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Riddhi Siddhi Share Brokers – The Week Ahead | Sunday, September 6, 2026

Dalal Street enters the new trading week on a cautious note after the Nifty declined 1.15% last week.

The coming week could be particularly important for Indian equities, with investors tracking US inflation data, crude oil prices, US Treasury yields, FII flows, geopolitical developments and key technical levels on the Nifty and Bank Nifty.

At Riddhi Siddhi Share Brokers, our near-term market outlook remains cautious. The Nifty needs to reclaim important resistance zones before the technical structure begins to look materially stronger.

Meanwhile, Indian traders will also need to adjust to important market-structure changes taking effect from Monday, September 7.

US CPI: The Next Big Global Market Catalyst

Following the stronger-than-expected August US employment report, Wall Street’s attention now shifts towards inflation.

The US economy added 162,000 non-farm payroll jobs in August, strengthening concerns that persistent inflation combined with a resilient labour market could give the US Federal Reserve greater room to maintain a hawkish monetary-policy stance.

The next major trigger is the August US Consumer Price Index (CPI), scheduled for September 11, 2026.

Before that, the US Producer Price Index (PPI) is scheduled for September 10, 2026, providing markets with another indication of inflationary pressure further up the supply chain.

A hotter-than-expected CPI print could potentially lead to:

Higher Fed rate expectations → Higher US Treasury yields → Stronger dollar → Pressure on emerging-market capital flows

Conversely, softer inflation could provide some relief to global equity markets.

India Inflation Also in Focus

Domestic inflation will also remain important for investors.

India’s CPI inflation data is scheduled for release on September 12, 2026.

With global energy prices elevated, investors will closely watch whether imported inflation and higher energy costs begin exerting greater pressure on domestic prices.

Inflation trends remain important because they can influence expectations surrounding the Reserve Bank of India’s future monetary-policy trajectory.

NSE Pre-Open Rules Change From September 7

An important change takes effect when Indian markets reopen on Monday.

The NSE pre-open framework for eligible index and stock futures is being restructured from September 7, 2026.

The overall pre-open period remains between 9:00 AM and 9:15 AM, but the order-entry and price-discovery mechanism changes.

Revised Timings

9:00–9:05 AM: Market and limit orders can be entered, modified and cancelled.

9:05–9:10 AM: New market orders are not permitted; eligible limit orders can continue to be entered, modified and cancelled.

Approximately 9:08–9:10 AM: The order-entry phase can close at a system-generated random time.

9:10–9:12 AM: Opening-price determination, order matching and trade confirmation.

9:12–9:15 AM: Buffer period before normal continuous trading begins.

Importantly, this revised pre-open mechanism applies to eligible index futures and single-stock futures — not options contracts.

👉 Read: New Stock Market Rules From September 7, 2026 – NSE F&O Pre-Open Session & SEBI ETF Changes Explained

The Week Ahead: What Riddhi Siddhi Share Brokers Is Watching

1. Crude Oil

Crude oil remains one of the biggest risks facing Indian equities. With Brent crude at elevated levels, developments around the Strait of Hormuz and the broader Middle East geopolitical situation could continue influencing global risk sentiment.

Persistently elevated crude can potentially affect:

Inflation → Import Bill → Rupee → Corporate Margins → Interest-Rate Expectations → Equity Valuations

Any meaningful cooling in crude could therefore provide relief to Indian markets.

2. FII Flows

Persistent foreign institutional investor selling remains another important hurdle for a sustainable market recovery.

Higher US Treasury yields can make dollar-denominated assets relatively more attractive, potentially affecting capital flows towards emerging markets such as India.

A meaningful reversal in FII flows would therefore be an important positive signal.

3. Global Cues

Wall Street, US bond yields, the US dollar and Asian markets will continue influencing sentiment on Dalal Street.

The combination of US CPI + Treasury yields + crude oil + geopolitical developments could determine global risk appetite during the week.

4. September IPO Activity

September is also developing into an important month for India’s primary market.

The proposed NSE IPO has moved significantly closer following regulatory developments, although investors should distinguish between regulatory progress and a formally announced IPO price band and bidding timetable.

👉 Read: NSE IPO Gets SEBI Approval: Expected Price, Dates & What Investors Should Know

The broader IPO revival is also having interesting implications for India’s pre-IPO and unlisted-share ecosystem.

For readers following that market, VaultStreet Advisors has examined why a strong public IPO market does not automatically mean liquidity and valuations in the unlisted market will behave in the same way.

Nifty Technical Outlook: Cautious

According to the Riddhi Siddhi Share Brokers weekly technical outlook, the Nifty enters the new week with a negative bias.

Nifty CMP: 23,898
Support: 23,600 / 23,250
Resistance: 24,380 / 24,774
Expected Range: 23,622–24,099
200-DMA: 24,606
Nifty PCR: 1.12
Bias: Negative

The 23,600 zone remains an important immediate support.

A decisive break below this region could increase selling pressure and expose the Nifty towards 23,250, with the broader psychological 23,000 zone becoming important thereafter.

On the upside, bulls need to reclaim the immediate resistance region before the technical picture begins to improve.

Nifty Options Data: What Does OI Suggest?

Options positioning suggests that the Nifty could remain within a broader 23,000–25,000 zone.

Maximum Call OI: 25,000 followed by 24,500
Maximum Put OI: 24,000 followed by 23,000

Call writing was visible around 24,000 and 23,800, while meaningful Put writing was observed around 23,500 and 23,600.

The 24,500 region remains an important overhead resistance zone, while traders should closely monitor whether support continues developing around the lower strikes.

Bank Nifty Outlook

Bank Nifty CMP: 57,370
Support: 56,200 / 54,000
Resistance: 58,500 / 60,000
Expected Range: 56,500–58,450
200-DMA: 57,432
Bank Nifty PCR: 1.03
Bias: Negative

Bank Nifty is also trading around an important technical area, making its behaviour around the 200-DMA worth monitoring.

Preferred Nifty Trade Setup for the Week

Nifty: 23,898
View: Sell
Targets: 23,600 / 23,250
Aggressive Downside Zone: 23,022–23,100
Stop-Loss: 24,322

This is a market view for educational purposes and should not be construed as personalised investment advice.

Trading leveraged products such as futures and options requires particularly strict risk management.

SEBI’s FY25–FY26 study provides an important reminder that a very high proportion of individual equity-derivatives traders incurred losses.

👉 Important Reading: Nearly 88% of Individual F&O Traders Lost Money – What SEBI’s FY25–FY26 Study Should Teach Every Trader

Sector Outlook for the Week

Bullish Sectors: NIL

Bearish Sectors: FMCG | Auto | Realty | Energy | IT

Stocks in Focus

Bullish View: BHEL | APL Apollo | Adani Enterprises | Bajaj Finance | DLF

Stock of the Week: JSW Steel

JSW Steel: Structural Growth Story With Technical Momentum

JSW Steel is the Riddhi Siddhi Share Brokers Stock of the Week.

The technical structure continues to show a sequence of higher highs and higher lows, while the company’s longer-term capacity expansion, domestic steel-demand opportunity, improving product mix and balance-sheet deleveraging provide an interesting fundamental backdrop.

JSW Steel Snapshot

CMP: ₹1,325
Targets: ₹1,409 / ₹1,521
Stop-Loss: ₹1,189
52-Week High/Low: ₹1,335 / ₹1,022
P/E: 26.3x
EPS (TTM): ₹29.32
Book Value: ₹409
Market Capitalisation: Approximately ₹3,16,368 crore

Shareholding

FIIs: 44.29%
DIIs: 25.92%
Public: 11.49%
Others: 17.62%

Why JSW Steel Is in Focus

JSW Steel is one of India’s largest steelmakers by installed capacity and provides exposure to India’s long-term infrastructure, manufacturing, automotive, housing, renewable-energy and capital-expenditure themes.

The broader investment thesis rests on five major pillars:

Capacity Expansion + Domestic Steel Demand + Premium Product Mix + Raw-Material Integration + Balance-Sheet Improvement

JSW Steel Business Overview

JSW Steel has total crude-steel capacity of approximately 37.9 million tonnes per annum, comprising Indian operations, joint ventures and overseas capacity.

Its principal Indian operations include:

Vijayanagar, Karnataka
Dolvi, Maharashtra
Salem, Tamil Nadu
Odisha-based facilities
Downstream and coated-steel operations
Joint ventures for electrical and speciality steel

The company supplies steel to infrastructure, construction, automobiles, renewable energy, appliances, packaging, defence and engineering industries.

Its increasing focus on value-added products could potentially provide stronger margins and greater protection against commodity-price volatility than a portfolio dominated entirely by commoditised steel.

Q1 FY27 Performance: Strong Earnings

JSW Steel delivered a strong June quarter.

Previous-year financials are presented on a pro-forma basis excluding BPSL following its deconsolidation in March 2026.

The earnings improvement was supported by stronger domestic steel realisations, record first-quarter sales volumes, an improved value-added product mix, better operating leverage, higher exports and strong capacity utilisation.

Indian operations achieved approximately 94% capacity utilisation, excluding the Vijayanagar BF-3 shutdown for expansion.

Capacity Expansion: The Biggest Long-Term Catalyst

JSW Steel is undertaking a substantial expansion programme.

Current Total Capacity: Approximately 37.9 MTPA
India Capacity Target Including JVs – FY31: 50 MTPA
India Capacity Target Including JVs – FY32: 62 MTPA
Longer-Term Capacity Potential: Approximately 79.5 MTPA
FY27 Planned Capital Expenditure: ₹22,000–₹24,000 crore
Four-to-Five-Year Capex Programme: Approximately ₹1.30 lakh crore

Major Projects

Vijayanagar BF-3 Expansion: Capacity has been expanded from approximately 3 MTPA to 4.5 MTPA, with the upgraded blast furnace commissioned in June 2026 and currently ramping up.

Dolvi Phase III: Capacity is being expanded from approximately 10 MTPA to 15 MTPA, with commissioning targeted by September 2027.

POSCO Joint Venture: The proposed project involves a 6-MTPA integrated steel plant at Dhenkanal, Odisha, focusing on high-grade flat steel for automotive and other premium applications.

JFE Partnership: The JSW–JFE partnership combines JSW Steel’s domestic operating expertise with JFE’s technology and targets further capacity expansion in electrical and speciality steel.

Successful execution could generate substantial operating leverage, provided demand keeps pace with capacity and projects remain within expected cost and implementation timelines.

Balance Sheet: Significant Improvement

Balance-sheet deleveraging has emerged as another important positive factor.

Net Debt: Approximately ₹45,750 crore
Net Debt-to-EBITDA: Approximately 1.46x
Net Debt-to-Equity: Approximately 0.42x
FY26 Net Debt-to-EBITDA: 1.81x
FY25 Net Debt-to-EBITDA: 3.34x

Improving leverage can strengthen financial flexibility.

However, investors should balance this against the company’s substantial capital-expenditure programme. A weaker steel cycle or lower cash generation could slow further deleveraging.

Raw-Material Security

Iron ore and coking coal are among the largest cost components in steel production.

JSW Steel is increasing captive sourcing in an effort to reduce earnings volatility.

Improved integration could potentially:

Reduce Input-Cost Volatility → Protect Margins → Improve Supply Security → Reduce Dependence on Global Commodity Markets

Near-term pressure from coking-coal prices nevertheless remains an important factor to monitor.

Key JSW Steel Growth Catalysts

1. India’s Structural Steel Demand: Infrastructure expenditure, railways, highways, metros, housing, urbanisation, renewable energy, automobiles, EVs, private-sector capex, defence and manufacturing localisation.

2. Protection Against Cheap Imports: Trade-protection measures against low-priced steel imports could potentially support domestic steel prices and capacity utilisation.

3. Premium Product Mix: Electrical steel, automotive-grade products, coated steel and other value-added products can potentially command stronger margins.

4. Deleveraging: Strong operating cash generation combined with lower leverage could reduce finance costs and improve financial flexibility.

5. Strategic Partnerships: Partnerships with global steel companies can provide technology, premium-product capabilities and shared investment requirements.

Key Risks in JSW Steel

Steel-Price Cyclicality: Weak global demand or aggressive exports from major producing countries can pressure steel prices.

Raw-Material Inflation: Higher coking-coal and iron-ore costs can compress margins.

Heavy Capital Expenditure: Project delays or cost overruns could increase debt or weaken free cash flow.

Overseas Operations: International operations remain exposed to weaker utilisation, energy costs, tariffs and economic slowdowns.

Regulatory and Environmental Costs: Decarbonisation and increasingly stringent environmental requirements may require substantial investment.

JSW Steel Scenario Analysis

Bear Case: ₹1,100–₹1,150
Steel prices weaken and input costs rise.

Base Case: ₹1,400–₹1,450
Stable prices, higher volumes and normal project execution.

Bull Case: ₹1,600–₹1,650
Strong steel cycle, faster capacity ramp-up and margin expansion.

These scenarios are illustrative and are not assurances of future prices or returns.

JSW Steel Technical Levels

Support: ₹1,220 / ₹1,150
Major Risk Level: Below ₹1,100
Resistance: ₹1,335 / ₹1,400
Aggressive Upside Zone: ₹1,550–₹1,650

Preferred Strategy

Action: Buy JSW Steel around CMP ₹1,325
Stop-Loss: ₹1,189
Targets: ₹1,371 / ₹1,409
Aggressive Targets: ₹1,501–₹1,521
Suggested Holding Period: 9–12 months

Riddhi Siddhi Share Brokers: Our Call of the Week

The coming week could remain highly sensitive to:

US CPI + US Treasury Yields + Crude Oil + FII Flows + Geopolitics + Global Markets

Our near-term stance therefore remains cautious.

Quality businesses can be tracked during meaningful declines, but aggressive leveraged positions may be better avoided until the Nifty demonstrates a more convincing reversal and crude-oil pressures moderate.

For perspective, readers can compare the current setup with our previous weekly market analysis:

👉 The Week That Was: Nifty Weekly Market Review – August 15, 2026

The Gyan Mantra

Stay light — or better still, avoid excessive leveraged long positions while the broader trend remains weak.

Aggressive bearish traders should also remember that a negative market view does not eliminate the possibility of sharp short-covering rallies.

Trade with discipline. Respect stop-losses. Control leverage. Protect capital.

Riddhi Siddhi Share Brokers — We Suggest… You Invest.

Disclaimer / Disclosure

The investments and trading ideas discussed in this market analysis may not be suitable for all investors. Nothing contained in this article should be construed as personalised investment advice, research advice or an assurance of returns. Investments in securities markets are subject to market risks.

The information, market views, technical levels, scenarios and trading observations presented in this article are intended solely for educational, learning and informational purposes. Market prices, technical indicators, open interest, financial data and other statistics can change, and readers should independently verify current information before making any investment or trading decision.

Derivatives and leveraged products involve substantial risk and may not be suitable for all investors. Stop-loss orders do not guarantee that losses will be limited to the stated amount under all market conditions.

Riddhi Siddhi Share Brokers is an NSE & BSE Authorised Person and is not a SEBI-registered Investment Adviser. Investors should make their own investment decisions based on their specific investment objectives, risk tolerance and financial position and should consult an appropriately registered market intermediary or SEBI-registered Investment Adviser where required.

Registration granted by SEBI and certification from NISM in no way guarantee the performance of an intermediary or provide any assurance of returns to investors.

Past performance is not indicative of future results.

The Week Ahead: Nifty Outlook, US CPI, Crude Oil & JSW Steel | September 7–11, 2026