Anand James’ weekly market playbook: Nifty, autos, and stocks on his radar

Anand James, Chief Market Strategist at Geojit Investments, decodes the first week of Nifty’s new Tuesday expiry, the impact of GST-driven auto rally, and the role of FII shorts in capping gains. He also shares his outlook on M&M, Netweb, and top stock ideas for the week ahead.

Edited excerpts from a chat:

How did the first week of expiry day swapping between Nifty and Sensex look like? What is the kind of impact you saw in terms of volumes, premiums and volatility?
The number of contracts traded on the first Tuesday weekly expiry for NSE was the highest in the year. Usually, the first weekly expiry of each month shows a higher number compared to the other weekly expiries. On an average, the first expiry day has clocked 27.43 crore contracts this year. On September 2nd, it was 31.71% above this average, at 36.13 crore. However, since April 2025, the number of contracts has been gradually increasing, so we cannot attribute this solely to the change in the expiry date.

Volatility did show its presence, but not unduly so, and it has to be acknowledged that Nifty was coming off a recovery day on 1st of September, which was preceded by a six-day losing streak. It also did not help that this expiry had the shortest cycle for Nifty, with two days leading upto the expiry, interrupted by a weekend in between.

Nifty gained over 1% in the week amid optimism around GST rate cuts. Do you think FII shorts restricted the upside momentum even as DIIs look bullish? What are the targets to watch out for?
Among FII’s index futures positions, only 7.4% are longs, a record low. This proportion, which has come about to be, is a result of steady increase in shorts and similar decrease in longs through the first week of September. This is a strong indication that FIIs have not only let go of their bearish stance in the face of increased chances of Fed rate cut, but are boosting their downside bets. This leads us to assume that GST overhaul’s tail winds have not been enough to allow FIIs to ignore the tariff uncertainty.

Auto emerged as one of the biggest sectoral gainers in the week due to GST rate cuts. How strong are the charts for the rally to continue till the festive season begins in September-end?
After a week-long rally, the formation of an inside bar candle on Friday suggests caution, as it may signal upcoming profit booking. The daily and weekly RSI indicators have either entered or are nearing the overbought zone, increasing the likelihood of a pullback in the first half of next week. However, the broader outlook remains positive, supported by expectations of strong festival season sales.

From a derivatives perspective, 84% of the stocks in the sector saw short additions in their near out-of-the-money (OTM) put options, which is typically viewed as a bullish sign. Additionally, 60% of stock futures witnessed long positions on Friday, and 80% on a week-on-week basis, indicating that traders continue to bet on further upside.

On a stock-specific note, except for M&M—which remains extremely bullish—names like Maruti, Tata Motors, Bajaj Auto, Eicher Motors, and TVS Motor formed inside bar candles on the daily chart following Thursday’s strong move. This pattern suggests a potential short-term pullback, which could present fresh buying opportunities. We expect the Nifty Auto Index to dip slightly toward the 26,150–26,060 zone before bouncing back and continuing its upward move beyond the 26,750 level.

Netweb shares ended the week around 40% higher. Do you see profit booking ahead?
We will not be surprised if there is a pull back given the sharp rise recently, and consecutive days of close above upper bollinger band. However, momentum appears strong, and oscillators point to a trending phase. These signals encourage us to stay with the uptrend.

How would you go about trading M&M in the week ahead? Are the charts strong enough for the stock to cross Rs 4,000-mark this month?
A cup & handle breakout in weekly charts provides for a medium term uptrend aiming 4000 in a few months. However, the recent abrupt push higher is likely to bring in exhaustion, if not already. Directional moving indicators are also yet to indicate momentum. Towards this end, unless we see a close above 3577, expect 4th September’s gap to be filled. Such a move may be used to re enter longs.

Give us your top ideas for the week.


TDPOWERYS (CMP: 549)

View – Buy

Target – 580/620

SL – 528


The reversal that began in February now appears to have matured into a potential breakout. The MACD has crossed above the signal line on the weekly chart and the stock has closed at an all-time high, suggesting a strong bullish outlook in the near term.

Given this momentum, the stock is expected to move toward the 580 and 620 levels in the coming sessions. The technical setup supports continued upside, provided broader market conditions remain favorable.


All long positions should be protected with a stop-loss placed below 528 to manage risk effectively.

FIRSTCRY (CMP: 401)

View – Buy

Target – 425

SL – 392

The green Marubozu candle formed on Friday, supported by a MACD crossover above the signal line and RSI trading above its 14-day moving average, suggests bullish momentum for the stock in the near term.

Given these technical signals, we expect stock to move toward 425 level in the coming sessions. The setup indicates a favorable environment for continued upside. All long positions should be protected with a stop-loss placed below 392 to manage risk effectively.