Stock market recommendations: According to Sudeep Shah, Head – Technical Research and Derivatives, SBI Securities, the top stock picks for this week are Larsen & Toubro (L&T), and Ashok Leyland. Here’s his view on Nifty, Bank Nifty for the week starting September 29, 2025:Nifty ViewThe benchmark Nifty index recorded a steep fall of 2.65% over the previous week, wiping out greater than 60% of the beneficial properties it had constructed up in the previous three weeks. The decline from latest highs was notably swift, with the index sliding almost 800 factors in simply seven periods. This has develop into the longest dropping streak since March 2025, as Nifty closed decrease for six straight days — a robust sign of deepening bearish sentiment throughout sectors.The sharpest blow got here from the Nifty IT pack, which slumped virtually 8% throughout the week. The sell-off was sparked after U.S. President Donald Trump proposed an infinite $100,000 payment for recent H-1B visa purposes, a transfer that stirred vital concern for Indian IT corporations. This announcement led to heavy unloading in main tech counters as investor confidence soured. To make issues worse, Trump additionally introduced a 100% tariff on pharmaceutical imports on Friday, including additional strain on export-oriented segments akin to pharma.On the technical entrance, Nifty broke beneath a number of essential transferring averages — the 20-day, 50-day, and 100-day EMAs — all of which have now turned decrease. Additionally, the day by day RSI slipped out of its upward channel and dropped beneath the 40 stage, strengthening the case for continued draw back momentum.Looking forward, the important cushion for Nifty lies in the 200-day EMA zone at 24,400–24,350, which now stands as the remaining line of help. A decisive breach beneath 24,350 might open the gates for an extra slide towards 24,000. On the flip aspect, quick resistance has shifted down to 24,850–24,900, a band that have to be crossed for any significant rebound try.Bank Nifty ViewThe banking gauge, Bank Nifty, too confronted promoting strain final week, shedding almost 2% and slipping beneath the 54,400 stage. From its latest swing excessive of 55,835, the index has misplaced greater than 1,400 factors in simply seven periods, underscoring the tempo of correction in banking names.On the weekly timeframe, the index has carved out a big bearish candle, signalling sturdy downward momentum and a change in near-term sentiment. From a technical perspective, Bank Nifty has damaged below its 20-day, 50-day, and 100-day EMAs, all of which are actually pointing decrease — highlighting the weakening pattern construction.Further compounding the bearish image, the day by day RSI is inching nearer to the 40 zone and continues to pattern downward. This signifies fading momentum and means that the index might wrestle to stabilize except general market temper turns supportive. The setup clearly calls for warning in the banking basket.In phrases of ranges, the 200-day EMA round 53,800–53,700 is anticipated to act as a important help zone. A decisive breakdown beneath 53,700 might speed up the decline towards the 53,000 mark. On the different hand, quick resistance has now shifted decrease to 54,700–54,800, which is able to function a key barrier for any significant rebound.Stock recommendations:Larsen & Toubro (L&T)Larsen & Toubro (L&T) had repeatedly failed to cross the stiff resistance zone of 3700–3710 since early June, however immediately’s sturdy transfer, supported by rising volumes, has lastly propelled the stock above this barrier, signalling a possible breakout. The value motion is encouraging, as L&T has closed firmly above all key short- and long-term transferring averages, showcasing a strong bullish construction.Bollinger Bands are widening with value motion hugging the higher band, indicating sturdy momentum and the chance of continuation. RSI has moved above 60, pointing to strengthening bullish sentiment. Volume exercise has picked up, reinforcing conviction in the breakout. The ADX line too is rising, hinting at bettering pattern power.Overall, with resistance now conquered, L&T appears poised for additional upside. Hence, we advocate to accumulate the stock in the zone of 3730-3710 with a stoploss of Rs. 3600. On the upside, it’s probably to check the stage of 4000 in the quick time period.Ashok LeylandAshok Leyland, which is a constituent of the Auto Index, has comparatively outperformed the Nifty index in latest weeks, as indicated by a rising ratio line in Ashok Leyland/Nifty ratio chart. Despite weak point in the broader markets, the stock has proven resilience, managing to maintain its floor with out cracking below promoting strain. On the day by day chart, Ashok Leyland continues to commerce above all key transferring averages – the 20-day, 50-day, 100-day, and 200-day EMAs – reflecting a robust bullish undertone.The value has been hugging alongside the higher band of the Bollinger Bands, signalling sustained shopping for curiosity and a phenomenon which is commonly seen throughout sturdy tendencies. RSI stays comfortably above 60, indicating wholesome momentum with out indicators of overheating. Importantly, the ADX line is rising, highlighting strengthening pattern depth, which provides conviction to the ongoing transfer.With technicals aligned in favor of the bulls, the stock appears poised for additional upside. Hence, we advocate to accumulate the stock in the zone of 140-142 with a stoploss of Rs. 137. On the upside, it’s probably to check the stage of 151 in the quick time period.(Disclaimer: Recommendations and views on the stock market and different asset courses given by consultants are their very own. These opinions don’t signify the views of The Times of India)
