Stock Picks for Today: Experts Recommend 5 Stocks to Buy or Sell on October 23 Amid Market Selloff

The Indian stock market experienced a sharp selloff on Tuesday, October 22, with the Sensex and Nifty 50 both dropping over 1%. The Sensex fell by 931 points (1.15%), closing at 80,220.72, while the Nifty 50 lost 309 points (1.25%), ending at 24,472.10.

Here’s what experts are saying about today’s market and which stocks to watch:

Market Outlook for Today

Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates Ltd., shared that domestic benchmark indices opened flat but then faced heavy selling pressure, closing in the negative. The volatility index, INDIA VIX, jumped 4.21% to 14.34, indicating increased market volatility.

On the Bank Nifty front, Yedve noted that it opened positively but faced profit booking, closing lower at 51,257. He highlighted key support levels at 51,000-51,100 and warned that a break below this range could lead to further downside momentum.

Rupak De, Senior Technical Analyst at LKP Securities, pointed out that Nifty slipped below a critical support level of 24,700, forming a head and shoulder pattern, which led to the market’s sharp fall. If Nifty stays below 24,700, the sentiment may remain weak, with the potential to drop further towards 24,000.

Q2 Results Today

Around 70 companies are set to release their Q2 earnings today, including Hindustan Unilever, TVS Motor, Bajaj Finserv, and SBI Life Insurance.

Top Stocks to Buy Today

Stock market experts Sumeet Bagadia, Executive Director at Choice Broking, and Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, have recommended five stocks to buy or sell today:

1. Unichem Laboratories (Buy)
   • Buy at: ₹855.75
   • Target: ₹920
   • Stop Loss: ₹825
   • Unichem is showing strong bullish momentum and is trading at all-time highs. It’s above key moving averages, indicating further potential for growth.
     
2. Torrent Power (Buy)
   • Buy at: ₹1,952.55
   • Target: ₹2,100
   • Stop Loss: ₹1,900
     Torrent Power recently broke out of a consolidation phase and hit a new high before pulling back slightly. It remains in a strong upward trend.
     
3. Infosys (Buy)
   • Buy at: ₹1,850
   • Target: ₹1,910
   • Stop Loss: ₹1,810
     Infosys is bouncing back with solid support at ₹1,810, indicating the potential for an upward rally toward ₹1,910.
     
4. TVS Motor (Buy)
   • Buy at: ₹2,670
   • Target: ₹2,750
   • Stop Loss: ₹2,320
     TVS Motor is showing signs of a bullish reversal and has a solid support level at ₹2,320, making it a good buy for a potential rise to ₹2,750.
     
5. Apollo Hospitals (Buy)
   • Buy at: ₹6,930
   • Target: ₹7,050
   • Stop Loss: ₹6,850
     Apollo Hospitals has broken out at ₹6,930, signaling an upward trend. The RSI indicator supports the buying momentum, with a potential target of ₹7,050.

These expert recommendations offer a mix of strong stocks for both short-term gains and long-term potential, giving investors options to navigate the volatile market.