The Nifty extended its losing streak to a sixth consecutive week, testing the key 23,100–23,000 support zone. While recent recovery indicates demand at lower levels, the broader trend remains under pressure.

Nifty held above 23,000– 23,100 support, forming a base near 23,100–23,200. Daily candles show buying, but weekly charts remain weak with lower highs and lows.

For the weekly September 22 expiry, the recommended Nifty options strategy is a Bear Put Spread: buy one lot of the 23,400 Put and sell one lot of the 23,200 Put. The maximum risk is 70 points (Rs 4,550), while the maximum potential profit is 130 points (Rs 8,450) per lot.

TOP BETS FOR THE WEEK

SONACOM: Buy | CMP: Rs 808 | Target: Rs 850 | Stop loss: Rs 785

The stock has respected its 50-day DEMA, rebounded with a strong bullish candle after a healthy correction, and shows renewed buying interest with an RSI crossover and expanding volumes.

AURO PHARMA: Buy | CMP: Rs 1,734 | Target: Rs 1,840 | Stop loss: Rs 1,680

The stock remains in a strong uptrend near all-time highs, forming a bullish Marubozu candle and making higher highs; the breakout above Rs 1,717 confirms strength, supported by rising moving averages.

HITESH RATHI, TECHNICAL ANALYST— EQUITY & DERIVATIVES, ANGEL ONE

The recovery in Nifty and the broader market following a Bullish Harami pattern indicates demand at lower levels. However, the breakdown below 23,600 has turned the broader trend bearish, with no meaningful signs of reversal yet. The recent three-day rise offers scope to initiate short positions on retracement. Nifty can be sold on rallies towards 23,450– 23,500, with a stop loss at 23,580 and targets of 23,300–23,200.

Tilaknagar Industries: Buy | CMP: Rs 570 | Target: Rs 645–650 | Stop loss: Rs 495

The stock broke out across timeframes on strong volumes and retested the zone on low supply, keeping the breakout healthy; Point & Figure charts have invalidated a prior bearish setup, confirming buyers’ control.

PhysicsWallah: Buy | CMP: Rs 136 | Target: Rs 155–158 | Stop loss: Rs 125

The stock has taken support at an upward-sloping trendline, triggering a bullish candlestick breakout, with Double Top and Swing breakouts on Point & Figure and Renko charts confirming the uptrend.

SOMIL MEHTA, HEAD RETAIL RESEARCH, MIRAE ASSET SHAREKHAN

Nifty: The index’s slide from 24,774 to 23,116 keeps the medium-term trend bearish below key averages, though 23,050– 23,100 offers firm support with rebound potential towards 23,750–23,950. Buy Nifty at CMP with a stop loss at 23,050 on a closing basis and targets of 23,750–23,950.

Bank Nifty Strategy: Though the medium-term trend remains bearish, 55,700 is strong support, and a hold above this level could trigger a bounce towards 57,000–57,250. Buy at current levels or on dips, with a stop loss at 55,700 on a closing basis and targets of 57,000–57,250.

SONACOMS: Buy | CMP: Rs 810 | Target: Rs 844–865 | Stop loss: Rs 777

The stock has held its 40-day EMA since April 2026, rebounded from a flag-pattern correction with a breakout, and is nearing a bullish momentum crossover, suggesting potential for a fresh leg higher.

NHPC: Buy | CMP: Rs 76.50 | Target: Rs 81–83 | Stop loss: Rs 74

After a multi-month triangle correction, a five-wave rise, Friday’s sharp surge, and a bullish daily momentum crossover signal the phase may be over, supporting further upside.