Raja Venkatraman recommends three stocks for 29 October

Disappointing scenario continued to emanate in the Nifty expiry session leading to high level of frustration that is triggering the lack of participation. The overseas negative cues continue to pile up resulting in a state of concern across the board.

Indian equity markets remained range-bound and volatile on 28 October 2026, as the Nifty struggled for clear direction around the 22,700–22,800 zone, while the Sensex held a mildly positive bias. Selective buying in defensive and consumption-oriented names supported the indices, even as some heavyweight financial and technology stocks faced profit booking.

Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:

GESHIP (Cmp 1559.90)

GESHIP: Buy above ₹1565, stop ₹1505 target ₹1695 (Multiday)

• Why it’s recommended:The Great Eastern Shipping Company Limited (GE Shipping), traded as GESHIP, is India's largest private sector shipping and oilfield services provider. Post a volatile phase from May 2026 the stock is now witnessing a revival from deep oversold levels. With a positive newsflow about its acquisition we can see the strong thrust in the momentum. As he Tenkan Sen and Kijun Sen acts as a strong set of supports with support from Relative Strength Index(RSI) could help the prices rebound. Go long.
• Key metrics:
  • P/E Ratio : 7.14,
  • 52-week high: ₹1798
  • Volume: 488.81K
• Technical analysis: Support at ₹1350, resistance at ₹1700.
• Risk factors: Risks inherent to global maritime trade, asset cycles, and geopolitical tensions.
• Buy : above ₹1565.
• Stop loss: ₹1505.
• Target price: ₹1695 (2 Months)

LGEINDIA (Cmp 1690.60)

LGEINDIA: Buy above ₹1691, stop ₹1605 target ₹1850 (Multiday)

• Why it’s recommended:

LG Electronics India Limited (LGEINDIA) is one of the most prominent consumer durables and home appliances companies in India. The stock had been recommended earlier as well in our article and it continues to perform quite robustly. The strong uptrend remains intact and despite some turbulence in the market the dips are used to buy into. As steady volume build-up is seen we can look at how this counter is able to generate steady upward momentum. The reaction from every swing pullback augurs well look to go long.

• Key metrics:
  • P/E: 62.55,
  • 52-week high: ₹1825,
  • Volume: 233.88K
• Technical analysis: Support at ₹1590, resistance at ₹1900.
• Risk factors: Raw Material Price Volatility & Supply Chain, Intense Market Competition.
• Buy : above ₹1691.
• Stop loss: ₹1605.
• Target price: ₹1850 (2 Months)

HBLENGINE (Cmp 809.95)

HBLENGINE: Buy above ₹810, stop ₹765 target ₹890 (Multiday)

• Why it’s recommended:⁠ HBL Engineering Limited (traded as HBLENGINE on the NSE, and formerly known as HBL Power Systems Ltd) is a prominent, research-driven Indian engineering company headquartered in Hyderabad. After nearly 3 months of decline, a strong reversal triggered by a positive Relative Strength Index (RSI) divergence is signalling signs of a revival in Capital market sector. Now , alongwith some consistent positive vibes across the board. With a strong thrust above there recent value resistance around 800 could carry the prices higher. Consider going long.
• Key metrics:
  • P/E: 29.40,
  • 52-week high: ₹1121.95,
  • Volume: 1.66M
• Technical analysis: Support at ₹700, resistance at ₹950.
• Risk factors: Government Multi-Vendor Policies,Collateral Cyclicality in Industrial Segments and Small-Cap Stock Volatility .
• Buy : above ₹810.
• Stop loss: ₹765.
• Target price: ₹890 (2 Months)

Stock market recap

Indian equity markets remained range-bound and volatile on October 28, 2026, as the Nifty struggled for clear direction around the 22,700–22,800 zone, while the Sensex held a mildly positive bias. Selective buying in defensive and consumption-oriented names supported the indices, even as some heavyweight financial and technology stocks faced profit booking.

Broader markets continued to outperform, with sustained interest in midcap and smallcap stocks reflecting healthy domestic risk appetite. Pharma, realty, and consumer-focused counters provided support, while quarterly earnings drove sharp stock-specific moves—strong results attracted buying, whereas weak numbers triggered corrections.

Sentiment remained cautious amid elevated crude oil prices, foreign institutional selling, and uncertainty over global central bank policies. Technically, the Nifty held above the key 22,600 support, indicating demand at lower levels, but resistance around 22,800–23,000 limited upside. Overall, the market was in a consolidation phase, with participants awaiting fresh triggers from earnings, global cues, and institutional flows.

Outlook for trading

A muted start to the November series has led to some confusion as the trends remained subdued overall as there is still lack of clarity that is continuing to keep the recovery at bay. However, a continued buying at lower levels has helped the prices recover n a regular basis in the last 3 days. With the global market remaining tense due to geopolitical newsflow the higher levels remained pressured.

The entire week has transpired with not much of contribution from the indices thus leading us to a conclusion of a labored approach for the road ahead. The Relative Strength Index has shown a complete lack of enthusiasm as the overall scenario remained in a state of confusion below 50 levvels. The prices are getting stuck at the Tenkan Sen and Kijun Sen thus leading to a conclusion that the trends are still discovering the way ahead. The Option data indicates that the PCR has moved above 1 that indicates that the Max pain point is at 22700 which will continue to be at an inflexion point in the days ahead.

With the constant attention of the market continuing to be fixed on the data coming out of the US we would be subjected to some knee jerk reaction. Till our quarterly results are completed we could experience some erratic market action as the current state of affairs may persist.

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.