Indian equities corrected for the fifth consecutive week ended August 25, but the loss amid volatility was lower compared to the previous four weeks. Subdued global markets, inflationary concerns raised by the Reserve Bank of India, and foreign institutional investors (FIIs) outflow weighed on the sentiment.

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The boarder markets also tumbled on Friday, as the midcap and small stocks was sustained selling, indicating signs of a deeper weakness in the overall market sentiment. All sectoral indices closed in the red, with the Nifty PSU index being the top loser, down 1.51 percent, followed by Nifty Realty (-1.31 percent) and Nifty Metal (-1.26 percent).

"We continue to expect Nifty to be in a narrow range due to lack of positive triggers," Siddhartha Khemka, head - of retail research at Motilal Oswal Financial Services said.

Meanwhile, Jio Financial Services Ltd (JFSL) ended its losing streak closing with a minor gain of 0.49 percent as it saw massive volume based buying at lower levels. Further, the exclusion of JFS from Sensex has been deferred to September 2023.

The Bajaj Twins, i.e. Bajaj Finance and Bajaj Finserv were among the top gainer as Nomura initiated a 'Buy' call on Bajaj Finance with a price target of Rs 8,700. The top gainers for Nifty were Bajaj Finance, Asian Paints and Bajaj Finserv and the top losers were Dr. Reddy Labs, Adani Ports and JSW Steel, said Omkar Kamtekar, Research Analyst at Bonanza Portfolio.

Nifty and Bank Nifty view—

"The Nifty index has declined to a significant moving average (55EMA) support level. The sentiment is expected to stay bearish as long as the index remains below 19450, where the 21-day Exponential Moving Average (EMA) is positioned on the daily timeframe. If the index decisively falls below 19240, it could potentially lead the Nifty towards the 19000 mark," said Rupak De, Senior Technical analyst at LKP Securities.

The Bank Nifty index witnessed an ongoing struggle between bulls and bears, resulting in a phase of range-bound trading.

"The support level is clearly visible around 44000, coinciding with significant put writing, which could act as a stronghold against downward movements. Conversely, resistance can be observed around 45000, where the highest open interest is seen on the call side, indicating potential selling pressure. A decisive break on either side of this range could trigger trending moves. Despite this, the prevailing bias appears to lean towards the bullish side within the range," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

Stock picks

Sharing as the top picks for Monday, Vaishali Parekh of Prabhudas Lilladher has recommended three stocks to buy today, which are Century Plyboards (India) Ltd, Surya Roshni Ltd and Redington Ltd.

Century Plyboards (India) Ltd: Buy Century Plyboards at Rs 663, Stop loss at Rs 653, Target price Rs 690.

Surya Roshni Ltd: Buy Surya Roshni at Rs 852.70, Stop loss at Rs 840, Target price Rs 880.

Redington Ltd: Buy Redington at Rs 156.60, Stop loss at Rs 153, Target price Rs 164.

Nifty Spot Index

Support – 19100/19050

Resistance - 19400/19450

Bank Nifty Spot Index

Support – 43700/43650

Resistance – 44700/44750