Stocks to buy or sell: Indian equity markets closed the week on a cautious note, extending their ongoing correction amid concerns over global interest rates, geopolitical uncertainties and volatility linked to the introduction of the new Closing Auction Session. While the market staged a strong recovery on Friday, led by robust buying in IT stocks following positive global technology cues, the benchmark indices remained in the red for the third consecutive week.
Over the week, the slipped around 0.31% to end at 24,175.65, while the Sensex declined nearly 0.36% to settle at 77,264.51. Meanwhile, the broader market showed relative strength, with the Midcap and Smallcap indices rising approximately 0.52% and 0.51%, respectively.
Stock market next week
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
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.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, 31 August. The three stock picks by Bagadia are – Jindal Worldwide, Manali Petrochemicals, and Andhra Sugars.
1] Jindal Worldwide: Buy at ₹37.86 | Target Price: ₹41 | Stop Loss: ₹36.25
2] Manali Petrochemicals: Buy at ₹73.36 | Target Price: ₹80 | Stop Loss: ₹69.70
3] Andhra Sugars: Buy at ₹98.02 | Target Price: ₹107 | Stop Loss: ₹93.50
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.