Technical analyst Jatin Gedia has highlighted bullish chart patterns for JSW Infrastructure and Varroc Engineering, suggesting potential upside. Meanwhile, PowerGrid Corporation faces a bearish breakdown. The broader market remains in a consolidation phase between 22,500 and 22,800, pressured by heavy foreign investor outflows.
On October 1, 2026, technical analyst Jatin Gedia of Teji Mandi shared a positive outlook on JSW Infrastructure and Varroc Engineering, while flagging a bearish trend for PowerGrid Corporation. These views come as the Indian stock market continues to consolidate, with the Nifty index oscillating between 22,500 and 22,800.
Bullish Signals for JSW Infra and Varroc
The outlook for JSW Infrastructure is based on a retest of a triangle breakout pattern. The stock has maintained its 20-day moving average, a level near ₹342 which analysts view as a key support zone. The technical view points to a target of ₹376. Investors should note that the infrastructure sector remains sensitive to changes in commodity prices and government policy, which can impact performance regardless of chart patterns.
Varroc Engineering has been consolidating in a symmetrical triangle pattern between ₹810 and ₹880 for the past eight weeks. An upside breakout is expected from this range, with a potential target of ₹915. However, technical analysis often yields mixed results; some indicators, such as the 14-day relative strength index, have occasionally signaled caution. Traders often set a stop-loss near ₹834 to manage risk if the expected momentum fails to materialize.
PowerGrid and Broader Market Pressure
In contrast, PowerGrid Corporation has triggered a bearish signal following a breakdown from its recent consolidation range of ₹263 to ₹275. The stock has shown a pattern of lower highs and lower lows, leading to a negative outlook with a target price of ₹252.
This stock movement occurs against a backdrop of broader market caution. The Indian markets are currently dealing with the pressure of heavy foreign institutional investor (FPI) outflows, which exceeded ₹1 trillion in the first half of the financial year. This macro pressure often creates headwinds, meaning individual stock setups may face higher volatility than usual.
For investors, the key monitorable remains whether these stocks can hold their support levels. Technical signals, such as stop-losses at ₹342 for JSW Infrastructure and ₹834 for Varroc Engineering, serve as reference points for those tracking these trends. Investors should remember that technical trends do not guarantee future performance and can be disrupted by fundamental company news, quarterly results, or sudden shifts in market liquidity.