Buy or sell: Ganesh Dongre of Anand Rathi recommends 3 stocks to buy on Monday - 17 August 2026

Indian stock market: The Indian stock market closed the week on a weaker note, pressured by elevated crude oil prices, renewed geopolitical concerns and mixed global signals, which kept investor sentiment cautious. Volatility remained high as investors assessed the final phase of the Q1 FY27 earnings season and gauged the impact of rising energy costs on inflation, the rupee and corporate profitability.

During the week, the Sensex slipped 0.62% to end at 78,009.25, while the Nifty declined 0.83% to 24,366. The broader market delivered a mixed performance, with the MidCap index rising 0.50%, whereas the SmallCap index fell 0.66%.

“The Indian equity benchmarks ended the week on a weak note, with the Nifty 50 closing at 24,366, registering a weekly decline of 0.83%, while the Bank Nifty settled at 57,491, down nearly 0.44%. Despite the overall weakness in the benchmark indices, sectoral performance remained broadly positive, led by Telecom, New-Age businesses and Capital Goods, which gained in the range of 1%–4%,” 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 continues to maintain a constructive medium-term structure after successfully defending the 23,800 support zone. As highlighted earlier, the index had entered an overbought territory following the recent rally, increasing the possibility of profit booking or a period of sideways consolidation.

“This view has largely played out, with the Nifty struggling to sustain levels above the 24,500–24,600 zone, which remains an important resistance area as it coincides with the 200-day EMA. The index closed the week at 24,366, keeping it close to this crucial long-term moving average,” Dongre said.

On the Nifty 50 outlook, the stock market expert said that the Nifty is expected to remain broadly within the 23,800–24,800 range, 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,” he added.

He further went on to say that investors should continue to closely monitor developments in the Middle East and movements in Brent crude oil prices. Any escalation in geopolitical tensions or potential supply disruptions could keep crude prices volatile, which may have a significant impact on inflation expectations, global risk sentiment and the Indian equity market in the near term.

Bank Nifty

The Bank Nifty also witnessed some profit booking during the week, declining nearly 0.44% and moving towards the 57,000 mark. The index is currently holding above its long-term EMA, placed around 56,300, which continues to act as an important support.

“Sustaining above this level reinforces 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,” he added.

Ganesh Dongre's stock market trading strategy

The stock market expert said that both the Nifty and Bank Nifty continue to maintain a positive medium-term structure, supported by their long-term technical setup and underlying buying interest. However, after the recent sharp rally and with the market still showing signs of elevated valuations and overbought conditions, some consolidation or profit booking cannot be ruled out before the next meaningful upmove.

“Hence, the buy-on-dips approach remains preferable, while traders should closely monitor 24,800 on the Nifty and 58,500 on the Bank Nifty. A sustained breakout above these levels would provide confirmation of the next leg of the broader uptrend,” he said.

Weekly stocks to buy or sell

Delhivery: Buy at ₹460, target price of ₹480, stop loss of ₹450.

Kaynes Technology India: Buy at ₹3660, target price of ₹3950, stop loss of ₹3580.

Maruti Suzuki India: Buy at ₹13830, target price of ₹14300, stop loss of ₹13500.

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.