Buy or sell stocks: The Indian stock market remained under pressure for the third straight session on Wednesday, September 2, as benchmark indices slipped below key support levels. Renewed clashes in the Middle East drove oil prices higher, raising concerns over inflation and fuelling expectations of tighter monetary policy.
The Nifty 50 ended 0.59% lower at 23,914 after hitting an intraday low of 23,786. However, late-session buying helped the index recover a significant portion of its losses. The Sensex declined 0.62% to close at 76,469 after touching a one-month low during the trading session.
Stock market today
Nifty 50
Nifty 50 witnessed strong selling pressure on 2nd September 2026 and settled at 23,914.45, down 141.35 points or 0.59%. The index formed a bearish candlestick pattern on the daily timeframe, indicating renewed weakness after repeated rejection from the 24,150–24,000 region. The short-term structure remains cautious as the index continues to face selling pressure near higher levels.
“From a technical perspective, immediate support is placed at 23,800, followed by the crucial 23,606 zone. A decisive break below 23,800 could extend the correction towards 23,606. On the upside, resistance is seen at 24,050–24,100, followed by the broader hurdle at 24,200. Sustained trading above 24,100–24,200 would be required to revive bullish momentum. India VIX rose over 3% to 11.59, indicating increased volatility and caution. Overall, the near-term bias remains cautious to bearish, with 23,800 acting as the key level to defend,” said Sumeet Bagadia, Executive Director at Choice Broking.
Bank Nifty
Bank Nifty remained under pressure on 2nd September 2026 and closed at 57,172, down 237.60 points or 0.41%. The index traded between 56,823.20 and 57,221.10 during the session and continued its corrective structure after slipping below the previous close of 57,409.60. The index remains near the lower end of its broader consolidation range, making 57,000 a crucial support level.
“Technically, immediate support is placed at 57,000, followed by 56,700 and the broader 56,500–56,600 zone. A decisive break down below 57,000 could accelerate selling pressure. On the upside, resistance is seen at 57,600–57,800, followed by 58,000. Bank Nifty is trading below its 20-day SMA of 57,534, while the RSI at 45.49 and its position below the signal line indicate weakening momentum. Overall, the short-term bias remains cautious to bearish. A sustained move above 57,800–58,000 would be required to improve the technical structure,” he added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Thursday, 3 September: Raymond, Innova Captab, Clean Science and Technology, Shilpa Medicare, and Gufic BioSciences.
1] Raymond: Buy at ₹667, Target ₹720, Stop Loss ₹629
RAYMOND is trading around 667, has completed a clean breakout from a multi-week consolidation pattern on its daily timeframe, advancing to fresh highs with a strong green candle (+5.03%) and expanding volume. The price action is trending firmly above all key exponential moving averages (20, 50, 100, and 200 EMAs at 629.95, 607.37, 568.66, and 537.57 respectively), maintaining a solid structural alignment in its primary uptrend. Meanwhile, the daily RSI indicator has crossed upward into positive territory at 63.93, indicating renewed buying momentum with ample headroom to support further extension. Following this technical breakout, the asset is positioned to move toward its target of 720. To protect against potential downside risk and intra-session pullbacks, a strict stop loss is placed at 629.
2] Innova Captab: Buy at ₹1108, Target ₹1200, Stop Loss ₹1058
INNOVACAP is currently trading at 1108, has initiated a strong bullish continuation move on its daily timeframe, advancing toward its recent highs with a solid green candle off the 20-day EMA support. The price action is trending firmly above all key exponential moving averages (20, 50, 100, and 200 EMAs), preserving a healthy structural alignment in its ongoing primary uptrend. Meanwhile, the daily RSI indicator is rising in positive territory at 66.93, signalling sustained buying momentum with scope for further upside extension. Supported by this favourable trend framework, the stock is positioned to advance toward its target of 1200. To manage downside risk against potential intra-session pullbacks, a strict stop loss is placed at 1058.
3] Clean Science and Technology: Buy at ₹863, Target ₹930, Stop Loss ₹818
CLEAN is currently trading at 863, has delivered a breakout candle on its daily timeframe, advancing higher with an increase in trading to clear its base consolidation. The price action has pushed above its entire key exponential moving average cluster, reclaiming the 200-day EMA at 849.54 alongside the 20, 50, and 100 EMAs to signal a broader structural shift. Meanwhile, the daily RSI indicator is rising in positive territory at 66.86, indicating sustained buying momentum with room to support further extension. Supported by this breakout above long-term dynamic resistance, the stock is positioned to move toward its target of 930. To manage downside risk against potential intra-session pullbacks, a strict stop loss is placed at 818.
4] Shilpa Medicare: Buy at ₹929, Target ₹1010, Stop Loss ₹874
SHILPAMED is currently trading at 929, has printed a strong bullish continuation candle on its daily timeframe, advancing higher with expanding trading volume after a brief consolidation near recent highs. The price action is trending firmly above all key exponential moving averages (20, 50, 100, and 200 EMAs), maintaining a healthy structural alignment in its primary uptrend. Meanwhile, the daily RSI indicator remains positioned in bullish territory at 72.37, reflecting strong buying momentum that supports further upside extension. Supported by this favourable trend framework, the stock is configured to move toward its target of 1010. To manage downside risk against potential intra-session pullbacks, a strict stop loss is placed at 874.
5] Gufic BioSciences: Buy at ₹439, Target ₹475, Stop Loss ₹415
GUFICBIO is trading around 439, has printed a strong bullish expansion candle on its daily timeframe, advancing higher off its 20-day EMA support to retest recent swing highs. The price action is trending firmly above all key exponential moving averages (20, 50, 100, and 200 EMAs), preserving a healthy structural alignment in its primary uptrend. Meanwhile, the daily RSI indicator has crossed upward into bullish territory at 63.70, indicating renewed buying momentum with ample headroom for further upside. Backed by this positive trend continuation, the stock is configured to move toward its target of 475. To manage downside risk against potential intra-session pullbacks, a strict stop loss is placed at 415.
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.
