Benchmark indices closed largely unchanged on Friday, August 21, marking their second straight week of losses amid high crude oil prices, stalled US-Iran negotiations and rising US bond yields. The Sensex edged up by just 3 points to close at 77,540.83, while the Nifty 50 gained 20 points, or 0.08%, to settle at 24,252. For the week, the 30-share Sensex declined 0.60%, while the Nifty 50 fell 0.50%. The Nifty Midcap 150 index rose 0.08%, while the Nifty Smallcap 250 advanced 0.41%. According to Business Standard, the domestic equity market ended Friday on a largely steady note with the BSE Sensex adding 3.11 points and the NSE Nifty 50 settling at 24,252.00, gaining 20 points, or 0.08 per cent. In the broader market, the Nifty Midcap 100 and Nifty Smallcap 100 finished 0.10 per cent and 0.69 per cent higher, respectively, while sectoral indices ended mixed, with Nifty Metal and Nifty Private Bank among the top gainers.
Choice Broking's Sachin Gupta has recommended three additional stocks based on their positive technical setups, complementing the existing recommendations from Sumeet Bagadia. Prestige Estates is recommended at ₹1,630 with a target of ₹1,700 and stop loss at ₹1,580, showing signs of renewed bullish momentum after breaking above the upper trendline of its recent falling consolidation pattern. PB Fintech (Policy Bazaar) is suggested at ₹1,790 with targets of ₹1,850/₹1,870 and stop loss at ₹1,755, exhibiting a bullish technical setup trading above key moving averages and the Ichimoku Cloud. Carborundum Universal is recommended above ₹1,180 with a target of ₹1,280 and stop loss at ₹1,120, showing a positive technical setup with a Bullish Engulfing pattern and strong rebound from the ₹1,081 level.
As reported by Mint, the daily setup continues to indicate weakness with Nifty trading 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. The India VIX rose 4.09% to 11.20, suggesting a modest pickup in volatility. On the derivatives front, PCR at 1.08 indicates a relatively balanced-to-positive setup with the highest Put OI concentration around 24,200–24,000 providing a cushion on declines, while significant Call OI between 24,300–24,500 is likely to act as an overhead hurdle. According to Sumeet Bagadia, Executive Director at Choice Broking, the 24,350–24,400 zone is crucial on the upside, coinciding with the 50-DMA area, and a sustained move above this band could strengthen the recovery towards 24,500, whereas failure to hold 24,000 may bring renewed selling pressure.
Bank Nifty 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 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. 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. Bagadia noted that Bank Nifty PCR at 0.87 suggests relatively higher Call-side positioning and warrants caution near resistance.
