Buy or sell stocks: The Indian equity market ended in the red on Monday, March 2, closing with losses of more than 1% following escalating tensions in the Middle East that rattled global markets.
The Nifty 50 fell 1.24% to end at 24,865, while the BSE Sensex slipped 1.29% to settle at 80,238. The broader market also came under pressure, with the Nifty Midcap 100 and the Nifty Smallcap 100 each declining by more than 1.5%.
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Nifty Outlook
The Indian benchmark index Nifty 50 closed the session in negative territory, posting a sharp decline of 312 points (1.24%) in a single day.
According to Sumeet Bagadia, Executive Director at Choice Broking, the index opened with a gap-down of nearly 500 points, but staged an early recovery to form the day’s high at 25,989.25. Thereafter, selling pressure intensified, leading to a steady intraday decline that dragged the index to a low of 24,603.50, suggesting sustained bearish momentum. The session ultimately concluded at 24,865.70, reflecting persistent selling pressure and weak market sentiment.
“From a technical standpoint, the 25,000–25,050 zone now acts as immediate resistance, while a strong support base is placed in the 24,700–24,750 range. The daily RSI at 35.48 indicates oversold conditions with continued downside pressure. In the derivatives space, significant put writing at the 24,800 strike and aggressive call writing at the 25,000. strike highlight a clearly defined trading range Traders are advised to exercise caution near crucial support zones and avoid fresh directional trades until a decisive breakout above resistance levels provides confirmation,” the market expert said.
Bank Nifty
Bank Nifty started the session on a weak note and declined to an intraday low of 59,148 before staging a recovery to an intraday high of 60,177.5. However, selling pressure intensified later in the session, leading to a sharp correction of nearly 830 points, indicating strong bearish pressure and aggressive profit booking.
The index eventually settled at 59,839.65, posting a net loss of 689.35 points for the day, reflecting persistent selling interest and overall market weakness. This price behavior resulted in a volatile session characterized by high intraday fluctuations and lack of directional conviction, Bagadia noted.
“On the technical front, the 60,050–60,150 zone remains an immediate resistance area, while the 59,500–59,600 band continues to serve as a key support region for short-term stability. The daily RSI reading of 44.66 signals weak momentum and a bearish bias without oversold conditions. Traders are advised to stay cautious near crucial support levels and wait for a decisive breakout above resistance before initiating. fresh directional positions,” Bagadia added.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Wednesday — Triveni Engineering and Industries, Hindustan Zinc, Jindal Poly Films, Lupine, and Astra Microwave Products.
1] Triveni Engineering and IndustriesBuy at ₹395.40, Target ₹445, Stop Loss ₹370.
Triveni Engineering & Industries share price is trading near ₹395.40, forming a bullish setup after consolidation around its 200-day EMA. The rebound signals renewed buying interest, while a Golden Crossover and trendline breakout further strengthen the positive outlook. With improving price structure and momentum, short-term traders may consider buying at CMP, keeping a stop-loss at ₹370 for a potential target of ₹445, subject to volume support.
2] Hindustan ZincBuy at ₹617.65,Target ₹675, Stop Loss ₹585.
Hindustan Zinc Limited share price is trading around ₹617.65 and has recently delivered a trendline resistance breakout, signaling a positive shift in momentum. The stock is taking strong support at its 50-day EMA and gradually moving higher. RSI stands at 51.63, holding above the 50 mark, indicating improving strength. Short-term traders may consider buying at CMP with a stop-loss at ₹585, target ₹675, while maintaining disciplined risk management.
3] Jindal Poly FilmsBuy at ₹627.35,Target ₹700, Stop Loss ₹590.
Jindal Poly Films Limited share price has witnessed a sharp upside rally and delivered a lower high breakout, indicating strengthening momentum. The stock is currently trading around ₹627.35 and is holding firm above its previous swing low, reflecting sustained buying interest. It is trading above key EMAs, with a positive moving average crossover supporting the bullish structure. The RSI is rising steadily, signaling strengthening momentum. Short-term traders may consider buying at CMP with a stop-loss at ₹590 for a target of ₹700, while following disciplined risk management.
4] LupineBuy at ₹2311.10,Target ₹2500, Stop Loss ₹2200.
Lupine Limited share price is trading at ₹2311.10 and has staged a strong rebound with a breakout from a rounding bottom pattern, indicating a bullish reversal. The stock has taken support near its previous swing high and formed a strong bullish candle, reflecting renewed buying interest. Trading above its 20, 50, and 200-day EMAs, the trend remains positive. ₹2270 acts as key support. Traders may buy near ₹2311 with a stop-loss at ₹2200 for a target of ₹2500.
5] Astra Microwave ProductsBuy at ₹982.40,Target ₹1050, Stop Loss ₹940.
Astra Microwave Products share price was trading below all key EMAs in recent sessions and remained in a consolidation phase with a mild bearish bias. However, the latest price action shows a decisive breakout above the 20, 50, 100, and 200 EMAs, signaling a potential shift from sideways to bullish trend. This EMA reclaim suggests improving momentum and renewed buyer strength. As long as the stock sustains above these averages, upside continuation looks likely. The target is placed at ₹1050, while the stop loss at ₹940 is aligned close to the 20-day EMA support zone.
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.
