Buy or sell stocks: Indian equity markets ended the week on a subdued note, extending their ongoing correction amid concerns over global interest rates, geopolitical developments and uncertainty surrounding the new Closing Auction Session. Investor sentiment remained cautious, although a sharp recovery on Friday, led by strong buying in IT stocks following positive global technology cues, helped limit the losses. Despite the rebound, the benchmark indices remained under pressure for the third consecutive week.
For the week, the declined 0.31% to end at 24,175.65, while the Sensex slipped 0.36% to settle at 77,264.51. Meanwhile, the broader market showed greater resilience, with the Midcap and Smallcap indices rising 0.52% and 0.51%, respectively.
Stock market today
Nifty 50
closed higher at 24,175.65, gaining 84.80 points (+0.35%), after opening at 24,122.60, with an intraday low of 24,076.85 and high of 24,188.30. The index witnessed an early recovery, but selling emerged near the higher levels where a bearish pin-bar candle was visible on the 5-minute chart near 100 Ema, leading to a gradual decline. However, buying interest returned during the later part of the session, allowing Nifty to recover and close above its opening level. After two consecutive red candles, the index formed a green daily candle, marking a recovery session despite the volatile price action.
According to Sumeet Bagadia, Executive Director at Choice Broking, Nifty continues to trade below all key moving averages, keeping the broader setup cautious. RSI stands at 46.98, while India VIX declined to 10.68, down by 3.50% indicating relatively lower volatility.
“From a technical perspective, Nifty is likely to maintain a Sideways bias as the index remains below its key moving averages and faces resistance at higher levels. Immediate support is placed at 24,000–24,050, while 24,240–24,300 remains the key resistance zone. A sustained move above 24,300 could improve the short-term structure and trigger further recovery, whereas a break below 24,000 may bring renewed selling pressure. The expected trading range for the next session is 24,000–24,300. Sector-wise, IT and other IT-related sectors were among the strongest performers, while Chemical, FMCG and Cement remained among the weaker sectors,” said Bagadia.
Bank Nifty
Bank closed almost flat at 57,496.30, declining 13.65 points (-0.02%), after opening at 57,429.75, with an intraday low of 57,264 and high of 57,596.40. The index remained range bound through the session, with limited directional movement and intermittent volatility. On the daily chart, Bank Nifty took support near the 50-Day EMA, while facing resistance around the 20-Day EMA on higher side, keeping the index confined between key moving-average levels. T
Bagadia noted that the price action continues to indicate indecision, with neither buyers nor sellers gaining clear control. The RSI stands at 49.81, reflecting neutral momentum.
“The technical setup remains range bound, with the index oscillating between its key moving-average levels. Bank Nifty is taking support near the 50-Day EMA, while the 20-Day EMA continues to act as an immediate hurdle in daily candle. Immediate support is placed at 57,000–57,275, while 57,800–58,000 remains the key resistance zone. A sustained move above 58,000 could improve the short-term structure and trigger further recovery. Conversely, a break below 57,000 may bring renewed selling pressure. Overall, the expected trading range for the next session remains 57,000–58,000, keeping the bias Sideways,” Bagadia added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Monday, 31 August: Tata Technologies, Ask Automotive, Sagility, Ramkrishna Forgings, and TTK Healthcare.
1] Tata Technologies: Buy at ₹834, Target ₹900, Stop Loss ₹795
TATATECH is showing signs of a bullish reversal after experiencing a short-term correction from its recent peak near ₹880. The stock has found buying interest around its key moving-average support and has now successfully closed above the 20-day EMA, indicating a positive shift in immediate short-term momentum. This recovery suggests that buyers are gradually regaining control after the recent pullback. The stock’s price structure remains constructive, and sustained trading above the 20-day EMA could attract further buying interest in the coming sessions. Momentum is also supportive, with RSI currently positioned around 58.42, indicating expanding bullish momentum while remaining comfortably below the overbought zone of 70.
If the stock sustains above ₹834, it could move towards the ₹900 target. ₹795 remains the crucial stop-loss level.
2] Ask Automotive: Buy at ₹635, Target ₹685, Stop Loss ₹604
ASKAUTOLTD continues to maintain a strong medium-term bullish structure after witnessing a massive, high-volume breakout in early August, which took the stock towards the ₹680 zone. Following that sharp rally, the stock has entered a healthy short-term consolidation phase, allowing momentum to cool without damaging the broader trend. The price is currently holding above the 20-day EMA near ₹610.20, which is acting as a dynamic short-term floor. It also remains comfortably above the 50-day and 100-day EMAs, confirming a strong underlying trend. Importantly, the recent pullback has occurred on comparatively lower volumes, indicating limited selling pressure.
RSI around 60.06 reflects healthy momentum after cooling from overbought levels. Sustained strength above ₹635 could trigger a move towards ₹685, while ₹604 remains the crucial stop-loss.
3] Sagility: Buy at ₹46.34, Target ₹50, Stop Loss ₹44
SAGILITY has delivered a strong bullish breakout on the daily chart, supported by constructive volume activity and a decisive move above its recent multi-week consolidation range. The stock closed strongly at ₹46.34, gaining approximately 4.68%, with the bullish candle positioned near the top of the breakout range, reflecting aggressive buying interest. The breakout indicates that buyers have successfully overcome the previous congestion zone and that the stock could enter a fresh momentum phase. RSI has also moved decisively into bullish territory and is currently positioned around 70.12.
Although the indicator has entered the overbought threshold, strong breakout phases can sustain elevated RSI levels for some time while momentum remains strong. If SAGILITY sustains above ₹46.34, the stock could extend towards the ₹50 target. ₹44 remains the crucial support and stop-loss level.
4] Ramkrishna Forgings: Buy at ₹751, Target ₹810, Stop Loss ₹715
RKFORGE continues to maintain a strong medium-term uptrend, with the stock trading comfortably above its major long-term moving averages. After reaching a recent peak near ₹760, the stock witnessed some minor profit-taking, but the latest session showed a strong recovery, with the stock closing around ₹751.25, gaining approximately 4.83%. The current price is positioned close to the 20-day EMA near ₹715.39, which is acting as an important dynamic cushion and support zone. RSI is currently around 65.64, indicating that momentum remains firmly bullish, although it has cooled from earlier overbought conditions.
This leaves scope for some sideways consolidation or a mild retest before the next leg higher. As long as ₹715 holds, the broader trend remains positive. A sustained move above ₹751 could support an upside towards ₹810, with ₹715 as the crucial stop-loss.
5] TTK Healthcare: Buy at ₹1134, Target ₹1225, Stop Loss ₹1080
TTKHLTCARE is maintaining a strong bullish structure after successfully reversing from its previous long-term downtrend. The stock broke out of a consolidation base during July and has since entered a clearly defined ascending channel, indicating a sustained improvement in short-term price momentum. The current price action remains comfortably positioned above its key short-term exponential moving averages, with the 20-day EMA around ₹1,087.80 acting as an active trailing support. The upward slope of the moving averages further confirms that buyers continue to maintain control and that dips are being absorbed effectively.
The ascending channel also provides a favourable structure for continuation if the stock sustains above its immediate support zones. A sustained move above ₹1,134 could trigger further upside towards the ₹1,225 target. On the downside, ₹1,080 remains the crucial support and stop-loss level.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.