Buy or sell: The Indian stock market witnessed sharp declines on Friday, February 13, tracking weak global cues amid rising concerns over artificial intelligence and its potential impact on the global economy.
The Sensex plunged 1,048 points, or 1.25%, to close at 82,626.76, while the Nifty 50 fell 336 points, or 1.30%, to settle at 25,471.10.
“The benchmark indices ended the week on a weak note, weighed down by negative global cues. A major drag was the IT index, which declined nearly 8% following a sharp correction in AI-related stocks on the NASDAQ Composite. The sell-off triggered concerns among investors about the near-term outlook for AI technology stocks. Sectoral performance, however, remained selectively positive. Automobile, capital goods, and pharma stocks outperformed, posting gains of around 1–3%. In contrast, several other sectors witnessed profit booking amid rising geopolitical tensions related to the Iran–US situation,” said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi.
Ganesh Dongre’s market outlook for next week
Nifty 50
Dongre believes that the index has entered the oversold zone and is attempting to stabilize near its previous swing lows, which are acting as key support levels.
“Although selling pressure was evident earlier, supportive indicators such as a Put–Call Ratio (PCR) of around 0.65 suggest limited downside from current levels. On the monthly chart, Nifty continues to hold its long-term trendline support in the 25,000–25,300 zone, reinforcing a constructive medium-term structure. Derivatives data shows significant Call open interest at 25,600 and 26,000, creating a resistance band, while substantial Put open interest at 25,000 and 25,500 indicates a strong support base. A sustained move above the 25,600–25,800 zone could pave the way for an upside towards 26,000–26,300 in the coming weeks,” Dongre said.
Bank Nifty
Meanwhile, on the Bank Nifty outlook, he added, “Nifty Bank faces immediate resistance near 60,500, where the highest Call open interest is positioned, while 59,500 serves as immediate support. Holding above the 58,000 level remains crucial to maintaining overall strength. In summary, the broader outlook remains positive with a range-bound yet constructive bias, favoring a buy-on-dips strategy, selective stock accumulation, and close monitoring of global developments and geopolitical cues.”
Weekly stocks to buy or sell
Info Edge (India): Buy at ₹1135-1145, target price of ₹1230, stop loss of ₹1100.
Tata Technologies: Buy at ₹590-600, target price of ₹650, stop loss of ₹560.
HDFC Life Insurance Company: Buy at ₹690-700, target price of ₹740, stop loss of ₹675.
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.
