anticipated upside.
Shiju Koothupalakkal intraday stocks for today
ICICI Bank Ltd: Shiju Koothupalakkal recommends buying ICICI Bank share price at ₹1,415 with a ICICI Bank share price target of ₹1,470 with a stop loss of ₹1,390.
ICICI Bank share price has indicated a strong bullish candle formation moving past the important 50EMA at 1,400 zone and has improved the trend to anticipate for further rise in the coming days. The RSI is on the rise gaining strength and with much upside potential visible, can carry on with the positive move further ahead. With the chart technically looking attractive, we suggest buying the stock for upside target of 1,470 keeping the stop loss at 1,390 level.
Varroc Engineering Ltd: Shiju Koothupalakkal recommends buying Varroc Engineering share price at ₹616 with a Varroc Engineering share price target of ₹650 with a stop loss of ₹602.
Varroc Engineering share price has indicated a series of higher bottom formation on the daily chart to strengthen the trend with currently having a strong bullish candle formation taking support near the important 50EMA at 592 level has improved the bias once again anticipating for further rise in the coming days. The RSI is well placed and with a positive trend reversal has signalled a buy and with much upside potential visible, we expect further gains to carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 650 keeping the stop loss of 602 level.
Himatsingka Seide Ltd: Shiju Koothupalakkal recommends buying Himatsingka Seide share price at ₹118 with a Himatsingka Seide share price target of ₹127 with a stop loss of ₹115.
Himatsingka Seide share price after a decent erosion has shown good support near the 113 zone with currently indicating a positive candle pattern on the daily chart with significant volume participation to improve the bias and to expect for further rise in the coming days. The RSI has recovered from the oversold zone to signal a buy and can carry on with the positive move further ahead. With the chart technically looking good, we suggest buying the stock for an upside target of 127 keeping the stop loss of 115 level.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.