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Nifty may remain volatile as it hovers around key levels. Strong support lies near 24,700, while a breakout above 25,150 could pave the way for a move towards 25,300–25,500. A sustained decline below 24,800 may drag the index down to 24,600. Analysts favour a buy-on-dips strategy, with a focus on banking, auto, IT, pharma, and consumer stocks.NAGARAJ SHETTI SENIOR TECHNICAL RESEARCH ANALYST, HDFC SECURITIESWhere is Nifty heading this week? After showing a sharp bounce back from the support of 25,350 recently, Nifty witnessed selling pressure from the highs on Friday and closed lower. A reasonably negative candle was formed on the daily chart on Friday near the hurdle of the downtrend line, indicating profit booking. The overall near-term uptrend status remains intact for Nifty, and the present weakness could be a buy-on-dips opportunity down to the support. Further weakness from here could find strong support around the previous opening upside gap of 24,700, and we expect buying to emerge near this level. However, a sustained move above 25,150 could bring the bulls back into the scene. Trading Strategies for the Week: The weakness in the market could be a buying opportunity. Investors may look to accumulate indices/stocks on dips around 24,700 by next week and place a stoploss for longs at 24,600. However, one may look to create aggressive longs on a breakout above 25,150, targeting the next upside levels of around 25,300–25,400 over the next few weeks. Sectors to Buy on Dips: Bank Nifty, PSU Banking, Automobile, IT, Media, Pharma, and Consumer Durables. Stocks to Buy on Dips: ICICI Bank, Canara Bank, Bajaj Auto, M&M, Mphasis, Intellect Design Arena, Zee Entertainment, Sun Pharma, and Tata Consumer Products.MEHUL KOTHARI DVP - TECHNICAL RESEARCH, ANAND RATHI SHARES & STOCK BROKERSWhere is Nifty heading this week? Nifty got stuck near the 25,150 mark, which coincides with the 61.8% Fibonacci retracement of the entire fall from 25,600 to 24,300. Thereafter, a sharp decline on Friday confirmed a bearish engulfing candle on the daily scale, while the weekly chart has also formed a bearish candlestick pattern. Unless 25,200–25,300 is taken out, further volatility is likely. A break below 24,800 could drag Nifty towards 24,600, filling the gap area created on Monday. Bank Nifty underperformed and failed to sustain above the 56,000. A breach below 55,000 could open the gates for a retest of the 200-DEMA, placed in the 54,000–53,500 zone. On the upside, stability and a sustainable recovery would be expected only above the 56,000 mark. Trading Strategies: With both indices trading near crucial support levels, traders are advised to remain light and avoid aggressive bets. Long positions should be considered only above 25,200 (Nifty) and 56,000 (Bank Nifty). On the downside, a break below 24,800 in Nifty could accelerate the fall towards 24,600, while Bank Nifty may retest 54,000–53,500 if 55,000 is breached. Apollo Tyres: Positive setup; buying can be considered for a target of `500, with a strict stoploss at `445. Mankind Pharma: Strong momentum; fresh longs may be initiated with a stop-loss at `2,500, aiming for a target of `2,800.SACCHITANAND UTTEKAR VP- RESEARCH (TECHNICAL & DERIVATIVES), TRADEBULLS SECURITIESWhere is Nifty heading this week? Nifty ended the week on a volatile note, erasing interim gains on the final day but managing to hold firm above the 24,900 gap support. The index also respected its 50-day EMA, reinforcing the broader uptrend structure, keeping the door open for a move towards 25,400–25,500. This zone coincides with the retracement resistance of the seven-week decline that began from 25,792 on June 30, 2025. Notable technical evidence of a multiple-support zone is the convergence of the 5-, 20-, and 50-DEMA around 24,890, coupled with the 5-week EMA support at 24,800. Such a cluster typically acts as a demand pocket where fresh buying interest can emerge, especially in the closing leg of the August series. However, immediate upside may be restricted by the 25,000–25,160 resistance band. A decisive breakout above this zone would trigger the next leg higher, likely unfolding more convincingly in the September series. Trading Strategies: Markets are expected to remain buoyant, supported by encouraging global and domestic cues. Sentiment is further aided by the GST Council’s proposal to simplify the tax structure, aimed at boosting consumption and cushioning the economy against potential US tariff headwinds. A buy-on-dips approach remains preferable, with aggressive longs recommended above 25,160, a key breakout level. Should corrections extend, investors may consider staggered accumulation toward the 24,650 support. Top Picks: Bharti Airtel, Coforge, Colgate Palmolive (India), Dr Reddy’s, ICICI Bank, Jindal Stainless, Siemens, SJVN, Torrent Pharma, and UNO Minda.

Mumbai: Bank of India (BoI) has declared the loan accounts of Reliance Communications (RCom), its Reliance Telecom subsidiary, former promoter Anil Ambani and some directors fraudulent.Documents uploaded by RCom in stock exchange disclosures show that the total outstanding loans of ₹725 crore had been declared fraudulent. According to the state-run bank, the company invested the money in mutual funds and fixed deposits instead of using it to buy spectrum, for which it was sanctioned.The country's largest lender, State Bank of India, had last month declared RCom's account fraudulent.The BoI letter addressed to RCom, Anil Ambani and director Manjari Kacker said the accounts turned non-performing on June 30, 2017. Since then, the bank has been following up with the borrowers and guarantors for repayment, it said."However, they have failed and neglected to make repayment of the dues," it said.The bank said it conducted a forensic audit of the accounts through BDO India and the findings were placed before the competent authority, which "felt that there are suspected fraudulent connotations". 123490976A spokesperson for Anil Ambani said the bank did not follow the principles of natural justice. "Anil D Ambani categorically denies all allegations and charges and shall pursue remedies available to him in accordance with legal advice," the spokesperson added.While a show cause notice was issued to Anil Ambani, the requisite documents were not furnished to him, the spokesperson said. "Bank of India further deprived him of the opportunity of a personal hearing in the matter. These actions are contrary to the RBI regulations issued in July 2024, as well as to well-established law and the judgments of the Hon'ble Supreme Court and the Hon'ble Bombay High Court," the spokesperson said.According to BoI's letter to the company, it had given the loans in 2015 and 2016 for ongoing capex, operational expenditure and repayment of existing liabilities other than related-party shareholder loans.As per the loan sanction letter, utilisation of the loan amount for investment in fixed deposits was not permitted and, hence, "it is considered as non-compliance with sanction terms of the loan", the bank said, citing BDO's report.Details from BoI’s letter to RCom show that BDO in its October 2020 report had observed diversion, misappropriation of funds, etc., based on which the account was initially declared fraudulent in September 2021. That process was halted after a Supreme Court order in December 2023 which said lenders must provide borrowers a personal hearing before classifying an account as fraudulent. A fresh show cause notice was issued to the company on August 19, 2024. In its communication, the bank acknowledged that RCom remains under insolvency, which gives the company immunity against any criminal proceedings. Replying to the notice, Anil Ambani through Agarwal Law Associates said the show cause notice was misconceived and not maintainable in law, the bank noted in its filings. He also stated that he was not aware as to when the RCom account was classified as fraud by the bank as he was not intimated of the same. The bank said it could not find any merits in this reply. “Mr Anil D Ambani was chairman and non-executive director during (the) forensic audit period, and hence, we classify Mr Anil D Ambani as fraud,” the bank said in its decision. On July 2, SBI classified the loan account of RCom as fraudulent, alleging diversion of sanctioned loan amounts to pay connected parties, inter-company loan transactions and investments and misutilisation of sales invoices. The company’s filing of notices with stock exchanges comes a day after the CBI searched premises linked to the Anil Dhirubhai Ambani Group in connection with an alleged bank loan fraud case in Mumbai. The agency registered an FIR last week against RCom, Anil Ambani, unknown public servants and others on the basis of a complaint from SBI, a CBI statement said.