Stocks to buy or sell: Nifty 50, the Indian stock market benchmark, ended with deep losses for the second consecutive session on Thursday, March 12. The index ended at 23,639, falling 228 points, or 0.95%, on Thursday. Over two consecutive sessions, it has suffered a loss of 2.6%.
No signs of war in the Middle East, rising crude oil prices, growing concerns over inflationary pressures, currency weakness, and foreign capital outflow have kept the market under pressure.
Ajit Mishra, SVP of Research at Religare Broking, pointed out that the Nifty has breached the previous swing low at 23,700 but managed to defend the support around 23,500.
According to Mishra, a decisive break below this band could trigger the next leg of decline towards the 23,000–23,200 zone. On the upside, any recovery towards the 24,000–24,300 region is likely to face stiff resistance.
“Amid the prevailing uncertainty and negative market trend, participants are advised to align their index positions with the broader market trend while keeping position sizes in check,” said Mishra.
“Stocks, on the other hand, are offering opportunities on both sides. While sectors such as pharma and energy are holding firm, others continue to face pressure. Traders should therefore maintain a balanced approach and consider opportunities on both the long and short sides,” Mishra said.
Stocks to buy or sell
Lupin | LTP: ₹2,357.30 | Buy | Target price: ₹2,580 | Stop loss: ₹2,230
Mishra highlighted that the Nifty Pharma index has emerged as a relative outperformer amid the broader market correction.
In line with this trend, Lupin has witnessed a steady uptrend following a breakout from its consolidation base and is currently trading near record highs.
The stock has been consistently holding above its rising 20 EMA, highlighting the underlying strength in price.
“We expect the prevailing positive momentum to persist, and any minor consolidation or pullback may be viewed as a potential buying opportunity,” said Mishra.
NTPC | LTP: ₹390.55 | Buy | Target price: ₹421 | Stop loss: ₹375
Mishra underscored that power-related stocks have been displaying notable strength, staging a meaningful recovery after a prolonged corrective phase.
Among them, NTPC is emerging as a leader, having broken out from a base formation at the lower end of its corrective trend.
Since then, the stock has been holding firm and continues to move higher while forming a series of base-on-base formations.
The price and volume action indicate sustained buying interest in the counter.
“Considering the favourable sectoral momentum and supportive price structure, traders may consider initiating long positions in NTPC within the specified range,” said Mishra.
ITC | LTP: ₹304.55 | Sell Futures | Target price: ₹290 | Stop loss: ₹312
Mishra pointed out that ITC continues to underperform within the FMCG pack and remains entrenched in a broader downtrend.
The latest consolidation stalled near the 20 EMA before reversing toward the lower end, reinforcing the prevailing downward pressure.
The stock has slipped below its established trading range and formed a bearish continuation pattern, suggesting the possibility of further downside.
“Traders may consider initiating short positions in futures at the specified levels,” said Mishra.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of the expert, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
