3 days ago
Dongre Recommends Three Stocks as Indian Markets Consolidate
Indian stock markets had a difficult week and fell for the third week in a row.
Investors were worried about interest rates around the world, geopolitical events and changes to the market’s closing process.
Technology stocks helped the market recover strongly on Friday.
Ganesh Dongre believes the market is mostly taking a pause after its earlier rise rather than beginning a major downward trend.
He expects the Nifty to remain between about 23,900 and 24,600 in the coming week.
He also says Bank Nifty may stay between important support and resistance levels.
His strategy is to buy good stocks when their prices dip.
He recommended Computer Age Management Services, Tata Consultancy Services and Cipla, each with target prices and stop-loss levels.
Indian equity markets ended their third consecutive week lower amid global interest-rate concerns, geopolitical uncertainty and Closing Auction Session volatility.
The Nifty fell about 0.31% to 24,175.65, while the Sensex declined nearly 0.36% to 77,264.51; the article also quotes Dongre as saying the Nifty lost 0.23%.
Ganesh Dongre expects the Nifty to trade between 23,900 and 24,600, with a sustained move above 24,800 potentially accelerating the broader uptrend.
Bank Nifty support is seen at 56,000–56,300, while a sustained breakout above 58,500 could open a path toward 60,000.
Dongre recommends buying Computer Age Management Services at ₹450–460, Tata Consultancy Services at ₹2,330–2,340 and Cipla at ₹1,410–1,420.
- Who
- Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, issued the outlook and stock recommendations.
- What
- Dongre recommended three stocks to buy and provided technical levels for the Nifty and Bank Nifty.
- Where
- The analysis concerns Indian equity markets, including the Nifty, Sensex and Bank Nifty.
- When
- The recommendations were for Monday, 31 August 2026, covering the coming expiry week.
- Why
- Dongre sees recent weakness as consolidation after an earlier rally and expects declines to attract buying while key support levels hold.
Potential Upside
Downside Risks
Nifty direction
Potential Upside
A sustained move above 24,600, followed by a close above 24,800, could renew momentum and accelerate the broader uptrend.
Downside Risks
A decisive break below 23,900 could increase corrective pressure.
Bank Nifty direction
Potential Upside
A sustained breakout above 58,500 could strengthen the bullish setup and potentially lead toward 60,000.
Downside Risks
Without a breakout above 58,500, the index may remain in consolidation and could test support around 56,000–56,300.
Market interpretation
Potential Upside
Dongre views the recent sideways movement and profit booking as a healthy consolidation phase, with buying interest likely on meaningful dips.
Downside Risks
Global interest-rate concerns, geopolitical uncertainty and Closing Auction Session-related volatility could continue weighing on sentiment.
Key facts
- Nifty close
- 24,175.65 at the end of the week
- Sensex close
- 77,264.51 at the end of the week
- Nifty expected range
- 23,900–24,600 for the coming expiry week
- Bank Nifty close
- 57,496
- Computer Age Management Services
- Buy at ₹450–460; target ₹490; stop loss ₹435
- Tata Consultancy Services
- Buy at ₹2,330–2,340; target ₹2,420; stop loss ₹2,280
- Cipla
- Buy at ₹1,410–1,420; target ₹1,470; stop loss ₹1,380
Quotes
Ganesh Dongre
Senior Manager of Technical Research at Anand Rathi
“From a trading perspective, we continue to favour a buy-on-dips strategy, as meaningful declines are likely to attract buying interest as long as the broader support structure remains intact.”
livemint.com
“The buy-on-dips approach remains preferable, while traders should closely monitor 24,000 and 24,500 on the Nifty, and 56,000 and 58,500 on the Bank Nifty.”
livemint.com
Sources
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