Buy or sell stocks: A sharp sell-off gripped the Indian stock market on Thursday, March 19, bringing an end to the three-day winning streak of benchmark indices—the Sensex and the Nifty 50.
The Sensex tumbled 2,497 points, or 3.26%, to settle at 74,207, while the Nifty 50 dropped 776 points, or 3.26%, to close at 23,002.
Stock market today
Nifty 50
On Thursday, Nifty 50 maintained its downward trajectory, reflecting persistent bearish sentiment in the market. It began the session at 23,197.75, opening sharply lower by nearly 580 points. Selling pressure intensified immediately after the opening bell, preventing any meaningful recovery. Although the index briefly attempted to stabilize around the 23,200 level, it failed to sustain that support and continued to decline. The selling momentum pushed the index to an intraday low of 22,930 before it closed at 23,002.15, marking a steep loss of 775.65 points, or 3.26%.
Speaking on the Nifty 50 outlook, Sumeet Bagadia, Executive Director at Choice Broking, said, “From a technical standpoint, the 23,150–23,200 range is now acting as immediate resistance, while a firm support zone appears to be developing between 22,850 and 22,900. The daily RSI is at 29.74, indicating that the market is in deeply oversold territory. At the same time, India VIX surged by 21.79% to 22.80, signaling heightened volatility and increased fear among investors. In the derivatives market, significant put writing at 23,000 and heavy call writing at 23,300 indicate a likely near-term range between these levels. Traders are advised to stay cautious.”
Bank Nifty
The banking benchmark Nifty Bank began the trading session on a notably weak note on Thursday. It opened sharply lower with a gap-down of nearly 1,860 points and continued to face persistent selling pressure during the early hours. This sustained weakness dragged the index to an intraday low of 53,240.6, indicating strong bearish dominance and lack of buying support at lower levels. The index eventually closed at 53,451, recording a sharp decline of 1,875 points (-3.39%), which reflects strong downside momentum and prevailing risk-off sentiment within the banking sector.
Bagadia further added, “Overall, this price action highlights aggressive selling interest and a clear shift in market sentiment toward caution. From a technical perspective, the 53,700–53,800 zone is emerging as an immediate resistance area, while the 53,100–53,200 range continues to act as a crucial support base for the index.”
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Friday, March 20: Torrent Power, Bharat Heavy Electricals, Linde India, Fertilisers And Chemicals Travancore, and Coal India.
1] Torrent Power: Buy at ₹1446.90, Target ₹1580, Stop Loss ₹1380
Torrent Power share price is currently trading around ₹1446.90. The stock has recently witnessed a breakout from a rising wedge pattern and is now trading near its breakout levels, indicating a potential upward move. On the weekly chart, the stock is trading above all its key moving averages, including the 20, 50, 100, and 200 WEMA, reflecting a strong bullish trend across higher timeframes. Additionally, the weekly RSI is positioned above the 50 mark, suggesting sustained strength in momentum. From a technical perspective, the stock is likely to find immediate support near ₹1380. As the stock is trading with strong support at the 50-day EMA following an EMA golden crossover, short-term traders may consider buying Torrent Power at the current market price, with a stop-loss at ₹1380 and a target of ₹1580, while maintaining proper risk management.
2] Bharat Heavy Electricals: Buy at ₹251.75, Target ₹275, Stop Loss ₹239
Bharat Heavy Electricals share price is currently trading at ₹251.75. The stock is consolidating within a symmetrical triangle pattern and is presently taking support near its rising trendline, indicating a potential bounce from current levels. This setup suggests a continuation move may unfold if the price sustains above the support zone. From a technical perspective, the stock is likely to find immediate support to maintain above ₹245, Traders may consider buying BHEL at the current market price with a stop loss of ₹239 for a target of ₹275, while maintaining proper risk management.
3] Linde India: Buy at ₹7011.50, Target ₹7500, Stop Loss ₹6700
Linde India share price is currently trading at ₹7011.50. The stock has previously witnessed a breakout from a range consolidation and is now sustaining above its breakout zone, indicating strength and potential uptrend momentum. It is also trading above its 20, 50, 100, and 200 DEMA levels, reflecting a strong bullish trend. Additionally, the RSI is positioned above the 50 mark, suggesting positive momentum in the stock. From a technical perspective, the stock is likely to find immediate support near ₹6850, For short term, Traders may consider buying Linde India at the current market price with a stop loss of ₹6700 for a target of ₹7500, while maintaining proper risk management.
4] Fertilisers And Chemicals Travancore: Buy at ₹787.95, Target ₹860, Stop Loss ₹750
Fertilizers and Chemicals Travancore share price is currently trading around ₹787.95. The stock had recently broken out from a rounding bottom pattern and is now holding near its breakout level. The breakout was supported by strong buying volumes, which indicates the breakout is backed by conviction and strength. From a technical perspective, the stock is likely to find immediate support near ₹750, traders may consider buying FACT at the current market price with a stop loss of ₹750 for a target of ₹860, while maintaining proper risk management.
5] Coal India: Buy at ₹454.20, Target ₹475, Stop Loss ₹438
Coal India share price is currently trading around ₹454.20. The stock had previously broken out from a rounding bottom pattern and is now sustaining above its breakout level, indicating bullish momentum. It is trading above its 20, 50, 100, and 200 DEMA levels, reflecting strength across multiple timeframes. From a technical perspective, the stock is likely to find immediate support as well maintain trading above ₹440, traders may consider buying Coal India at the current market price with a stop loss of ₹438 for a target of ₹475, while maintaining proper risk management.
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.
