Navigating Nifty's Uncertainty: Stock Picks for September 8 Week

The stock market continues to keep traders on their toes, with Nifty’s fluctuating performance last week posing both opportunities and challenges. According to Sudeep Shah, Head - Technical Research and Derivatives at SBI Securities, this week could offer promising opportunities amidst market volatility.

The Rollercoaster Week for Nifty

The benchmark Nifty index has been on a whirlwind ride, with sharp reversals from intraday highs and lows. Overcoming recent troughs, Nifty bounced back with a recovery rally, signaling potential for a bullish week ahead. However, the index hovers near its 20-day and 50-day EMAs, showing indecision. The key resistance lies between 24950-25000, whilst support is at 24550-24500. Breaking out from these levels may usher in a fresh trend.

Sector-specific Headwinds

Banking and IT sectors’ underperformance has weighed heavily on Nifty’s upside potential. An upswing in these critical areas could ignite a broader market rally. Sector-wise strength remains a focal point for sustained bullish movements.

Bank Nifty: A Lagging Perspective

Despite slight gains, Bank Nifty lags behind, highlighting the ongoing weakness in banking stocks. With RSI in bearish territory, Bank Nifty remains cautious. Resistance at 54500-54600 and support near 53600-53500 are crucial for a potential directional shift.

Stock Recommendations: A Bullish Stance on Swiggy and Goldiam

• Swiggy: Breaking out of an 11-day consolidation phase, Swiggy is on an upward trajectory. Trading above key moving averages and a rising RSI signals positive momentum. Buyers should look at the ₹437-₹441 accumulation zone with a target of ₹480.
• Goldiam International Ltd: Delivering a 16% gain after a long consolidation, Goldiam’s increasing volumes and rising RSI underscore its bullish outlook. Investors are encouraged to accumulate between ₹415-₹420, aiming for ₹470.

These insights reflect expert opinions and do not represent The Times of India. Market dynamics require vigilant monitoring, and a strategic approach could turn volatility into opportunity. According to Times of India, staying informed on market trends is crucial for informed decision-making in the stock market.