When a stock becomes oversold, it does not automatically mean it is a good time to buy, cautions Pabitro Mukherjee, Deputy Vice President-Research at Bajaj Broking.
The pace at which FIIs have added short bets in index futures accelerated in the last three trading sessions, says Dharmesh Bhatt, Head-Derivatives Research at Systematix Institutional Research.
Stock ideas for today: The index could now move towards the next support zone of 23,300-23,100, while any recovery is likely to face resistance around 23,600-23,800.
Stocks to buy today: EMIL and Ingersoll Rand among top stock picks by Vinay Rajani of HDFC Securities.
Till Nifty holds below 23,700, weakness could extend towards 23,500, then 23,400 levels, while on the upside, hurdles can be seen at 23,800, then 23,900 zones.
The 200-DMA is a technical indicator widely used to determine the long-term trends of the underlying index or stock. Indices or stocks trading below the 200-DMA are considered to be in a downtrend.
According to the NSE F&O data, FIIs have net sold index futures worth ₹10,397 crore thus far in the September series; Nifty OI now at 2-month high. Tech analysts flag key support levels on Nifty.
SPARC appears well-positioned for a short-term recovery after finding support near the 61.8% Fibonacci retracement level of the March low to July high rally.
From a financial perspective, GAVL's ROCE improved to 20 per cent in FY26 from 16 per cent, supported by better working-capital management.
Stocks to buy today: ACME Solar is maintaining a strong bullish structure on the daily chart, with the stock consistently forming Higher Highs and Higher Lows, indicating sustained upward momentum.
The emerging technical structure highlights the need to exercise caution and warrants a clear strategy to avoid venturing into aggressive long trades.
Technical analysts Drumil Vithlani and Ved Anil Gawker flag breakout from consolidation chart patterns on Motilal OFS, CRISIL, City Union Bank and Supreme Petrochem.
Technical analysts flag presence of multiple hurdles in the 24,000-24,200 region for the Nifty; on the downside, they expect immediate support at 23,800.
Muthuselvaraj M of Mirae Asset Sharekhan expects the short-term bias to remain sideways but sees positive prospects for Bank of India, UCO Bank and IOB among others from a medium-term perspective.
Religare Broking's Ajit Mishra said that the sharp decline has pushed Nifty closer to our initial downside target and support of 23,800. A break below this could extend the correction towards 23,600.
Kunal Kamble of Bonanza has recommended three breakout stocks to buy today -- BEML Ltd, Raymond Ltd, and IFCI Ltd.
Jatin Gedia of Teji Mandi has said that he sees range-bound price action between 23,800 and 24,100 in Nifty from a short-term perspective.
Amit Trivedi, technical and derivative research analyst at YES Securities flags key levels to track on MCX India, Ather Energy and Welspun Corp; these stocks rallied up to 39% in August.
Market analysts expect volatility to rise on either side of the market in September based on the F&O and historical market data.
Chandan Taparia says that if Nifty crosses 24,100, we could see the index moving towards 24,200-24300. He has recommended buying Persistent Systems, Eternal, & Bajaj Auto shares for the short term