Aakash K Hindocha, Vice President – Research at Nuvama Professional Clients Group, has flagged three IT and energy stocks for accumulation on October 22, 2026. The call centers on technical breakouts rather than fundamental news, targeting an 8–10% upside across the board. Persistent Systems is the primary pick, with a Last Closed Price (LCP) of ₹5,858 and a target of ₹6,400. The stock has broken out of a correction pattern that persisted since early this year, aided by a 200 DMA crossover on daily charts.
Sagility offers a smaller ticket size with an LCP of ₹44.40 and a target of ₹48. The stock is forming a higher-low structure and has reclaimed its 200 DMA, setting up a breakout above the ₹45.50 consolidation zone. Waaree Energies, trading at ₹2,455, is the third pick. It recently broke a six-month sloping trendline and is currently retesting that breakout level at the 50% retracement of its fortnight rally. Hindocha sees buyers stepping in here, with a stop loss set at ₹2,320 and a target of ₹2,700.
The broader market context is mixed. Nifty has retested its 200 Weekly Moving Average after a weekly close above 23,100 last week. The current dip aligns with a 50% retracement of the recent 1,000-point rally. Nuvama suggests that dips below 22,800 are likely to be bought into, with the next retest targeting 23,100 and beyond. Bank Nifty has lost 1.5% this week after hitting its 55,500–55,750 target zone. However, the index marked its first two consecutive green weekly closes in 100 days, signaling a potential end to the downtrend. Immediate support sits at 54,700, while 56,000 remains the upside target.
Macro headwinds are present but manageable. Brent crude has surged to a six-month high of $110 per barrel. The spread between US 10-year and India 10-year yields is nearing 230 bps, up from a low of 180 bps at the start of the month. BSE Sensex weekly expiry is scheduled for today, with the market closing on Friday. Traders should watch the 22,800 level in Nifty as a key decision point for the next leg of the rally.