From a fundamental perspective, we’re seeing the markets behave quite maturely, and the undertone remains bullish. But what does the technical picture suggest? We did close below 24,400, and this was a week where we breached several key support levels on the downside. How do you see the indices performing in the coming sessions?
Shivangi Sarda: Yes, rightly mentioned—it has been a roller-coaster week. But overall, the markets have matured and have been responding reasonably well. We’ve seen some stickiness at the lower levels, with buying interest emerging near support zones earlier in the week. However, towards the end, we did breach those crucial support levels.
That said, considering the global headwinds we’re facing, the fall has been relatively contained, indicating some cushion on the downside for the Nifty indices. Still, this marks the fifth consecutive week of lower-lows formation, and weakness continues to persist. We’ve nearly wiped out the gains made since May and are now back at those levels.
Looking ahead, the market seems to be entering a profit-booking phase. The 24,000 mark will act as an important support level, which currently doesn’t look likely to be broken. On the upside, resistance is expected around 24,500 and then at 24,700. Call writers have also shifted their positions lower, but overall, we may see some buying interest emerge again at lower levels.
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Several stocks performed well on the back of strong quarterly results. For example—Titan, LIC, and Kalpataru Projects. These stocks saw positive moves even in this volatile environment. Do you like any of them in particular?
Shivangi Sarda: Yes, this space has picked up momentum, and we’ve seen some buying emerge from the lower levels. Among these, Titan remains my preferred pick. With the festive season ahead, we’re expecting a healthy increase in volumes.
We’ve discussed Titan earlier this morning as well—it has shown consistent buying interest for the past four months. Even on a week-on-week basis, it has recovered from previous losses and is trading well above its 50-day exponential moving average.Technically, Titan looks quite strong for an immediate target of ₹3,600, and potentially higher over the medium term. The support level to watch is ₹3,400.
Some other stocks also showed strength during the session—NTPC rose about 1.5%, and Cummins India performed well too. Technically, what do the charts suggest for these names?
Shivangi Sarda: NTPC made a good comeback today, rising fairly well. However, over the past three months, it’s shown lacklustre movement. Every small recovery has been followed by profit booking. I’d be a bit cautious here—it’s a wait-and-watch for me. A sustained move above ₹340 would make it interesting again from a fresh buying perspective with a good risk-reward setup.
On the other hand, Cummins India looks very positive. It’s been strong for quite some time, consistently forming higher tops over the past six months. That’s a clear sign of sustained buying interest. Today, too, it closed near the day’s high with strong price-volume action. The momentum looks set to continue. We’re eyeing ₹3,950 as the immediate target and ₹4,100 positionally, with support at ₹3,750.
What are your trading ideas for the coming week?
Shivangi Sarda: I’ve identified a few names from the smaller banking space that have been doing well. One such stock is Indian Bank. Despite the weakness in the banking index, this stock has shown resilience. It had been consolidating for the past three months and is now breaking out of that range. Although it closed just below a key resistance zone, the momentum is strong, and it has held up well despite market volatility.
We’re targeting ₹675 in Indian Bank, with a support level at ₹638.
In addition, some consumption stocks also look promising—and at the top of my list is still Titan, which remains very attractive.