GAIL, IndiGo Top Stocks to Buy on October 8, 2026, Says Nuvama Wealth

Top stock market recommendations from Nuvama Wealth's Aakash K Hindocha. Vice President - Research, have identified GAIL and IndiGo (Interglobe Aviation) as the top stocks to buy on October 8, 2026. Meanwhile, Hindustan Zinc is a sell call.

GAIL (BUY): LCP: Rs 170, Stop Loss: Rs 164, Target: Rs 184. The stock has been in a sideways consolidation after breaking out in June 2026, with prices bouncing off from its 200 DMA. A follow through is expected to unfold northwards in this month.

Prices are holding at 1-month highs despite a rise in crude oil prices, allowing sentimental buying to resume on the scrip. Breakout and structure for a 10% rally is already in play.

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Hindustan Zinc (SELL): LCP: Rs 551, Stop Loss: Rs 577, Target: Rs 506. A bearish head and shoulder breakout is in play, with an 18-month rising trendline breakdown on the verge.

The Interglobe Aviation stock has reversed after retracing 50% of its rally between March and August 2026. On daily timeframe prices are on verge of giving a bullish flag breakout.

Since the start of the week, Nifty has surged by approximately 200 points, reversing its losses from last week, which totalled over 700 points. Notably, the index has entered a bullish phase, with 23,150 becoming a vital support level only if it clears 22,800.

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Conversely, a drop below 22,500 could serve as a buying opportunity, potentially bolstering existing long positions or adding to them.

Spread between WTI and Brent has increased to over $10 / bbl and this has been the give-away point from the start of this year for oil prices to cool down and should be widely monitored.

The Bank Nifty has surged nearly 600 points this week, reversing a significant 1000-point drop from last week. Market participants have shown a subdued response. As the recent rate hike by the RBI had already been factored into the market's expectations.