Buy or sell stocks: The Indian stock market ended the week on a cautious note, extending its recent correction as elevated crude oil prices, renewed geopolitical tensions and uncertainty surrounding the global interest-rate trajectory continued to dampen investor sentiment. Although benchmark indices rebounded on Friday to snap a four-session losing streak, the recovery remained muted amid sustained foreign investor outflows and concerns over higher energy costs.
Over the week, the Nifty 50 fell around 1.15% to end at 23,897.70, while the Sensex declined nearly 1.0% to close at 76,515.43. Both indices registered their fourth straight weekly loss, underscoring persistent weakness in the broader market despite selective buying in individual stocks.
Stock market today
Nifty 50
Nifty 50 opened on a positive note at 23,910, around 37 points higher than the previous close of 23,873. The index initially witnessed an upside move during the first half of the session and touched an intraday high of 24,005.75. However, it failed to sustain the gains as slight profit booking emerged in the latter part of the session. Nifty slipped from the day’s high and finally settled at 23,897.70, up 24.25 points (+0.10%). The price action indicates that the index lost most of its first-half upside momentum amid profit booking, resulting in a marginal gain for the session.
According to Sumeet Bagadia, Executive Director at Choice Broking, Nifty formed a small bearish candlestick on the daily chart, reflecting hesitation at higher levels and continued selling pressure near the resistance zone. The index is trading below its 20-day, 50-day, 100-day and 200-day EMAs, indicating that the broader trend remains weak despite the recent attempts of recovery. Immediate support is placed in the 23,750–23,800 zone, while 24,000–24,050 is likely to act as a crucial resistance area. A sustained move above 24,050 could improve the near-term structure, whereas a break below 23,750 may lead to further downside.
“The RSI stood at 38.37, indicating weak momentum and a bearish bias, while remaining above the oversold zone. India VIX stood at 10.68, indicating relatively subdued market volatility. In the derivatives segment, major Call Open Interest was concentrated around the 24,000–24,100 strikes, suggesting strong resistance at higher levels, while significant Put Open Interest was seen around the 23,800–23,900 strikes, indicating immediate support around the current levels. Overall, Nifty remains in a cautious-to-bearish setup, with 24,000–24,050 acting as the key hurdle and 23,750–23,800 as the crucial support zone,” said Bagadia.
Bank Nifty
Bank Nifty witnessed a largely range-bound session, closing at 57,369.65, down 10.95 points (-0.02%). The index opened at 57,324.55, around 112 points higher, and initially witnessed strong buying momentum, touching an intraday high of 57,753.60 during the first half. However, the index failed to sustain higher levels and entered a consolidation phase, eventually touching an intraday low of 57,324.55 before settling near 57,370, indicating indecision at elevated levels.
Bagadia noted that the index formed a consolidation-type candlestick, reflecting a tug-of-war between buyers and sellers. Price action remained volatile but range-bound, with the index giving up its early gains and closing almost flat as selling pressure emerged near the 57,700–57,800 zone. The index continues to hold above its key medium-term moving averages, keeping the broader structure relatively constructive, although near-term momentum remains subdued.
“The RSI stands at 48.22, slipping below the neutral 50 mark and indicating weakening momentum with a mild bearish bias. The immediate support is placed at 57,000–57,100, while 57,600–57,700 remains the key resistance zone. As long as Bank Nifty sustains above the 57,000–57,100 support area, the broader structure can remain stable; however, a decisive breakout above 57,700 would be required to revive bullish momentum, while a break below 57,000 could trigger further weakness,” he added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five breakout shares to buy on Monday, 7 September: TCPL Packaging, Innova Captab, Greenply Industries, Global Health, and Apl Apollo Tubes.
1] TCPL Packaging: Buy at ₹4091, Target ₹4410, Stop Loss ₹3861
TCPLPACK is showing a strong short-term bullish recovery after witnessing a massive high-volume surge earlier, followed by a healthy retracement. The stock formed a local bottom around the ₹3,790 zone, which coincides with the 20-day EMA and acted as a crucial support area. From this base, the price has started moving higher again, indicating renewed buying interest. On the technical front, TCPLPACK is trading comfortably above its 20, 50, 100 and 200-day EMAs, reflecting a positive broader trend.
The 20-day EMA continues to act as immediate dynamic support. The RSI is currently at 62.80, indicating healthy bullish momentum with sufficient room before entering overbought territory. The target is ₹4,410, while ₹3,861 remains the stop-loss.
2] Innova Captab: Buy at ₹1175, Target ₹1270, Stop Loss ₹1118
INNOVACAP continues to maintain a strong bullish structure, forming consecutive higher highs and higher lows while remaining comfortably above its major 20, 50, 100 and 200-day EMAs. The stock closed around ₹1,175.40 after gaining approximately 4.44%, reflecting strong buying interest and renewed momentum. Price is now approaching its 52-week high of ₹1,199.90, making the current zone important for a potential breakout. The RSI is trading at 74.58, indicating strong momentum but also placing the stock firmly in overbought territory.
While this reflects aggressive buying participation, a brief consolidation or profit booking cannot be ruled out. Sustained strength above the recent high could open further upside towards ₹1,270. The target is ₹1,270, while ₹1,118 is the stop-loss.
3] Greenply Industries: Buy at ₹305, Target ₹330, Stop Loss ₹290
GREENPLY is showing constructive bullish price action after bouncing strongly from its key Exponential Moving Average cluster. The stock has formed a series of positive candles and closed around ₹304.70, indicating sustained buying interest. It is gradually approaching the previous local swing-high zone near ₹330, which remains an important resistance area. On the technical front, the stock is trading comfortably above its 20, 50, 100 and 200-day EMAs, with the moving averages maintaining a bullish alignment and supporting the ongoing uptrend.
The RSI stands at 61.01 and is pointing upward, reflecting healthy positive momentum without entering overbought territory. A sustained move above the recent highs could strengthen the bullish setup and support further upside. The target is ₹330, while ₹290 is the stop-loss.
4] Global Health (Medanta): Buy at ₹1470, Target ₹1590, Stop Loss ₹1390
MEDANTA continues to maintain a strong structural uptrend, with the stock forming a consistent sequence of higher highs and higher lows since its April bottom near ₹956. After registering a recent high around ₹1,544, the stock has undergone a brief short-term pullback, allowing excess momentum to cool without damaging the broader bullish structure. The recent consolidation appears healthy and could provide a fresh base for the next upward move. The RSI is currently positioned at 56.91, indicating that momentum has moderated from previously elevated levels while remaining in a positive zone.
This suggests selling pressure has eased and buyers may regain control if the stock resumes its upward trajectory. A sustained move higher could target ₹1,590, while ₹1,390 acts as the crucial stop-loss level.
5] Apl Apollo Tubes: Buy at ₹2250, Target ₹2430, Stop Loss ₹2133
APLAPOLLO is displaying strong bullish momentum after a sharp, near-vertical rally through August and into September. The stock is trading comfortably above its 20, 50, 100 and 200-day EMAs, confirming a strong and aggressive markup phase. Price recently touched around ₹2,301.40 before settling near ₹2,250, indicating that the stock is approaching an important previous structural peak and psychological supply zone. The current momentum remains favourable, although the sharp rise warrants some caution regarding short-term profit booking.
The RSI is positioned at 68.75, approaching the overbought threshold while still leaving limited room for further momentum expansion. A decisive breakout above the recent high could trigger the next leg higher towards ₹2,430. The target is ₹2,430, while ₹2,133 remains the stop-loss.
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.
