FIIs have been steadily increasing their stake in Axis Bank in the last few quarters. In September quarter last year, they were holding 46% stake in the bank, and their current holding is likely at an all-time high.

On the technical charts, the RSI of the stock stood at 65.54.

The crossing of the 50-day SMA by Torrent Power, Navin Fluorine International, and other stocks on August 22 signifies their remarkable market performance and growth prospects

“There was some shakeout-like trading behavior at the beginning of this week. However, the swift recovery in the broader market clearly indicates that this trend is likely to continue. The put base is firmly intact on the Nifty.”

Bandhan Bank's standalone net profit fell 19% to Rs 721 crore for the first quarter ended June. The same stood at Rs 886 crore in the year-ago period. The fall in profit was steeper than expected as most analysts saw the decline to be around 14%. For instance, Axis Securities expected the net profit figure to be around Rs 758 crore.

One can expect markets to consolidate for some time here, which can mean interim corrections of 5-7% on Nifty. However, we remain overall quite bullish with a 12-month plus perspective. We believe the next decade is of India.

Considering the momentum in key sectors, if the Nifty50 decisively surpasses 19,500, then 19,650 is expected to be the crucial area for sharp up-move, while the critical support remains at 19,300-19,250, experts said

Bandhan's profit numbers were poorer than what analysts expected earlier. This despite lower provisions during the quarter at Rs 602 crore against Rs 642 crore in the year-ago period, which helped credit cost to fall 30 basis points to 2.4%.

On the weekly options front, the maximum Call OI is placed at 19,500 and then towards 19,700 strikes while the maximum Put OI is placed at 19400 and then towards 19,500 strikes.

Mankind Pharma, a recent entrant to the stock exchanges, has been included to several Nifty indices including Nifty500, Nifty Midcap150, Nifty Midcap100 and Nifty200.

The Indian market could face selling pressure at higher levels despite positive global cues. The Nifty50 closed below 18,700 levels as India VIX was slightly up. The monthly maximum Call OI is placed at 18,800, while the maximum Put OI is placed at 18,700. The options data suggests a shift in a lower trading range between 18,500 to 19,000 zones and an immediate trading range in between 18,550 to 18,800 zones, said Chandan Taparia, an analyst-derivatives at Motilal Oswal Financial Services Limited. Various experts recommend short-term trading options like buying stocks in Maruti Suzuki, Tata Chemicals, and HCL Technologies.

Promoter Padmaja Gangireddy has sold 12.5 lakh equity shares or 1.76 percent stake in Spandana Sphoorty Financial at an average price of Rs 830.15 per share.