Buy or sell stocks: The Indian stock market remained under intense selling pressure for the third consecutive session on Friday, March 13, with benchmark indices the BSE Sensex and Nifty 50 falling around 2% each.
The Sensex declined 1,471 points, or 1.93%, to settle at 74,563.92, while the Nifty 50 dropped 488 points, or 2.06%, closing at 23,151.10. The broader market also witnessed significant losses, with the BSE Midcap 150 Index sliding 2.61% and the BSE Smallcap 250 Index falling 2.67%.
Both the Sensex and the Nifty extended their losing streak to a third straight week. Over the week, the Sensex plunged 4,355 points, or 5.5%, while the Nifty 50 declined 1,300 points, or 5.3%.
Stock market today
Nifty 50
The benchmark index Nifty 50 continued its bearish momentum for the fourth straight session. The index opened at 23,462.5 with a gap-down of nearly 170 points and selling pressure intensified soon after the opening. Although the market initially attempted to find support around the 23,300 level, it failed to hold that zone and extended losses further. The index eventually touched an intraday low of 23,112 before settling at 23,151.10, registering a sharp decline of 488.05 points (-2.06%).
According to Sumeet Bagadia, Executive Director at Choice Broking, this price movement indicates sustained bearish sentiment and strong selling pressure dominating the market.
“In the derivatives segment, notable put writing at the 23,000 strike and heavy call writing at the 23,400 strike suggest a probable near-term trading range between these levels. Traders should remain cautious near support zones and avoid aggressive directional trades until the index decisively breaks above resistance,” Bagadia said.
Bank Nifty
The banking benchmark Nifty Bank started the trading session on a weak footing. The index opened sharply lower with a gap-down of nearly 413 points and faced continued selling pressure in the early hours of trade. This weakness pushed the index to an intraday low of 53,675.70, indicating persistent bearish sentiment and aggressive selling by market participants. The index eventually settled at 53,757.85, registering a steep decline of 1,343 points (-2.44%), suggesting strong downside momentum and continued risk-off sentiment in the banking sector.
On the Bank Nifty outlook, he added that overall, this price action reflects sustained selling pressure and a lack of buying interest at higher levels.
“From a technical standpoint, the 54,000–54,100 zone is acting as an immediate resistance area, while the 53,400–53,500 range continues to serve as a crucial support zone for the index.
The daily Relative Strength Index (RSI) stands at 23, signaling deeply oversold conditions, which may lead to a short-term pullback or consolidation. Traders are advised to remain cautious near support levels and wait for a decisive breakout above resistance before initiating fresh directional positions,” said Bagadia.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Monday: Lumax AutoTechnologies, Thermax Limited, Star Health and Allied Insurance Company, MedPlus Health Services, and Alivus Life Sciences.
1] Lumax AutoTechnologies: Buy at ₹1434, Target ₹1537, Stop Loss ₹1379
The stock has corrected from its recent all-time high zone and has taken support near the 0.786 Fibonacci retracement level, indicating a strong demand area. Price also found support close to the 200-day EMA, which acted as a strong dynamic base. Although the stock is still trading below the 20, 50 and 100 EMA, a sharp intraday recovery with a strong close suggests buying interest at lower levels. The stop loss is kept at 1379, while the upside target is projected toward 1537, which coincides with the 50-day EMA resistance cluster.
2] Thermax Limited: Buy at ₹3221, Target ₹3447, Stop Loss ₹3087
The stock formed a double bottom structure near the 2750 zone, indicating a strong long-term support base. Since then, price has been maintaining a higher-high and higher-low formation, reflecting improving trend strength. Currently, the stock is trading close to the 200-day EMA and approaching a potential breakout zone. The 20-day EMA has crossed above the 50 and 100 EMA, signaling positive momentum. Sustained strength above current levels could trigger a continuation move toward 3447, while 3087 acts as a key support near the short-term EMA cluster.
3] Star Health and Allied Insurance Company: Buy at ₹463, Target ₹500, Stop Loss ₹443
The stock is currently moving within a tight consolidation range, indicating a base-building phase after previous volatility. Price is trading around its major short-term EMA cluster, and the recent close slightly above these averages suggests improving bullish momentum. Stability above these EMA levels reflects gradual accumulation and potential strength building. If the stock sustains above the consolidation band, it may witness a momentum expansion toward the 500 resistance zone, while 443 remains a crucial support level protecting the current bullish setup.
4] MedPlus Health Services: Buy at ₹850, Target ₹905, Stop Loss ₹815
The stock has been trading in a sideways consolidation phase, gradually forming a stable base near key moving averages. Recently, price has managed to reclaim the short-term EMA cluster (20, 50, and 100 EMA), which indicates improving momentum and renewed buying interest. Sustaining above these averages may lead to further upside continuation. The 200-day EMA near 815 acts as a strong structural support, making it an appropriate stop-loss level. A breakout above the consolidation range can push the stock toward the 905 resistance zone.
5] Alivus Life Sciences: Buy at ₹945, Target ₹1010, Stop Loss ₹915
The stock has developed a consolidation base around the 880 zone, indicating accumulation after a prolonged decline. From this base, price has gradually started moving higher toward the 950 resistance area, suggesting strengthening demand. The stock is now trading close to the 200-day EMA, which acts as a key breakout level. Additionally, the 20-day EMA has crossed above the 50 and 100 EMA, signaling positive momentum. A sustained breakout above the current zone may lead to a move toward 1010, while 915 remains a crucial support area.
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.
