Glenmark, Ramkrishna Forgings: SBI Securities’ Top Stock Picks

SBI Securities’ Head of Technical Research and Derivatives, Sudeep Shah, has outlined top stock recommendations and a technical outlook for the Nifty and Bank Nifty indices for the week spanning August 31 to September 4, 2026.

Shah’s analysis highlights Glenmark Pharmaceuticals and Ramkrishna Forgings as key accumulation opportunities, even as the broader Nifty index concluded its third consecutive week on a negative note.

Top Stock Picks for the Week

Glenmark Pharmaceuticals exhibits strong bullish momentum, having closed above its previous swing high of 2474 and rallying approximately 13% since August 19. The stock trades above key moving averages, with its Relative Strength Index (RSI) rising above the 60 mark on both weekly and daily timeframes.

• Accumulate between: 2495-2520
• Stop Loss: 2420
• Short-term Target: 2700

Ramkrishna Forgings recorded a sizable bullish candle, supported by rising volumes, breaking out of its recent 741-713 range. Despite recent consolidation, the stock maintains its position above key moving averages, and its RSI has rebounded from sub-60 levels, indicating renewed bullish momentum.

• Accumulate in the range: 745-755
• Stop Loss: 720
• Short-term Target: 800

Nifty Index Performance

The Nifty index has oscillated between 24379-24077 levels over the past seven trading sessions, failing to sustain above its 200-day EMA. The index concluded the week near 24100, marking its third consecutive negative close.

• Key Support: 24000-23950 (break below could lead to 23700)
• Crucial Hurdle: 20-day EMA zone of 24250-24300

Bank Nifty Consolidation

The Bank Nifty index has consolidated within a narrow 1075-point range, forming indecisive candles. This subdued price action has triggered a Bollinger Band Squeeze on the daily chart, which historically precedes sharp directional breakouts.

• Crucial Hurdle: 58000-58200
• Important Support: 57200-57000

Momentum indicators, including Daily RSI and Stochastic Oscillator, are moving sideways, and the ADX has declined to its lowest reading since inception, reinforcing the consolidation narrative. A decisive move on either side is anticipated to lead to a trending market shift for Bank Nifty.