Stock market recommendations: Glenmark Pharmaceuticals, and Ramkrishna Forgings are the top stocks to buy recommended by Sudeep Shah, Head – Technical Research and Derivatives, SBI Securities on August 31, 2026. Technical outlook for Nifty and Bank Nifty have also been shared by the analyst. Let’s take a look:
Stock recommendations:
Glenmark PharmaceuticalsGLENMARK has closed above its previous swing high of 2474 made on 27th April. The stock has rallied around 13% since the low of 2223 made on 19th August. The stock trades above key moving averages while RSI is in a rising mode and settled above the 60 mark on both the weekly and daily timeframe, indicating strong bullish momentum.The ratio line of the Glenmark/nifty pharma ratio chart is in a rising mode, indicating strong outperformance within its sector. Hence, we recommend to accumulate the stock in the zone of 2495-2520 with a stoploss of 2420. On the upside, it is likely to test the level of 2700 in the short term.Ramkrishna ForgingsRKFORGE has formed a sizable bullish candle well supported by rising volumes. The stock broke out of its previous three days 741-713 range and closed higher. Despite the consolidation in the past three days, the stock was trading above key moving averages. The RSI has witnessed a rebound from sub 60 levels and moved higher indicating renewed bullish momentum.The ADX on the weekly chart has started to rise indicating bullish trend strength. Hence, we recommend to accumulate the stock in the zone of 745-755 with a stoploss of 720. On the upside, it is likely to test the level of 800 in the short term.Nifty ViewSince the last 7 trading sessions, the benchmark index Nifty has been oscillating in the zone of 24379-24077 levels. It has failed to sustain above its 200-day EMA and thereafter witnessed a correction. Finally, the index has ended the week near 24100 level. For the third consecutive week, the index has ended on a negative note.Currently, the index is trading below its all the crucial moving averages. However, all the crucial moving averages are quoting flat due to the sideways momentum. The momentum indicators and oscillators are also suggesting sideways momentum. The daily RSI has been quoting in the sideways zone since the last 13 trading sessions. The stochastic is also oscillating in the sideways zone.Going ahead, the zone of 24000-23950 will act as important support for the index. Any sustainable move below 23950 will lead to further correction up to the level of 23700 in the short term. On the upside, the 20-day EMA zone of 24250-24300 will act as a crucial hurdle for the index.Bank Nifty ViewThe banking benchmark index Bank Nifty has been oscillating in a narrow range of 1075 points. Mostly the index has been forming indecisive candles.The subdued price action has led to the formation of a Bollinger Band Squeeze on the daily chart, a technical setup that emerges when volatility contracts significantly and the Bollinger Bands narrow. Historically, such periods of compressed volatility are often followed by a sharp directional breakout.Momentum indicators continue to reinforce the consolidation narrative. Both the Daily RSI and Stochastic Oscillator are moving sideways, reflecting the absence of strong momentum. Meanwhile, the ADX, a widely followed trend strength indicator, has declined to 8.06, marking its lowest reading since inception.Going ahead, the zone of 58000-58200 will act as a crucial hurdle. The zone of 57200-57000 will act as important support for the index. A decisive move on either side will lead to a trending move in the index.(Disclaimer: Recommendations and views on the stock market, or any other asset classes or personal finance management tips given by experts and analysts are their own. These opinions do not represent the views of The Times of India.)
