Top stock picks for today, Sep 22: Ashok Leyland, Torrent Power, and more

Technical stock picks: Supreme Industries, Ashok Leyland, and Torrent Power are the stock picks by Kruti Shah, quant analyst, Equirus Securities

Stock recommendations:

Torrent Power  BUY : ₹1,265 & ₹1,245 | TGT: ₹1,400/₹1,425 (10-12 per cent) | SL: ₹1,200

Torrent Power is emerging as a strong long candidate with both quant signals and technical structure aligning. Rollover at 92 per cent compared to 85 per cent in the previous expiry, Open interest up by 38 per cent month-on-month alongside a 4 per cent price gain indicates positional traders are carrying longs with higher conviction. Delivery volumes have also picked up to 38 per cent against a three-month average pointing to steady accumulation. Options positioning further validates the bullish stance, with a firm base at ₹1,240-₹1,220 (Put OI concentration) and a relatively open upside towards ₹1,550–₹1,600.

 

 

On the technical front, the stock has been in a correction since April 2024 & trading near previous support. The ₹1,200–₹1,240 zone offers a strong demand area, while a move above ₹1,280 could unleash fresh momentum. With implied volatility still subdued, the stock appears primed for a directional move.

 

Overall, Torrent Power offers a favorable risk-reward setup, with entries around ₹1,265–₹1,245, stop-loss near ₹1,200, and potential targets of ₹1,400 and ₹1,425 over the next 3–4 weeks.  Track Stock Market Live Updates

Ashok Leyland – Accumulation base building for next leg up  BUY : ₹140 & ₹137 | TGT:  ₹155/₹158 (10-11 per cent) |  SL: ₹134

Ashok Leyland has been consolidating over a year but recently moved above the previous 52 week high. Rollover at 96 per cent compared with 96 per cent, indicating long continuation. Open interest has risen by nearly 26 per cent since expiry & price has held steady within the ₹120–₹130 range, a sign of long accumulation. Delivery volumes have improved to 30 per cent (vs 26 per cent 3M average), reflecting participation from stronger hands. Options positioning shows firm support built around ₹130–₹127 (Put OI base), while the upside remains relatively open towards ₹147–₹150.

 

Technically, the stock is trading above its 30, 50 and 200-DMA, sustaining a higher-lows structure since Apr 2025. The ₹115–₹120 zone has acted as a strong demand area multiple times, suggesting a well-defined base. A breakout above ₹130–₹135 on strong volumes suggesting momentum and potential move towards ₹150/₹155.

 

Overall, Ashok Leyland offers an attractive risk-reward entry at current levels (₹140–₹137), with a stop-loss near ₹135 and upside potential of ₹155–₹158 in the coming 3–5 weeks.

 

Supreme Industries – Distribution phase, short setup emerging  SELL:  Below ₹4430 & ₹4470 | TGT ₹4,000 (10-11 per cent) |  SL : ₹4,550

 

Supreme Industries is witnessing sustained weakness after a prolonged uptrend, with multiple quant and technical indicators pointing towards a corrective phase. We have witnessed long unwinding & short creation month-on-month basis. Delivery volumes have declined from a 3-month average of 32 per cent to 23 per cent, indicating weaker hands dominating the recent moves.

 

Options positioning also signals caution, with heavy Call OI concentration around ₹4,500–₹4,800 acting as a ceiling, while Put OI support has thinned out below ₹4,350. Implied volatility has started inching higher with price stagnation — a typical bearish setup.

Technically, the stock is struggling near its 30 DMA (₹4,550) and failed to sustain above 4700 in the last two attempts. A breakdown below ₹4,550–₹4,500 zone could accelerate downside momentum towards ₹4,100–₹4,000. RSI is slipping below 48, MACD is in negative crossover, and Bollinger Bands are widening on the downside — confirming weakening momentum.

 

(Disclaimer: Kruti Shah is a quant analyst at Equirus Securities. Views expressed are his own.)