Buy or sell: Ganesh Dongre of Anand Rathi recommends 3 stocks to buy on Monday - 10 August 2026

Indian stock market: Indian markets ended the week with modest gains amid heightened volatility, as investors assessed the implementation of the new Closing Auction Session (CAS) framework for F&O stocks, the Reserve Bank of India’s monetary policy decision, and ongoing geopolitical uncertainties.

For the week, the Sensex rose 0.52% to close at 78,499.17, while the Nifty gained 0.77% to settle at 24,570.65.

“The Indian equity benchmarks ended the week on a positive note, with the Nifty 50 closing at 24,570, registering a weekly gain of 0.77%, while the Bank Nifty settled at 57,746, advancing nearly 0.84%. Sectoral performance remained broadly positive, led by Metal, Information Technology, Automobiles, New-Age businesses, Banking, and Cement, which gained in the range of 2%–5%, reflecting broad-based buying interest across the market,” said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi.

Ganesh Dongre's market outlook for next week

Nifty 50

According to Dongre, the Nifty continued its upward trajectory after successfully defending the 23,800 support zone, as highlighted in our previous outlook. We had earlier indicated that the monthly-expiry short-covering rally, along with a sustained close above 24,300, could strengthen the market and extend the upmove towards the 24,600–24,800 resistance zone. This view has largely played out. At the same time, we had highlighted that the market had entered an overbought territory and could witness some profit booking or a period of sideways consolidation. During the week, the Nifty attempted to sustain above the 24,500–24,600 zone, which remains an important resistance area as it coincides with the 200-day EMA.

"Looking ahead, derivative data indicates that the Nifty has moved into an overbought zone on the weekly timeframe following the recent sharp rally. Therefore, some consolidation or intermittent profit booking cannot be ruled out in the near term. Nevertheless, the broader technical structure remains positive. We continue to maintain our buy-on-dips strategy, as any meaningful corrective decline is likely to attract buying interest. The Nifty is expected to remain within the 23,800–24,800 range during the coming week, with the 23,500–23,600 zone acting as strong medium-term support. On the upside, a decisive breakout and sustained close above 24,800 would be a major technical trigger and could accelerate the next leg of the rally towards the 25,000+ zone," Dongre added.

Bank Nifty

The Bank Nifty also maintained its positive bias during the week, gaining nearly 0.88% and moving towards the 58,000 mark after witnessing a strong rebound from its 200-day EMA around 56,300. The index continues to hold above this crucial long-term support, reinforcing the constructive medium-term outlook. However, a decisive and sustained breakout above the 58,000–58,500 resistance zone will be important to trigger fresh buying momentum and potentially open the way towards the 60,000 level. Until such a breakout occurs, the index is likely to remain in a consolidation phase. On the downside, immediate support is placed around 56,000, which is expected to provide a strong cushion against any corrective decline.

Dongre further added, “Overall, both the Nifty and Bank Nifty continue to maintain a positive medium-term structure, supported by strong technical setups and improving buying interest. However, given the recent sharp rally and overbought conditions, some consolidation or profit booking may occur before the next meaningful upmove. Hence, the buy-on-dips approach remains preferable, while traders should closely monitor the 24,800 breakout level for Nifty and 58,500 for Bank Nifty for confirmation of the next leg of the rally.”

Weekly stocks to buy or sell

Kotak Mahindra Bank: Buy at ₹385-390, target price of ₹405, stop loss of ₹375.

Wipro: Buy at ₹185-190, target price of ₹200, stop loss of ₹178.

Piramal Finance: Buy at ₹2100-2110, target price of ₹2200, stop loss of ₹2040.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.