Top Stock Recommendations: Nifty Outlook for the Week Beginning September 8
According to Sudeep Shah, Head of Technical Research and Derivatives at SBI Securities, this week’s top stock recommendations include Swiggy and Goldiam International Ltd. As the market opens for the week starting September 8, 2025, Shah provides insights into the performance of key indices, Nifty and Bank Nifty, highlighting the volatility and potential trading strategies for investors.
Nifty Performance Overview
The Nifty index has shown significant volatility over the past week, with trading sessions often starting with either a gap-up or gap-down. This pattern reflects the prevailing uncertainty among market participants. Throughout the week, the index frequently reversed from its intraday highs and lows, creating a challenging environment for traders. After reaching a recent low of 24,404, Nifty managed to recover, closing the week positively. The weekly chart indicates a bullish candle with a long upper shadow, suggesting that while buyers are active, selling pressure remains at higher levels.
From a technical standpoint, Nifty continues to trade above its 100-day and 200-day exponential moving averages (EMAs), indicating that the long-term trend remains intact. However, the index is fluctuating near its 20-day and 50-day EMAs, which suggests indecision in the short to medium-term outlook. All major moving averages are currently flat, signaling a lack of momentum and a phase of consolidation. This is further supported by momentum indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), which are showing neutral readings. Sector-wise, the Banking and IT sectors, which carry significant weight in the Nifty index, have been underperforming, limiting the index’s upside potential.
Bank Nifty Analysis
The Bank Nifty index has consistently lagged behind the broader market and frontline indices in recent weeks. This underperformance is evident in the Bank Nifty/Nifty ratio chart, which has fallen to a 108-day low, highlighting the weakness in the banking sector. The Mansfield Relative Strength indicator also remains below the zero line, indicating that Bank Nifty is trailing not only Nifty but also the broader market. Without a significant shift in momentum, the banking sector may continue to hinder overall market progress.
In the previous week, Bank Nifty traded within a narrow range of 888 points, closing at 54,114, which represents a modest gain of 0.86%. The weekly chart shows a bullish candle with an upper shadow, indicating 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, reflecting a lack of strength in the short to medium term. The daily RSI remains in the bearish zone, reinforcing a cautious outlook. Looking ahead, the 54,500–54,600 zone is expected to act as immediate resistance, while the 200-day EMA zone of 53,600–53,500 will provide crucial support.
Stock Recommendations: Swiggy and Goldiam International
Sudeep Shah recommends Swiggy as a strong stock pick for the week. After hitting a low of ₹297 in May 2025, Swiggy has been forming higher highs and higher lows, indicating a strengthening trend. Recently, the stock broke out of an 11-day consolidation phase, suggesting renewed bullish momentum. Currently, it is trading above all key moving averages, which are trending upward. The RSI has moved above 60 and is rising, supporting a bullish outlook. Investors are advised to accumulate the stock in the ₹437–₹441 range, with a stop-loss at ₹420. The stock has the potential to test ₹480 in the short term.
Goldiam International Ltd has also shown promising performance, delivering a strong 16% gain over the last seven sessions. The stock has broken out of a prolonged sideways consolidation that lasted nearly 4.5 months. During this period, it struggled to close above the ₹380–₹400 resistance zone, indicating weak buying interest. However, recent trading volumes have increased alongside price action, signaling a shift in sentiment. The RSI, currently at 73, has decisively broken past its previous resistance zone of 63–65, confirming strong momentum. Investors are encouraged to accumulate Goldiam in the ₹415–₹420 zone, with a stop-loss at ₹395. The stock is likely to move towards ₹470 in the short term.
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