Buy or sell stocks: Indian equities remained under pressure in Monday’s session on September 7, marking another weak trading day as heightened tensions in the Middle East kept crude oil prices elevated. Meanwhile, stronger-than-expected US job growth boosted expectations of a potential Federal Reserve rate hike at next week’s meeting, leading investors to turn cautious and reduce exposure to riskier assets.
The extended its losing streak to four consecutive sessions, declining 0.57% to close at 23,779. The Sensex also fell 0.5% to end at 76,132. During the session, both benchmark indices touched their lowest levels since July 24.
Stock market today
Nifty 50
closed at 23,779.15, down 118.55 points (-0.50%), extending its recent weakness after failing to hold the early session high of 23,890. The index remained under selling pressure for most of the session and ended close to the lower end of the day’s range, reflecting a cautious short-term setup.
“With RSI at 34.72, momentum remains weak, while the index continues to trade below its key moving averages. The 23,600–23,750 zone remains crucial on the downside, while 23,950–24,000 is likely to act as an immediate hurdle. A sustained break below the support zone could intensify selling pressure, whereas a recovery above resistance would provide some relief. With volatility edging higher and Call OI concentrated at higher strikes, the near-term bias remains cautious to bearish,” said Sumeet Bagadia, Executive Director at Choice Broking.
Bank Nifty
ended at 57,088.30, down 281.35 points (-0.49%), as the index failed to sustain its early recovery and came under renewed profit booking. The index slipped to an intraday low of 57,002.95 before closing slightly above the day’s low. The break below the 50-Day EMA has weakened the short-term setup, while the index is now testing its broader rising trendline support.
“The 57,000–57,200 region is therefore critical for the next directional move. Holding this zone could trigger a recovery, but a decisive breakdown may lead to further weakness. On the upside, 57,700–58,000 remains the key hurdle that needs to be reclaimed for momentum to improve. Overall, the near-term bias remains cautious, with the trendline zone likely to determine the next move,” Bahadia added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Tuesday, 8 September: Kiri Industries, Gujarat Themis Biosyn, Supreme Petrochem, Man Industries (India), and Aeroflex Industries.
1] Kiri Industries: Buy at ₹583, Target ₹635, Stop Loss ₹555
KIRIINDUS is showing strong bullish momentum after staging an aggressive breakout from a prolonged consolidation base. The stock closed at ₹583.20, gaining +4.31%, with price trading decisively above all major Exponential Moving Averages, indicating a strong structural trend reversal. The recent price action reflects sustained buying interest and continued momentum on the upside. The RSI is currently at 72.25, with the signal line near 70.60, placing the stock in the overbought zone.
While this confirms strong buying pressure, the elevated RSI also suggests the possibility of short-term profit booking or consolidation after the sharp rally. If momentum sustains, the stock can move towards the target of ₹635. The stop loss is placed at ₹555.
2] Gujarat Themis Biosyn: Buy at ₹429, Target ₹465, Stop Loss ₹405
GUJTHEM has delivered a strong breakout from its multi-week consolidation range around ₹380, supported by consecutive bullish daily candles and improving buying interest. The stock is currently trading comfortably above its key Exponential Moving Averages, including the 20, 50, 100 and 200-day EMAs, indicating a healthy bullish structure and sustained momentum. The breakout suggests that buyers have successfully taken control after the prolonged consolidation phase, opening scope for further upside in the coming sessions.
The RSI is currently at 65.06 and continues to point upward, reflecting strong positive momentum while still having some room before entering the overbought zone. Sustained strength can drive the stock towards ₹465. The stop loss is placed at ₹405.
3] Supreme Petrochem: Buy at ₹802, Target ₹870, Stop Loss ₹755
SPLPETRO has witnessed a sharp bullish breakout after spending several months consolidating within a broad range. The stock gained +4.08% and closed at ₹802.50, decisively moving above its major long-term Exponential Moving Averages. The 20 and 50-day EMAs are also beginning to turn upward and improve their alignment with the longer-term averages, indicating the possibility of a fresh structural uptrend. Strong price action suggests increasing participation from buyers and improving momentum.
The RSI stands at 72.22, which has moved into the overbought zone, highlighting powerful buying momentum but also raising the possibility of a brief pause or profit booking. If the breakout sustains, the stock can move towards ₹870. The stop loss is placed at ₹755.
4] Man Industries (India): Buy at ₹819, Target ₹885, Stop Loss ₹775
MANINDS has entered a strong vertical uptrend, reflecting aggressive buying interest and a decisive momentum expansion. The stock closed at ₹819.40, gaining +3.91%, while continuing to trade significantly above its 20, 50, 100 and 200-day Exponential Moving Averages. The bullish EMA structure confirms that the broader trend remains firmly positive. However, the price is considerably stretched above the 20-day EMA, which is positioned around ₹711.21, indicating strong short-term momentum but also an extended move. The RSI is currently at 77.67, firmly within overbought territory.
This highlights powerful buying strength, although traders should remain cautious about potential short-term exhaustion or profit booking. If momentum remains intact, the stock could advance towards ₹885. The stop loss is placed at ₹775.
5] Aeroflex Industries: Buy at ₹558, Target ₹600, Stop Loss ₹527
AEROFLEX continues to maintain a strong bullish structure, supported by a clear sequence of higher highs and higher lows. The stock is trading comfortably above its 20, 50, 100 and 200-day Exponential Moving Averages, with the EMA structure fanning out positively and confirming robust underlying strength. In the recent session, the stock bounced cleanly from its 20-day EMA, demonstrating that the short-term moving average is continuing to act as an important dynamic support zone. The rebound was accompanied by a strong bullish candle, with the stock closing at ₹558.15 after gaining +3.85%.
This price action indicates renewed buying interest and scope for continuation of the existing trend. Sustained strength can take AEROFLEX towards ₹600, while ₹527 remains the crucial 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.