Buy or sell stocks: The Indian stock market extended its decline for a second consecutive session on Thursday, March 12, with benchmark indices falling around 1% as the ongoing tensions in the Middle East unsettled investors and raised concerns that prolonged conflict could hurt corporate earnings.
Following a 1.63% slump in the previous session, the Nifty 50 dropped another 1% to settle at 24,639, marking its lowest level since April 2025.
Meanwhile, the Sensex plunged 1.08% to close at 76,013. This came after the index had already fallen 1.72% on Wednesday, resulting in a cumulative drop of nearly 3,000 points over the past four trading sessions.
Stock market today
Nifty 50
The Nifty 50 ended the session on a weak note, marking its third straight day of losses. The index opened sharply lower with a gap-down of nearly 155 points and continued its decline in early trade, falling to an intraday low of 23,556.30, which indicated strong initial selling pressure. However, after reaching this level, the market showed some recovery as buying interest emerged at lower levels.
According to Sumeet Bagadia, Executive Director at Choice Broking, the index attempted to fill the opening gap and gradually moved higher, touching an intraday high of 23,833.15. Despite this rebound, the index was unable to maintain strength at higher levels, as sellers reappeared near resistance zones. Eventually, the market lost momentum and settled at 23,639.15, reflecting continued weakness and selling pressure on every rise.
“This price action suggests that while buyers are trying to defend lower levels, the overall sentiment remains cautious. Technically, the 23,750–23,800 zone is acting as an immediate resistance area for the index, while a strong support base is developing around 23,450–23,500. In the derivatives segment, significant put writing at the 23,700 strike and heavy call writing at the 24,000 strike suggest a likely trading range between these levels in the near term. Traders are advised to remain cautious near support levels and avoid aggressive directional positions until the index clearly breaks above resistance,” Bagadia said.
Bank Nifty
The Nifty Bank began the trading session on a weak note. The index opened sharply lower with a gap-down of nearly 600 points and continued to decline in early trade, touching an intraday low of 54,760, indicating strong initial selling pressure. However, after hitting this level, the index witnessed a recovery as buyers stepped in at lower levels. This rebound pushed the index higher, leading it to an intraday high of 55,636.95, suggesting a temporary improvement in buying momentum.
On the Bank Nifty outlook, Bagadia further added, “Despite this recovery, the index struggled to maintain strength at higher levels as selling pressure emerged near resistance zones. Consequently, the index moved lower again and eventually closed at 55,100.95, reflecting caution among market participants.
This price action indicates a volatile session where buying attempts were limited by persistent selling pressure. From a technical perspective, the 55,400–55,600 zone remains an immediate resistance area, while the 54,800–54,900 range continues to act as a crucial support zone. The daily Relative Strength Index (RSI) stands at 26.71, signaling that the index is moving toward oversold territory. Traders should remain cautious near support levels and wait for a clear breakout above resistance before taking fresh directional positions.”
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Friday: HFCL, Cummins India, Ajanta Pharma, Power Finance Corporation, and Kirloskar Oil Engines.
1] HFCL: Buy at ₹74.47, Target ₹80, Stop Loss ₹70.7
HFCL share price is currently trading at 74.47, the stock shows a promising trend reversal on the daily chart after a prolonged period of consolidation. The price action displays a rounding bottom pattern with a sharp bullish breakout today, supported by a significant increase in trading volume. The stock has successfully crossed above its 20, 50, and 100-day EMAs, signalling a transition from a bearish to a bullish phase. The RSI has surged to 62.70, indicating strong upward momentum and a shift in sentiment toward the buyers. This technical strength suggests the stock is well-positioned to reach the target of 80, provided it stays above the immediate support zone. Maintaining a stop loss at 70.7 helps mitigate risk against any sudden market volatility or retesting of the breakout level.
2] Cummins India: Buy at ₹4,753, Target ₹5,000, Stop Loss ₹4,515
Cummins India share price is currently trading at 4753, demonstrates a strong bullish recovery on the daily chart, following a healthy correction from its recent peak. The price action indicates the formation of a higher base near the short-term support zone, with a fresh bullish candle reclaiming the 20-day EMA. The stock remains in a well-defined long-term uptrend, trading consistently above its 50, 100, and 200-day EMA lines. The RSI is currently at 56 and trending upward, suggesting that buying momentum is strengthening without reaching overbought levels. This technical structure supports a move toward the 5000 target, representing a potential retest of the all-time high. A stop loss at 4515 effectively manages risk by sitting just below the 50-day EMA support.
3] Ajanta Pharma: Buy at ₹3,119, Target ₹3,340, Stop Loss ₹3,010
Ajanta Pharma share price is currently trading at 3119, displays a powerful bullish breakout on the daily chart as it hits a fresh 52 weeks high. The price action follows a steady staircase-like uptrend, characterized by brief consolidations followed by strong upward moves. The stock is perfectly aligned above its 20, 50, 100, and 200-day EMAs, which are all fanning out in a positive trajectory. The RSI stands at 67.84, confirming strong momentum and significant buying interest while still having room to run before becoming extremely overstretched. This breakout from the recent tight range suggests a continuation toward the target of 3340. A stop loss at 3010 provides a solid safety net just below the recent swing low and 20-day EMA support zone.
4] Power Finance Corporation: Buy at ₹416, Target ₹444, Stop Loss ₹398
PFC share price is currently trading at 416, the stock is showing a definitive shift in character on the daily chart, moving from a sideways consolidation into a potential breakout phase. The price action has formed an ascending base and is currently challenging a key multi-month resistance zone. The stock is trading comfortably above its 20, 50, 100, and 200-day EMAs, with the shorter-term averages beginning to curl upward in a bullish alignment. The RSI is holding steady at 55, reflecting positive momentum that is not yet overextended. A successful close above current levels could accelerate the move toward the target of 444. Maintaining a stop loss at 398 provides necessary protection just below the cluster of major moving average supports.
5] Kirloskar Oil Engines: Buy at ₹1,469, Target ₹1,570, Stop Loss ₹1,400
Kirloskar Oil Engines share price is trading around 1469 and exhibits a strong bullish continuation pattern on the daily chart, characterized by a series of higher highs and higher lows. The price action recently bounced off its short-term support, confirming the strength of the existing uptrend. The stock is trading well above its 20, 50, 100, and 200-day EMAs, with all moving averages sloping upward in a healthy bullish sequence. The RSI is currently at 65.30, suggesting robust buying momentum with further room for growth before hitting overbought territory. This technical setup points toward a move reaching the target of 1570 as it approaches its recent peak. A stop loss at 1400 provides a secure exit point just below the 20-day EMA support level.
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.
