Buy or sell stocks: After posting gains of over 1% each in the previous session, the domestic benchmark indices — the Sensex and the Nifty 50 — returned to a downward trajectory on Friday, March 6, as investors booked profits amid lingering concerns over the US-Iran conflict, rising crude oil prices, and continued foreign capital outflows.
The Sensex plunged 1,097 points, or 1.4%, to close at 78,918.90, while the Nifty 50 declined 315 points, or 1.3%, to settle at 24,450.45. Despite ending in negative territory, the broader markets showed relative resilience. The BSE 150 MidCap Index fell 0.67%, while the BSE 250 SmallCap Index edged lower by 0.22%.
Stocks to buy or sell
Regarding stocks to buy on Monday, Sumeet Bagadia, Executive Director at Choice Broking recommended these three buy-or-sell stocks: Bharat Electronics, Sun Pharmaceutical Industries, and NTPC.
1] Bharat Electronics: Buy at ₹468, Target ₹530, Stop Loss ₹440.
Bharat Electronics share price is currently trading around ₹468 and recently reached its all-time high of ₹473 after breaking out of a prolonged consolidation range. This breakout reflects a positive shift in market sentiment and indicates the potential start of a fresh upward trend. The move was supported by increased trading volumes, which suggests strong participation from market participants and renewed buying interest.
The stock has also sustained above its 20-day Exponential Moving Average (EMA), indicating short-term bullish momentum and underlying buying strength. If the stock continues its upward movement with consistent volume support, it may potentially move towards a first target of ₹500, followed by a second target of ₹530.
On the downside, ₹450 acts as an immediate support level. The Relative Strength Index (RSI) stands at 65.49, which indicates strong momentum while still remaining below the overbought zone. For prudent risk management, a stop-loss at ₹440 is advisable to protect against any unexpected market reversal.
Overall, considering the current technical structure and market conditions, BEL appears to offer a favourable buying opportunity for traders targeting ₹530, provided that disciplined risk management practices are maintained.
2] Sun Pharmaceutical Industries: Buy at ₹1799.40, Target ₹1920, Stop Loss ₹1728.
Sun Pharmaceutical Industries share price is currently trading near ₹1799.40, showing signs of a strong bullish reversal. The stock has broken out above its falling trendline and successfully retested it, suggesting the breakout is valid and the previous resistance is now acting as support. Additionally, the stock has taken support at its 50-day DEMA and 100-day DEMA, reflecting strong underlying demand and a continuation of the medium-term uptrend. On the weekly timeframe, the stock has formed a strong bullish candle after taking support near the 20-week EMA, and this price action indicates buyers stepping in at key support levels and strengthening bullish sentiment.
The momentum indicator (RSI) on the daily timeframe is currently at 66.49, indicating healthy bullish momentum while still remaining below the overbought zone. On the downside, ₹1747 acts as an important support level, suggesting a key demand zone where buyers are likely to defend the trend.
Traders may consider long positions near ₹1799.40, with a stop-loss at ₹1728, targeting ₹1920 and above, while closely monitoring volume and breakout confirmation for sustained upside movement.
3] NTPC: Buy at ₹380.60, Target ₹425, Stop Loss ₹360.
NTPC share price Limited is currently trading near ₹380.60 and is showcasing a strong rebound from lower levels, indicating renewed buying interest and strengthening bullish sentiment. The stock has recently delivered a wide-range rounding bottom breakout and has retested the breakout level, suggesting confirmation of the breakout and the possibility of a sustained upward move. The stock has also witnessed a bullish moving average crossover, which further reinforces the continuation of the ongoing uptrend. Momentum indicators remain supportive, with the Relative Strength Index (RSI) at 60.13 and trending higher, reflecting improving strength and positive momentum in the stock.
On the downside, ₹370 can act as a support level for minor pullbacks, suggesting a potential buying zone where the stock may find stability during short-term corrections. Considering the positive technical setup, short-term traders may consider buying near ₹380.60, with a stop-loss at ₹360 and a potential target of ₹425, while maintaining proper risk management strategies.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
