Buy Nifty on dips with a target of 10,780; Havells a decent short-term pick

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26 Aug, 2025 12:21

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Jaydeb Dey

The Nifty ended Monday 0.79 percent higher at 10,688.65. It opened with a minor gap-up and touched an intraday high of 10,709, before ending the session with a bullish body candle.

However, failure to close above 10,700 may be an early indicator of an intraday retracement towards 10,630, which is to be considered as a decent buying opportunity for the next leg of up move towards 10,780. Its 30-day exponential moving average (EMA) on the daily chart is placed around 10,600, which should act as pivotal support going forward.

On the hourly chart, the Nifty is trading well above all crucial moving averages. Hence, the bullish momentum is likely to continue. Its 200 EMA placed around 10,600 may continue to act as pivotal support in coming sessions.

Nifty patterns on multiple timeframes show it touched an intraday high of 10,709 before ending the session below the 10,700 mark. However, the current trend on the daily chart suggests that this leg of the upmove is likely to move past 10,700 towards 10,780 levels. Hence, buy-on-dips is advised. Downside supports are placed around 10,630 and 10,600.

The Bank Nifty ended Monday 1.3 percent higher at 26,614.25. Its critical support is placed around 26,470 levels, with upside resistance around 26,900 levels.

Based on a thorough technical study, the research firm recommends Havells India for the short-term:

Havells India | Rating: Buy | Target: Rs 585, stop loss: Rs 543

The stock ended the session with a bullish Marubozu candle above critical resistance placed around Rs 557. Rising RSI coupled with +DI -DI bullish crossover makes it a valid breakout.

Based on above mentioned observations, the firm recommends Havells India as a buy on dips for the short term upside target of Rs 585.

Disclaimer: The author is Technical Analyst at Stewart & Mackertich Wealth Management Ltd. The views and ideas expressed above may have been suggested to the clients of Stewart & Mackertich Wealth Management Ltd. It is advised that investors/traders should consult with their Certified Experts before taking any investment decision.