Stocks to buy or sell: Indian equity markets concluded the week on a cautious footing, extending their recent corrective trend as elevated crude oil prices, rising global bond yields and continued geopolitical uncertainty dampened investor sentiment. Volatility remained high, with benchmark indices staging a recovery during the week before ending Friday largely unchanged as investors continued to monitor the evolving global risk landscape.
For the week, the Nifty declined around 0.47% to close at 24,252, while the Sensex slipped nearly 0.60% to settle at 77,540.83. Meanwhile, broader markets displayed relative resilience, with the SmallCap index advancing around 1.2%, while the MidCap index ended marginally lower.
Stock market next week
Nifty 50
Nifty 50 ended marginally higher at 24,252.00, gaining 20.15 points (+0.08%), after trading in a relatively narrow range during the session. The index continues to hold above the rising short-term trendline and the 24,000–24,050 support zone, keeping the broader recovery structure intact. However, the index remains below its 50-day moving average near 24,376, while RSI stands at 49.09, below its average of 54.00, indicating that momentum remains neutral with a slight lack of strength. India VIX rose 4.09% to 11.20, suggesting a modest pickup in volatility.
On the Nifty 50 outlook, Sumeet Bagadia, Executive Director at Choice Broking, said, “On the derivatives front, PCR at 1.08 indicates a relatively balanced-to-positive setup. The highest Put OI concentration around 24,200–24,000 provides a cushion on declines, while significant Call OI between 24,300–24,500 is likely to act as an overhead hurdle. The 24,350–24,400 zone is therefore crucial on the upside, coinciding with the 50-DMA area. A sustained move above this band could strengthen the recovery towards 24,500, whereas failure to hold 24,000 may bring renewed selling pressure. Overall, the index remains range-bound, with a cautious positive bias above the key support zone.”
Bank Nifty
Meawnhile, on the Bank Nifty outlook, the index extended its positive momentum and closed at 57,761.95, up 266.05 points (+0.46%), maintaining its position above the rising short-term trendline and the key moving averages. The index is trading above its 20-DMA near 57,530 and 50-DMA around 57,223, indicating comparatively stronger technical positioning than Nifty. RSI has improved to 53.72 and remains above its average of 51.79, reflecting a mildly favourable momentum setup, although the index is approaching an important supply zone.
“On the downside, 57,250–57,430 remains the immediate support area, and holding this zone would keep the recent higher-low structure intact. On the higher side, 57,880–58,000 is the key resistance band, where sustained acceptance would be required for a fresh upside breakout. Bank Nifty PCR at 0.87 suggests relatively higher Call-side positioning and warrants caution near resistance. A decisive move above 58,000 could open the way for further gains, while rejection from this zone may lead to continued consolidation within the broader range,” he added.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, 24 August. The three stock picks by Bagadia are – Confidence Petroleum India, Electrosteel Castings, and IDFC First Bank.
1] Confidence Petroleum India: Buy at ₹74.80 | Target Price: ₹81 | Stop Loss: ₹71
2] Electrosteel Castings: Buy at ₹73.58 | Target Price: ₹81 | Stop Loss: ₹70
3] IDFC First Bank: Buy at ₹86.75 | Target Price: ₹94 | Stop Loss: ₹83
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.
