Buy or sell stocks: The ongoing US–Iran conflict continued to pressure the Indian stock market on Monday, March 9, as investor sentiment weakened further amid a sharp and persistent rise in crude oil prices. A depreciating domestic currency and continued outflows from foreign investors also pushed the benchmark indices to a 10-month low.
Amid widespread panic selling triggered by escalating tensions between the US and Iran, the Nifty 50 tumbled 1.86% to 23,994, while the Sensex declined 1.77% to 77,521. At one stage during the session, both indices had fallen by nearly 3%.
Stock market today
Nifty 50
The benchmark Indian equity index, Nifty 50, ended the session on a weak note, recording a sharp decline of 422 points (1.73%) in a single day. The index began the day with a significant gap-down opening of nearly 580 points and extended its losses to hit an intraday low of 23,697.80. However, a partial recovery during the session pushed the index to an intraday high of 24,078.15, before finally settling at 24,028.05.
According to Sumeet Bagadia, Executive Director at Choice Broking, the 24,200–24,250 zone is now emerging as an immediate resistance level. On the downside, a strong support base is seen in the 23,900–23,950 range. The daily Relative Strength Index (RSI) stands at 28.89, indicating that the market is currently in deeply oversold territory, which may increase the probability of a short-term technical rebound.
“In the derivatives segment, notable put writing at the 23,800 strike and aggressive call writing at the 24,400 strike suggest that the market currently has a well-defined trading range. Traders are advised to remain cautious around key support levels and avoid initiating fresh directional positions until a clear breakout above the resistance zone provides stronger confirmation of trend direction,” Bagadia said.
Bank Nifty
The banking benchmark index Nifty Bank began the session on a weak note, opening with a gap-down of nearly 1,650 points. The index extended its decline during the early part of the session and touched an intraday low of 55,270. Later, a partial recovery was observed, allowing the index to trim some losses before finally closing at 56,019.80, marking an overall decline of 1,763 points (3.05%), suggesting strong selling pressure across the banking stocks.
On the Bank Nifty outlook, Bagadia added, “ From a technical perspective, the 56,300–56,400 zone continues to act as an immediate resistance area, while the 55,700–55,800 band remains a crucial support region for short-term stability. The daily Relative Strength Index (RSI) stands at 24.88, signalling that the index is deeply oversold and may witness a short-term technical pullback. Traders are advised to remain cautious near key support levels and wait for a decisive breakout above the resistance zone before initiating any fresh directional positions.”
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Tuesday: MCX, Precision Wires India, Vardhman Textiles, Apollo Hospitals Enterprise, and CCL Products (India).
1] MCX: Buy at ₹2577, Target ₹2705, Stop Loss ₹2450
MCX share price is displaying a strong bullish structure on the daily chart, maintaining a consistent higher high–higher low formation and steadily bullish over the last six months. The stock is trading comfortably above its 20, 50, 100, and 200 EMA, reflecting sustained trend strength and institutional accumulation. In the short term, price action is respecting the 20-day EMA as dynamic support, with every dip getting bought into. The stock is currently approaching its previous all-time high zone near 2705, which acts as the immediate resistance level. A sustained move toward this zone appears likely as momentum remains intact. The 2450 zone, which aligns with the 20-day EMA cluster and recent swing low, acts as a strong support and logical stop-loss area.
2] Precision Wires India: Buy at ₹334, Target ₹360, Stop Loss ₹317
Precision Wires India share price has been in a strong uptrend, delivering nearly 50% gains over the past month, and the price structure continues to show clear bullish momentum. The stock is trading well above all key moving averages, indicating sustained demand and trend continuation. The daily chart shows a steady higher high–higher low structure, suggesting that buyers are firmly in control. Even after a sharp rally, the stock is consolidating near its highs without showing signs of distribution. This price behaviour often precedes further upside. The 360 zone coincides with the 0.786 Fibonacci extension level, which becomes the next potential target. On the downside, 317 acts as an important support, aligning with recent swing lows and short-term structural support.
3] Vardhman Textiles: Buy at ₹560, Target ₹570, Stop Loss ₹515
VTL share price has recently delivered a decisive breakout from the long consolidation zone around 470, which has triggered a fresh bullish phase. Since the breakout, the stock has continued forming higher highs while maintaining a healthy price structure, indicating strong buying interest. Currently, the stock is consolidating near the 540–550 resistance zone, suggesting accumulation before the next upward move. Volume activity has gradually improved during the rally, supporting the bullish bias. Additionally, price is consistently holding above the 20-day EMA, which is acting as a dynamic support during pullbacks. As long as the stock sustains above this level, the bullish momentum remains intact. The next immediate upside potential lies near 570, while 515 acts as a protective stop just below the EMA support.
4] Apollo Hospitals Enterprise: Buy at ₹7779, Target ₹8100, Stop Loss ₹7555
Apollo Hospitals share price is showing renewed bullish momentum after a healthy recovery from lower levels. The stock has recently bounced strongly from the 20-day EMA zone, indicating active buying support at key technical levels. In the latest session, the stock displayed strong intraday strength, rallying nearly 150 points from the EMA support area and closing near the higher end of the day’s range, which signals bullish control. The price is also trading above all major moving averages, reinforcing the positive trend structure. Such price behaviour indicates continuation of momentum. The next important resistance zone is seen near 8100, while 7555, placed slightly below the 20-day EMA, acts as a logical stop-loss to manage downside risk.
5] CCL Products (India): Buy at ₹1031, Target ₹1113, Stop Loss ₹985
CCL Products share price is currently consolidating near its all-time high zone, a price behaviour often associated with strength rather than weakness. The stock has recently delivered a decisive close above the psychological 1000 level, which is an important technical milestone. It is also trading above all key moving averages, suggesting strong trend support and sustained institutional participation. The consolidation around current levels indicates accumulation before a potential breakout move. If momentum continues, the stock has the potential to move toward 1113, which corresponds with the 0.382 Fibonacci extension level from the recent swing move. On the downside, 985 serves as an important support zone, making it a suitable stop-loss level while maintaining a favourable risk-reward structure.
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.
