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. According to reports from Mint, 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. The Indian stock market sentiment is currently cautious to positive as long as the Nifty 50 index trades above 23,900, with Sumeet Bagadia, Executive Director at Choice Broking, noting that Nifty has an existing base at the 50-DEMA level (24,050) and the next strong base is in the 23,850-23,900 range.
Over the week, the Nifty slipped around 0.31% to end at 24,175.65, while the Sensex declined nearly 0.36% to settle at 77,264.51. As reported by Mint, the broader market showed relative strength, with the Midcap and Smallcap indices rising approximately 0.52% and 0.51%, respectively. The Nifty 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. Bagadia predicts sharp selling pressure if the 50-stock index breaks decisively below 23,800, maintaining the cautious outlook for the broader market setup.
According to Sumeet Bagadia, Executive Director at Choice Broking, Nifty continues to trade below all key moving averages, keeping the broader setup cautious. As reported by Mint, RSI stands at 46.98, while India VIX declined to 10.68, down by 3.50% indicating relatively lower volatility. Bagadia noted that 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. The technical setup suggests that Nifty has an existing base at the 50-DEMA level (24,050) and the next strong base is in the 23,850-23,900 range.
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. According to Mint, the index remained range bound through the session, with limited directional movement and intermittent volatility. The technical setup remains range bound, with the index oscillating between its key moving-average levels, taking support near the 50-Day EMA while facing resistance around the 20-Day EMA on higher side.
Sumeet Bagadia has recommended three stocks to buy on Monday, 31 August 2026 - TCS, Axis Bank, and Bajaj Auto. As reported by Mint, the specific recommendations include TCS at ₹2,342 with target price of ₹2,570 and stop loss at ₹2,240, Axis Bank at ₹1,265 with target price of ₹1,350 and stop loss at ₹1,208, and Bajaj Auto at ₹11,910 with target price of ₹12,774 and stop loss at ₹11,300. TCS share price is showing signs of consolidation after a recent recovery, with the stock currently trading around ₹2,342 and the recent rally facing resistance near the 100-day EMA at ₹2,361.60. Axis Bank's share price is attempting to stabilise after a significant pullback, currently trading around ₹1,265 and testing a major long-term ascending trendline. Bajaj Auto's share price continues to exhibit strong bullish momentum after breaking out of its recent consolidation phase and maintaining a firm upward trajectory near its fresh 52-week high.
