According to Sudeep Shah, Head - Technical Research and Derivatives at SBI Securities, AIA Engineering and Cochin Shipyard are the top stocks to buy for the week of August 10, 2026. AIA Engineering has given a downward sloping trendline breakout on the daily timeframe after trading in a range of 4712-4460 since July 20th. The stock now trades above key short and long-term moving averages, with the MACD line crossing over the signal line and reclaiming the zero line. For Cochin Shipyard, the stock found strong support at the 1400 level twice since early June and has reclaimed its 20, 50 & 100-day EMA. The RSI has strengthened from below 40 to 65, indicating renewed bullish momentum. The rising ADX on the weekly timeframe indicates bullish trend strength, with AIA Engineering recommended for accumulation in the 4740-4790 zone and Cochin Shipyard in the 1505-1525 zone.
The benchmark Nifty50 gave a downward sloping trendline breakout on the first trading session last week but failed to witness follow-up moves, entering a period of consolidation. According to Shah's analysis, the index traded in the narrowest weekly range of 346 points since the last week of December 2025, showing lack of conviction from both bulls and bears. The index has formed a doji candle on a weekly scale and is currently trading above its short and long-term moving averages. The 24700-24750 zone will act as an important hurdle for the index, with any sustainable move above 24750 potentially leading to a sharp upside rally toward 25000, followed by 25200 in the short term. On the downside, the 200-day EMA zone of 24400-24350 will act as crucial support for the index.
The banking benchmark Bank Nifty has traded in a narrow range for the second consecutive week, with the index oscillating in the 58706-56023 zone over the last 38 trading sessions. As reported by Shah, the index formed a small body candle with shadows on either side last week, with crucial moving averages quoting flat due to consolidation. The daily RSI has remained in the sideways zone for the last 22 trading sessions. The 58200-58300 zone will act as a crucial hurdle for the index, with any sustainable move above 58300 potentially leading to a sharp upside rally toward 59000, followed by 59600 in the short term. On the downside, the 57100-57000 zone will act as important support for the index.
The IPO market continues to show activity with Behari Lal Engineering scheduled to open for subscription on August 12, 2026, with a close date of August 14, 2026. The IPO will allot shares on August 17, 2026 and list on August 19, 2026. The company has set the minimum retail application at ₹14,820 for 52 shares, with a maximum retail investment of ₹1,92,660 for 676 shares. Behari Lal Engineering, founded in 1995, is a leading iron and steel manufacturing company specializing in customized engineering solutions, serving 1825 domestic and international customers including major industrial names.
