Stock market recommendations: APL Apollo Tubes, and Central Mine Planning & Design Institute Ltd (CMPDI) have been recommended by Sudeep Shah, Head – Technical Research and Derivatives, SBI Securities as the top stocks to buy on September 7, 2026. He has also shared his technical outlook for Nifty and Bank Nifty:
Stock recommendations
APL Apollo TubesAPLAPOLLO recently moved above its previous swing high of 2173 made on 21st April. Post the breakout the stock retested its earlier resistance zone, having slipped below the same briefly before witnessing a strong rebound and closing around 4% higher on 4th September. The RSI on the daily timeframe has witnessed an uptick from 60-odd levels, indicating renewed bullish momentum.The DI+ is placed above DI- in the ADX indicator, indicating strong control of bulls over the bears. Additionally, the rising green histogram bars with MACD line above the zero line, further reinforces bullish bias. Hence, we recommend to accumulate the stock in the zone of 2240-2260 with a stoploss of 2160. On the upside, it is likely to test the level of 2410 in the short term.Central Mine Planning & Design Institute LtdCMPDI has given a downward sloping trendline breakout on the daily timeframe. The stock found a sizeable bullish candle with the buying interest coming from the prior swing low zone of 220-215 this week. The RSI sharply moved higher from 33 on 1st September to 55 on 4th September, indicating renewed bullish momentum.The ADX has started to gradually move higher, indicating gradual build-up of bullish trend strength. The MACD line recently gave a bullish crossover, indicating a potential trend change from bearish to bullish. The combination of price action and indicator placement suggest that the stock is likely to extend its pullback in the near term.Hence, we recommend to accumulate the stock in the zone of 241-246 with a stoploss of 235. On the upside, it is likely to test the level of 260 in the short term.Nifty ViewFor the fourth consecutive week, the benchmark index Nifty has ended on a negative note. During the week, the index has given a breakdown of rising channels on a daily scale. The concerns surrounding the escalation of geopolitical tensions, rising US 10-year bond yields, and higher Brent crude oil prices have weighed on market sentiment.However, it has given a minor pullback after testing the level of 23786 level.Technically, the index is comfortably trading below its short and long-term moving averages. The 20, 50 and 100-day EMA started edging lower, which is a bearish sign. The daily RSI is quoting around 40 level and it is trading below its 9-day average. The trend strength indicator daily ADX surged above 20 mark and it is in rising mode.Going ahead, the zone of 23750-23700 will act as important support for the index as 61.8% Fibonacci retracement level of its prior upward rally (23070-24774) is placed in that region. Any sustainable move below 23700 will lead to further correction upto the 23500, followed by 23300 level.On the upside, the zone of 24150-24200 will act as a crucial hurdle for the index.Bank Nifty ViewThe banking benchmark index Bank Nifty has been trading in a narrow range of 1254 zones since the last 23-trading sessions. Due to the narrow range, the Bollinger band has been narrowed significantly.Further, all the crucial moving averages are trading flat. The daily RSI has been oscillating in the sideways zone since the last 42-trading sessions. The daily Stochastic and MACD are also oscillating in a narrow range. The trend strength indicator is quoting at 7.19 level, which indicates lack of strength in either direction.Going ahead, the zone of 57800-58000 will act as a crucial hurdle for the index. On the downside, the zone of 56900-56700 will act as important support. 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.)
