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Shivani Nyati, Head of Wealth at Swastika Investmart 

Rays of Belief made a flat debut at Rs 239, in line with its IPO issue price. The company offers personalised NDD intervention services through a growing network of centres, with expansion across India and the US providing scope for long-term revenue growth. Improving operating margins as the business scales is another positive. However, the company has a relatively short profitability track record, reported negative operating cash flow in FY26, and faces execution risks from its aggressive expansion plans. Moreover, the absence of directly comparable listed peers makes valuation assessment difficult. Given the balance between growth opportunities and these risks, investors should remain cautious at current levels. Investors holding the stock can consider a stop loss around Rs 215, while fresh buying may be considered only after the company demonstrates sustained profitability and stronger cash-flow generation.

Deepa Jewellers made a strong debut, listing at around Rs 221, nearly 25% above its IPO issue price of Rs 177. The company's strong growth, improving profitability and attractive valuation remain key positives, with the stock valued at around 16x P/E versus the peer average of nearly 24x and reporting the highest RoNW of 56.45% among listed peers. However, high customer concentration, with the top 10 customers contributing around 64.67% of FY26 revenue, remains a key risk. The company is also exposed to changing regional jewellery preferences, while rising receivables and a 53-day operating cycle could increase working-capital requirements. Given the strong listing but the risks around customer concentration, cash flows and margins, investors should adopt a cautious approach and wait for sustained operational performance before taking fresh positions. Investors holding the stock can consider a stop loss of Rs 195.

Deveya Gaglani, Senior Research Analyst - Commodities, Axis Direct

Gold prices oscillated above $4,400 on Monday as stronger-than-expected US payrolls kept expectations for a Federal Reserve rate hike elevated, while rising oil prices added to concerns over persistent inflation. Investors now await this week's US inflation data for further clues on the Fed's next policy move. WTI crude oil prices rose by more than 1%, closing above the $92 level and extending last week's sharp gains, as U.S. and Iranian attacks on vessels in and around the Strait of Hormuz heightened fears of prolonged disruptions to crude supplies through the key waterway.

A confident India should be able to recognise strong economic momentum and welcome rigorous scrutiny of methodology. Read full report here

A confident India should be able to recognise strong economic momentum and welcome rigorous scrutiny of methodology. Read full report here

Riya Sehgal, Research Analyst, Delta Exchange 

Bitcoin has slipped below $79,000 as a combination of weaker technical momentum and a more challenging macro backdrop weighs on the market. Strong U.S. employment data has revived expectations of tighter Federal Reserve policy, while escalating U.S.-Iran tensions and higher oil prices are adding to inflation concerns ahead of this week's U.S. inflation data.
Despite the price weakness, institutional flows remain a supportive factor. U.S. spot Bitcoin ETFs attracted nearly $987 million last week, while Ether ETFs added roughly $218 million, suggesting the recent pullback has not yet been accompanied by a broader retreat in institutional demand.
Technically, Bitcoin is testing the $78,500-$78,700 support area, with momentum weakening as the 2-hour RSI moves below 40. A sustained break could bring $77,000-$77,400 into focus, while BTC would need to reclaim $79,500 to improve the near-term structure and reopen the $80,000-$80,500 resistance zone.
Ethereum is showing slightly better relative strength around $2,480, although momentum has also softened. The $2,465-$2,470 area remains the immediate support, followed by $2,440, while a recovery above $2,500 would bring $2,515-$2,535 back into focus.
For now, crypto is caught between resilient institutional demand and growing macro pressure. With oil elevated and U.S. PPI and CPI approaching, the next inflation readings could be critical in determining whether buyers defend these support levels or the current pullback extends further.

Avinash Shekhar, Co-Founder & CEO, Pi42

"Bitcoin's recent pullback should be viewed in the context of the sharp recovery we have seen over the past few weeks. The market has moved from around $58,000 in July to briefly testing the $80,000 mark, so some consolidation at these levels is not unexpected. The immediate focus now is whether Bitcoin can defend the $77,000 to $78,000 zone, which would keep the broader recovery structure intact.

What stands out is that the market is responding quickly to geopolitical developments and changing macro expectations. Bitcoin's move below $80,000, alongside weakness in Ethereum and XRP, shows that the rally is still sensitive to external developments. At the same time, Dogecoin's relative strength suggests that capital is not simply leaving crypto, but is moving selectively across different parts of the market.

The next few sessions will be important in determining whether this is simply a pause before another attempt at higher levels. If Bitcoin stabilises around the current support zone and buying interest returns, a move back toward $80,000 to $80,500 remains possible. A convincing move above that range would bring $85,000 and then $90,000 back into focus.

For the broader market, the important signal will be how Bitcoin behaves after a pullback rather than how quickly it reaches the next target. A market that can absorb short-term pressure, hold key support levels and then recover without excessive leverage would provide a stronger foundation for the next leg of the rally."

Pre-Market Analysis By Gaurav Udani, Founder - Thincredblu Securities 

"Nifty is expected to open around 23,700, down by nearly 70 points, indicating a weak start. With weekly expiry today, volatility is likely to remain high and we can expect sharp intraday moves. The immediate support zone is 23,600-23,700, while 23,900-24,000 will act as resistance.

I would avoid chasing shorts at the open and would look for buying opportunities if Nifty manages to hold the 23,600-23,700 zone and shows signs of reversal. On the upside, a sustained move above 23,900 can bring some recovery towards 24,000. However, if 23,600 breaks decisively, the bias can turn negative with 23,400-23,500 as the next support zone.

Overall, traders should keep positions light and remain cautious, as expiry-day volatility can lead to quick reversals."

Harish Vatnani, Head of Trade, ZebPay

"ETH continues to show a bullish medium-term structure on the daily chart. After forming a major bottom around $1,550-$1,600, ETH recovered strongly and reclaimed the $1,850-$1,900 resistance zone.
The subsequent breakout in August was accompanied by a significant volume expansion, with ETH moving rapidly from approximately $1,900 to the $2,500-$2,550 region.
Following this sharp upward move, ETH has entered a consolidation phase between approximately $2,300 and $2,550. The consolidation is occurring near the upper end of the recent rally and can still be interpreted as a bullish continuation structure, provided ETH maintains the key support levels.

Technical Analysis
Bullish Pole & Consolidation
The daily chart shows:
Pole: Strong upward move from approximately $1,850-$1,900 to $2,550.
Consolidation: Price is moving sideways between approximately $2,300 and $2,550.
Current price: Approximately $2,485, close to the upper boundary of the consolidation.
Volume: Strong volume expansion occurred during the August breakout, while volume has subsequently declined during consolidation.
The overall structure remains constructive as long as ETH continues to hold above the $2,300-$2,350 support region.
The key difference now is that ETH is approaching the upper boundary of the consolidation, making the $2,550-$2,600 zone the most important area for the next major directional move.

Bullish Scenario
The bullish setup remains valid if ETH continues to hold above $2,300-$2,350.
A decisive daily breakout above $2,550-$2,600, preferably accompanied by increasing volume, would provide confirmation of bullish continuation.
A successful breakout could open the path toward:
$2,700 to $2,800 to $3,000
The measured-move potential from the current consolidation could eventually extend toward approximately $3,050-$3,250, although ETH would encounter additional resistance along the way.

Bearish Scenario
The bullish structure would begin to weaken if ETH loses the $2,300-$2,350 zone on a sustained daily closing basis.
A breakdown below $2,300 could lead to a deeper correction towards $2,100-$2,150
If that area also fails, the next major support would be around $1,850-$1,900.
A sustained break below $1,850 would significantly weaken the current medium-term bullish structure and could expose the $1,550-$1,600 region again.

Outlook
The daily chart remains bullish but currently in consolidation.
ETH has already completed a significant impulsive move from approximately $1,850 to $2,550 and is now building a base below major resistance. The reduced volume during consolidation is generally constructive, but the next major move requires confirmation.
The $2,550-$2,600 zone is the key level to watch.
A strong daily breakout above this region with volume could confirm continuation toward $2,800-$3,000, followed by the possibility of an extended move toward $3,100-$3,250.
Conversely, a breakdown below $2,300-$2,350 would weaken the setup and increase the probability of a correction toward $2,100-$2,150.

At the time of writing, ETH was trading at approximately $2,485.

Summary
ETH remains bullish on the daily timeframe. The chart shows a strong bullish pole from approximately $1,850 to $2,550, followed by consolidation between approximately $2,300 and $2,550. The immediate battle is between $2,550-$2,600 resistance and $2,300-$2,350 support. A confirmed breakout above $2,550-$2,600 could open the path toward $2,800-$3,000, with an extended measured target around $3,100-$3,250.The setup would weaken below $2,300, while $2,100-$2,150 and $1,850-$1,900 remain the major downside support zones."

Rajesh Palviya, Head of Research, Axis Direct

The Nifty 50 extended its decline on Monday, closing 118.55 points, or 0.50%, lower at 23,779.15 amid broad-based selling across IT, metals, PSU banks and media, with pharma being the lone sector to buck the trend. Rising crude prices and renewed US-Iran hostilities kept risk appetite subdued, even as Asian equities rallied on strong buying in memory and AI-related technology stocks.

Asian markets are largely holding firm this morning, with the Nikkei 225 up 0.4% and the Kospi surging more than 2.7%, while the Hang Seng is trading 0.9% lower. The key variable for Indian equities remains crude oil, with Brent hovering around $97 a barrel near six-week highs, keeping import-cost and inflationary concerns firmly in focus. GIFT Nifty is trading around 23,797, indicating a largely flat opening.

The near-term undertone remains cautious as the Nifty trades below the 23,800 mark. Immediate support is placed at 23,700, below which the index could slip towards 23,550, while resistance is seen at 23,950 and 24,150. Positive Asian cues may provide some early support, but any further spike in crude prices could limit the scope for a meaningful recovery.

The Thesis
Two defensive bets drive today's basket: pharma exports and domestic credit durability. With Brent near $97 and GIFT Nifty signalling a weaker open, the portfolio relies on RBI's $8 billion rupee defence and India's ring-fenced defence capex as structural backstops - not a sentiment trade. SOLARINDS anchors the non-cyclical leg while SUNPHARMA and SBIN carry the cross-cycle conviction.

Where We're Concentrated
PSU and private banking plus NBFC hold the dominant weight, betting the domestic credit cycle holds through an oil shock that hasn't fully landed. Pharma and defence provide the countercyclical buffer - export contracts and government order books that don't reprice with Brent. The thesis breaks if BankNifty closes below 57,000 today, signalling demand destruction rather than transient margin pressure.

Conviction Picks
Highest Conviction
Sun Pharmaceutical Industries
Branded generics and specialty exports expand margin as rupee strength compresses import costs for active ingredients.
State Bank of India
PSU credit momentum holds as RBI's rupee buffer defends the rate environment the bank's growth thesis depends on.
Shriram Finance
Commercial vehicle credit stays resilient; rural freight demand is outpacing the crude-driven cost spike in logistics.
Solar Industries India
Domestic explosives and defence systems run on government capex, not commodity cycles - insulated from the oil shock.
Axis Bank
Private credit quality holds as rupee stability limits NPA stress in the SME and import-facing mid-corporate book.
One Thing to Watch
BankNifty 57,000 at the opening bell A close below that level flags the financial cluster pricing in demand destruction, not temporary margin pressure - and shifts today's thesis weight toward the pharma-defence defensive pair.

Prateek Gupta, Head of Business, Mudrex

"Bitcoin is holding around $79,000 despite rising Middle East tensions pushing oil above $92 a barrel and reviving inflation concerns ahead of the FOMC meeting. CryptoQuant's spot apparent-demand metric and Coinbase Premium Index have turned negative, signaling weaker retail buying. Yet BTC has shown strong resilience even as the yen gained 3.7% in just three sessions. A similar yen move in 2024 triggered a 20% Bitcoin selloff, making the current price action a sign of underlying strength. For now, Bitcoin needs to reclaim $80,000 to regain momentum, with $78,400 as key support."

"BTC is trading near "$79K-$80K after shifting U.S. interest-rate expectations and geopolitical tensions. BTC briefly moved above $80K as Treasury yields eased, helping improve sentiment across risk assets. However, a stronger-than-expected US jobs report pushed bond yields higher again, sending BTC back below $80K. For now, $80K remains the key level to watch. If BTC can hold and build support above this level, the next major resistance sits near $82.8K with a potential move toward $90K if macro conditions turn more supportive."

Vaishali Patel, Senior Manager - Research- Technical Department at Jainam

Nifty opened with a flat note but selling led the index to end near day's low. Nifty closed at 23,779.15 with a loss of 118 (-0.50%) points, slipping below the crucial 23,800 support amid persistent selling pressure and elevated crude prices. U.S. markets were closed on Monday for the Labor Day holiday.

Asian markets are trading mostly lower, with investors cautious as rising crude prices increase inflation concerns. Crude oil prices continue to rise, trading around the 8,760, amid escalating Middle East tensions. The surge in oil prices is raising concerns about inflation and the possibility of tighter global monetary policy. GIFT Nifty is trading around 23,786, down roughly 0.17%, a weak-to-muted opening for Indian equities as higher crude and geopolitical risks weigh on sentiment.

Technically, the short-term structure remains weak, with momentum indicators pointing towards continued selling pressure. The index is currently approaching the 23,700-23,600 support zone, which is a crucial demand area. A sustained hold above this zone could trigger a pullback towards 23,900-24,000. On the upside, 24,050-24,100 is likely to act as the immediate resistance zone, where the shorter term moving averages are placed, on the daily chart. A sustained move above 24,000 could provide some relief, while a break below 23,600 may accelerate the correction. Overall, the bias remains cautious-to-negative, and traders may prefer a sell-on-rise strategy until the index reclaims 24,000 decisively.

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WazirX has turned to the world of director Anurag Kashyap's iconic two-part film, Gangs of Wasseypur for its latest campaign. It has brought back Tigmanshu Dhulia as the formidable Ramadhir Singh - this time recast as 'Bauji', a figure of hard-earned trading wisdom. The 79-second film uses the visual language and father-son dynamic associated with the cult movie to address a distinctly contemporary problem - Indian crypto traders acting on unverified recommendations circulated through online tip groups. His message is: the person taking the trade bears the risk and must therefore do the thinking. 

Set inside spaces reminiscent of the film's Wasseypur universe, the ad follows Bauji's interaction with his seemingly inept son, who appears convinced that the people sharing tips online must know how to make money. Bauji promptly dismantles that assumption, pointing out that tip providers can earn regardless of whether the trader makes a profit or suffers a loss. The campaign uses humour to highlight a familiar pattern across online trading communities, where confident calls, promised returns and urgent buy-or-sell recommendations can encourage users to enter highly leveraged positions without adequately understanding the market. 

Nischal Shetty, founder, WazirX

"US equities are starting the session on a softer note, but this is not yet a full risk-off environment. The bigger signal for crypto is oil, which has moved above $92 and could keep inflation and Fed expectations elevated. For Bitcoin, the next move may therefore depend less on today's modest equity weakness and more on whether rising energy prices translate into tighter liquidity expectations. If yields remain contained, crypto can absorb the equity pullback; if yields rise sharply, pressure on higher-beta crypto assets could increase.

Overall spot trading activity cooled into the 24h close despite a couple of sharp intraday volume spikes. The 24 hr crypto market cap chart indicates that a modest early rally faded into a mid-day/overnight slide of about 1%, followed by a recovery back to roughly unchanged levels by the next morning.

Bitcoin is at $79,354.99, down by 0.67% in the last 24 hours, suggesting a short-term pullback within a still-positive weekly trend. The $80,000 psychological level is the immediate overhead resistance. Above that, $82,000-$85,000 would be the next zone if momentum resumes. $78,000-$78,500 is a natural near-term support. A break below could open a slide toward the $75,000 psychological zone, which has historically acted as a stronger demand area. Futures traders' should focus on the $80K level, reclaiming and holding above it would favor longs targeting $82K.

Ethereum is at $2,500.34, sitting almost exactly at the $2,500 psychological level. A decisive close above it opens the door to $2,600-$2,650 as the next resistance band. On the downside, $2,450 is a reasonable near-term support. ETH is hovering right at $2,500, a clean breakout above with rising volume could trigger momentum longs toward $2,600, while failure to hold $2,450 support would put $2,400 in play for short positions.

Crypto leverage is rebuilding even as US equities show mild risk-off signals. Perpetual open interest has climbed to $421 billion, up 4.5% in 24 hours and more than 13% over the past month. This suggests traders are still willing to take risk, but it also makes the market more sensitive to macro shocks. With oil rising and US equities under modest pressure, the next move in crypto could be amplified by derivatives positioning."

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At the close on Monday, the total market cap of all BSE Sensex companies stood at Rs 4,86,30,183.