Buy or sell stocks: The Indian stock market extended its losing streak in Friday’s session, with the benchmark indices giving up all the gains from the previous day as the conflict in the Middle East intensified in its seventh day, keeping investor sentiment fragile.
The Nifty 50 and the Sensex declined 1.20% and 1.39%, respectively. The broader market also showed weakness but managed to outperform the benchmarks. The Nifty Midcap 100 dropped 0.69%, while the Nifty Smallcap 100 ended the session 0.24% lower.
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Nifty Outlook
On Friday, Nifty 50 witnessed strong selling pressure throughout the session, closing near 24,450, reflecting continued weakness in the broader market sentiment.
According to Sumeet Bagadia, Executive Director at Choice Broking, the index formed a long bearish candle on the daily chart after opening lower and failing to sustain any recovery attempts, indicating persistent supply at higher levels.
“Immediate support is now seen around 24,300–24,350, which could act as a short-term stabilization zone. However, a sustained move below 24,300 may extend the downside toward the 24,100–24,200 region. On the upside, resistance is placed near 24,600–24,650, and only a decisive recovery above this band could trigger short-covering and improve near-term momentum,” Bagadia said.
Bank Nifty Outlook
Bank Nifty also remained under heavy selling pressure on March 6, closing near 57,780, reflecting broad-based weakness across major banking stocks.
“The index formed a strong bearish candle and slipped below psychological levels 58,000 mark, indicating continuation of the corrective phase in the banking space. Immediate support is placed around 57,400–57,500, which is crucial to prevent further downside momentum. A breakdown below 57,400 could drag the index toward the 57,200–57,000 zone. On the upside, resistance is seen near 58,000–58,100, and only a sustained move above this band may trigger a technical bounce and stabilize short-term sentiment,” Bagadia added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Monday: Aditya Birla Sun Life Amc, Aster DM Healthcare, CG Power and Industrial Solutions, Astral, and Krishna Institute Of Medical Sciences.
1] Aditya Birla Sun Life AmcBuy at ₹924 ₹980, Stop Loss ₹880
Aditya Birla Sun Life AMC share price is showing strength after taking support at its previous breakout zone aligned with the 20-day EMA and moving higher. The stock is trading around ₹924.40, with immediate support near ₹900 where accumulation is visible. RSI is trending upward after bouncing from the 50 level, indicating improving momentum. Short-term traders may consider buying at CMP with a stop-loss at ₹880 for a target of ₹980, while maintaining disciplined risk management.
2] Aster DM HealthcareBuy at ₹672 ₹714, Stop Loss ₹648
Aster DM Healthcare share price is currently trading at 672, the stock exhibits a powerful bullish continuation, executing a sharp recovery to break out of a rounding bottom pattern. The stock trades comfortably above its 20, 50, 100, and 200-day EMAs, confirming underlying strength and establishing a solid support base. With the RSI at 71.15 reflecting robust upward momentum, the technical setup indicates the price is poised for further gains. This strong momentum points towards a potential upside target of 714, while a strict stop-loss at 648 is recommended to manage risk below the immediate short-term moving average.
3] CG Power and Industrial SolutionsBuy at ₹715 ₹768, Stop Loss ₹693
CG Power and Industrial Solutions share price is trading around ₹715.45 and showing strength after a previous lower high breakout. The stock is currently retesting the breakout zone near the 20-day EMA, indicating a healthy pullback. It remains above key EMAs with a bullish crossover, while momentum indicators show a strong reversal from oversold levels. Short-term traders may consider buying at CMP with a stop-loss at ₹693 for a target of ₹768.
4] AstralBuy at ₹1689 ₹1800, Stop Loss ₹1620
Astral share price showcases a compelling bullish continuation setup, having recently broken out from a consolidation phase to resume its strong uptrend. The stock is currently trading comfortably above its 20, 50, 100, and 200-day EMAs, confirming underlying strength and solid support. With the RSI at a healthy 69.19, there is robust upward momentum driving the price action without it being overly extended. This technical structure points towards a potential upside target of 1800, while maintaining a strict stop-loss at 1620 near the immediate 20-day moving average is advised to properly manage risk.
5] Krishna Institute Of Medical Sciences: Buy at ₹720 ₹772, Stop Loss ₹690
Krishna Institute of Medical Sciences share price is trading around ₹720.60 and showing strength after a bullish EMA crossover, indicating a rising trend. The stock recently took strong support near the 20-day EMA and moved higher, reflecting accumulation at lower levels. RSI stands at 60.70 and is trending upward, signaling improving momentum. Short-term traders may consider buying at CMP with a stop-loss at ₹690 for a target of ₹772, while maintaining disciplined 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.
