Nifty down 1.15% w-o-w (4th consecutive weekly decline). Geo-political tensions and elevated Brent Crude prices continue to weigh on market sentiment.
Key Levels & Outlook
Nifty (CMP: 23,897): Bearish/Choppy
• Support: 23,800 | 23,600
• Resistance: 24,050 | 24,200
Bank Nifty (CMP: 57,369): Consolidation / Rangebound
• Support: 56,800 | 56,200
• Resistance: 57,800 | 58,500
Sectors & Actionable Focus
Outperforming Sectors: Banking, Oil & Gas, Realty, Metals, Defense, IT, and Pharma.
Sector Breakout Watch: Nifty Oil & Gas is preparing for a triangle breakout. Stocks with positive bias: Reliance, Chennai Petro, IGL, Castrol, MGL.
Strategy: Rangebound market post-CAS. Avoid aggressive fresh longs; short on breakdown below 23,800 or wait for clean breakout confirmation above 24,050.
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1September 5, 2026 3.2K 1
