Top Stock Picks for the Week of September 7-11, 2026
Sudeep Shah, Head of Technical Research and Derivatives at SBI Securities, has identified APL Apollo Tubes and Central Mine Planning & Design Institute Ltd (CMPDI) as the top stock picks for the week of September 7, 2026. These recommendations come amidst a challenging market environment, with the Nifty index experiencing a downturn for the fourth consecutive week.
APL Apollo Tubes has shown a positive trend, recently surpassing its previous swing high of 2173, achieved on April 21. Following this breakout, the stock retested its earlier resistance zone, briefly dipping below it before rebounding strongly, closing approximately 4% higher on September 4. The Relative Strength Index (RSI) on the daily chart has increased from around 60, indicating renewed bullish momentum. The ADX indicator shows that DI+ is above DI-, suggesting that bulls have a strong grip on the market. Analysts recommend accumulating APL Apollo Tubes in the price range of 2240-2260, with a stop-loss set at 2160. The stock is expected to test the 2410 level in the short term.
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CMPDI has also demonstrated a bullish trend, breaking through a downward sloping trendline on the daily timeframe. The stock has formed a significant bullish candle, with buying interest emerging from the prior swing low zone of 220-215. The RSI has risen sharply from 33 on September 1 to 55 on September 4, indicating a resurgence in bullish momentum. The ADX is gradually increasing, signaling a strengthening bullish trend. Analysts suggest accumulating CMPDI in the range of 241-246, with a stop-loss at 235, anticipating a potential rise to 260 in the near term.
The Nifty index has faced challenges, closing negatively for four consecutive weeks. It recently broke down from rising channels on a daily scale, influenced by geopolitical tensions, rising US bond yields, and increasing Brent crude oil prices, which have negatively impacted market sentiment. However, a minor pullback occurred after the index tested the 23786 level. Currently, the Nifty is trading below its short and long-term moving averages, with the 20, 50, and 100-day EMAs trending downward, indicating bearish signals. The RSI is around 40, below its 9-day average, while the ADX has surged above 20, suggesting a strengthening trend.
Key Support and Resistance Levels Ahead
Looking ahead, the 23750-23700 zone is expected to serve as crucial support for the Nifty, coinciding with the 61.8% Fibonacci retracement level of its prior upward rally. A sustained move below 23700 could lead to further corrections down to 23500 and then 23300. Conversely, the 24150-24200 range is anticipated to act as a significant resistance level.
Market Trends and Analysis
The Bank Nifty index has been trading within a narrow range of 1254 points over the last 23 trading sessions. The Bollinger bands have narrowed significantly due to this range-bound movement. All key moving averages are flat, and the daily RSI has remained in a sideways trend for 42 sessions. The trend strength indicator is currently at 7.19, indicating a lack of momentum in either direction. The 57800-58000 range is expected to be a crucial resistance level for the Bank Nifty, while the 56900-56700 zone will act as important support. A decisive move beyond these levels could trigger a trending move in the index.
As the market navigates through these turbulent times, investors are advised to keep a close watch on the indicators and the recommended stocks. The insights provided by analysts like Sudeep Shah can help in making informed decisions in a fluctuating market environment.
