Stock market recommendations: According to Sudeep Shah, Head – Technical Research and Derivatives, SBI Securities, the top stock picks for this week are Swiggy, and Goldiam International Ltd. Here’s his view on Nifty, Bank Nifty for the week starting September 8, 2025:Nifty ViewThe benchmark index Nifty experienced notable volatility throughout the past week, with each trading session beginning with either a gap-up or gap-down, underscoring the prevailing uncertainty in market sentiment. Alongside these erratic openings, the index frequently reversed sharply from intraday highs and lows, making it a tough landscape for traders and keeping market participants alert.After hitting a recent low of 24404, Nifty bounced back with a recovery rally, despite the ongoing volatility, and managed to close the week in the green. On the weekly chart, it printed a bullish candle with a long upper shadow, indicating that while buyers stepped in, selling pressure remained evident at higher levels.From a technical perspective, Nifty continues to trade above its 100-day and 200-day EMAs, suggesting that the long-term trend is still intact. However, the index is currently fluctuating near its 20-day and 50-day EMAs, reflecting indecision in the short- to medium-term outlook.Interestingly, all major moving averages are flat, which typically signals a lack of momentum and a phase of consolidation. This is further supported by momentum indicators like RSI and MACD, which are also showing neutral readings, reinforcing expectations of a range-bound movement in the near term.Sector-wise, Banking and IT—the two most heavily weighted segments in the Nifty—have been underperforming, exerting downward pressure on the index. The lack of strength in these key sectors has limited upside potential and contributed to the ongoing consolidation. A turnaround in these areas will be crucial for any sustained bullish move.In terms of key levels, the 24950–25000 zone is expected to act as a strong resistance, while the 24550–24500 range is likely to serve as immediate support. A decisive move beyond either of these levels could set the stage for a fresh directional trend in the index.Bank Nifty ViewThe Bank Nifty index has been consistently lagging behind the broader market and frontline indices over the past few weeks. This persistent underperformance is clearly visible in the Bank Nifty/Nifty ratio chart, which has slipped to a 108-day low, highlighting the relative weakness in the banking space.Adding to the bearish sentiment, the Mansfield Relative Strength indicator remains below the zero line, indicating that Bank Nifty is not only trailing Nifty but also underperforming the broader market. Without a meaningful shift in momentum, the banking sector may continue to act as a headwind for overall market progress.In the previous week, Bank Nifty traded within a narrow band of 888 points and closed at 54114, marking a modest gain of 0.86%. On the weekly chart, it formed a bullish candle with an upper shadow, suggesting that while buyers attempted to push prices higher, selling pressure emerged at elevated levels. Technically, the index is still trading below its 20-day, 50-day, and 100-day EMAs, indicating a lack of strength in the short to medium term. Moreover, the daily RSI remains in the bearish zone, as per RSI range shift rules, reinforcing the cautious outlook.Looking ahead, the 54500–54600 zone will act as an immediate resistance for Bank Nifty, while the 200-day EMA zone of 53600–53500 is expected to provide crucial support. A sustained move beyond either of these levels could pave the way for a directional breakout in the index.Stock recommendations:Swiggy:After marking a low of ₹297 in May 2025, Swiggy has been consistently forming higher highs and higher lows, indicating a strengthening trend. On Friday, the stock broke out of an 11-day consolidation phase on the daily chart, suggesting renewed bullish momentum. It is currently trading above all key moving averages, which are trending upward — a positive technical signal. The Relative Strength Index (RSI) has moved above 60 and is rising, further supporting the bullish outlook. Given this setup, we recommend accumulating the stock in the ₹437–₹441 range, with a stoploss at ₹420. On the upside, the stock has the potential to test ₹480 in the short term.Goldiam:Goldiam International Ltd has delivered a strong 16% gain over the last seven sessions, breaking out of a prolonged sideways consolidation that lasted nearly 4.5 months. During that phase, the stock struggled to close above the ₹380–₹400 resistance zone, with low volumes indicating weak buying interest. Recently, however, volumes have picked up alongside price action, signalling a shift in sentiment. The RSI, now at 73, has decisively broken past its previous resistance zone of 63–65, confirming strong momentum. The stock is currently trading well above both its short- and long-term moving averages, reinforcing the bullish bias. We suggest accumulating in the ₹415–₹420 zone, with a stoploss at ₹395. In the short term, the stock is likely to move towards ₹470.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
