Market Close and Immediate Setup

Equity benchmarks finished the session of August 21 essentially flat with a mild positive bias after a day of range-bound trading. According to Moneycontrol, the Nifty 50 rose 20 points, or 0.08 percent, to close at 24,252, while the Bank Nifty advanced 266 points, or 0.46 percent, to 57,762. Market breadth on the NSE was slightly tilted toward buyers, with 1,580 advances against 1,478 declines.

Moneycontrol reported that Thursday’s bullish gap remained unfilled, a development technicians viewed as constructive. At the same time the index failed to surpass the cluster of 10- and 20-day exponential moving averages near 24,300. Several Moneycontrol technical notes stated that a sustained reclaim of this band is required before the Nifty can attempt a further advance toward 24,350–24,500. Immediate support was identified in the 24,200–24,150 zone, followed by the psychologically important 24,000 level. Rising oil prices were cited by the same reports as a factor that has capped upside and warranted caution.

The Economic Times noted that the Nifty had closed the preceding week on a weaker note and remained confined inside a broad 23,800–24,700 band. Multiple analysts quoted across both outlets agreed that clearance of the 24,350–24,400 resistance zone is necessary before the index can demonstrate genuine strength.

Sudeep Shah on the August High and Range-Bound Conditions

In an interview carried by Moneycontrol, Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, stated that the Nifty continues to lack strong directional momentum and is likely to stay range-bound unless it decisively surpasses its recent August high of 24,774. Shah identified the 24,350–24,400 band as the crucial resistance zone for the coming week; a sustained move above it, he said, could revive bullish momentum. On the downside he flagged the 24,050–24,000 area as important support.

Shah observed that the index had ended lower for the second consecutive week and that a small-bodied candle on the weekly chart reflected indecision. The daily Average Directional Index stood at 12.80, underscoring subdued trend strength. He also highlighted that the Nifty Smallcap 100 has been a clear outperformer, recently breaking out to a fresh all-time high, with support near the 20-day EMA at 19,670–19,650 and upside targets at 20,200 and 20,500. The Nifty Midcap 100, by contrast, remains in consolidation, holding support at 63,200–63,000 and facing resistance at 64,200–64,400.

Bank Nifty Consolidation and Key Levels

Moneycontrol reported that the Bank Nifty has been locked in a prolonged consolidation phase lasting nearly 48 trading sessions. Shah noted that the index needs to break above downward-sloping trend-line resistance in the 58,000–58,200 zone. Its daily ADX reading of 8.06 was described as the lowest on record, reinforcing the absence of a clear trend.

Other Moneycontrol technical updates projected that an extension of the recent rally could take Bank Nifty toward 58,000 and then 58,250, with immediate support at 57,500–57,400 and secondary support near 57,200. Rajesh Palviya of Axis Securities, quoted by Moneycontrol, said a sustained move above 58,000 could open the path to 58,600–59,000, while a break below 57,000 might expose 56,600–56,000. Hitesh Rathi and Jatin Gedia, also cited by Moneycontrol, similarly pointed to the 58,000–58,200 resistance cluster and recommended selective long positions on dips while the broader range holds.

The Economic Times carried complementary views. Mehul Kothari of Anand Rathi advocated a buy-on-dips stance for Bank Nifty as long as it sustains above 57,000, with a breakout above 58,200 expected to trigger fresh upside. Sacchitanand Uttekar outlined a Bank Nifty bull-call-spread structure (long 57,600 call, short 58,500 call) with defined risk parameters.

Analyst Strategies for Nifty Futures

Across Moneycontrol and The Economic Times, several chartists offered concrete futures strategies. Rajesh Palviya recommended buying Nifty futures around 24,200 with a stop-loss at 24,100 and targets of 24,350–24,400; he added that a decisive break above the 20-day SMA near 24,370 could extend the move toward 24,500 and 24,800. Hitesh Rathi described the overall outlook as cautious, citing overhead hurdles at 24,300–24,350 and 24,400–24,450, and suggested buying futures on dips near 24,100 with a stop at 24,000. Jatin Gedia pointed to maximum put open interest at 24,000 and maximum call open interest at 24,300; he advised buying August futures near 24,286 with a stop at 24,150 and a target of 24,415.

The Economic Times reported that Mehul Kothari favoured buying Nifty futures at current levels with a strict stop-loss at 24,000 and successive targets of 24,600–24,750 and then 25,000, while also suggesting a protective put hedge. Pabitro Mukherjee expected the index to continue oscillating inside 23,800–24,700 and recommended accumulating September futures on dips toward 24,200 for targets of 24,700 and 24,850. Sacchitanand Uttekar described the Nifty as locked between the 50-week EMA at 24,360 (resistance) and the 50-day EMA at 24,190 (support).

Midcap and Smallcap Ideas

Sudeep Shah told Moneycontrol he is constructive on two stocks for the week ahead. Aeroflex Industries, he said, has completed a symmetrical-triangle breakout; he recommended buying in the 500–505 zone with a stop-loss at 485 and a target of 540. Alkyl Amines Chemicals has broken a horizontal trend-line resistance on rising volumes; Shah suggested accumulation between 2,040 and 2,060, stop-loss 1,975, target 2,200.

Additional single-stock recommendations appeared in both outlets. The Economic Times carried Mehul Kothari’s buy-on-dips call on Vishal Mega Mart near 103–105 (target 118, stop 97) and his recommendation to buy P N Gadgil Jewellers at 610–615 (target 690, stop 573). Sacchitanand Uttekar favoured CDSL at 1,388 (target 1,590, stop 1,340) and L&T Finance at 317 (target 356, stop 306). Pabitro Mukherjee suggested Nippon Life India Asset Management at 1,251 (target 1,370, stop 1,190).

Moneycontrol published further ideas from Hitesh Rathi (KFin Technologies, DLF, Affle 3i), Rajesh Palviya (Action Construction Equipment, IIFL Finance, Kaynes Technology) and Jatin Gedia (DCB Bank, ICICI Bank, Swiggy), each accompanied by specific entry zones, targets and stop-loss levels based on chart patterns and open-interest data.

Options Positioning and Volatility

Moneycontrol’s options data for August 21 showed maximum Nifty call open interest concentrated at the 24,300 strike, followed by 24,500 and 24,400. Maximum put open interest stood at 24,000, then 24,200. The Nifty put-call ratio eased slightly to 1.11 from 1.12. India VIX rebounded 4.01 percent to 11.195. For Bank Nifty, peak call open interest was located at 58,000, while peak put open interest sat at 57,000. Long build-ups were recorded in 41 stocks, long unwinding in 58, short build-ups in 74 and short-covering in 41. SAIL remained in the F&O ban list; Bandhan Bank and Manappuram Finance were removed.

Taken together, the technical commentary from Moneycontrol and The Economic Times portrays an index still searching for directional conviction. A decisive break above the August high of 24,774 remains the clearest catalyst cited for a renewed uptrend, while failure to reclaim the 24,300–24,400 resistance band keeps the broader 23,800–24,700 range intact for now.