Stocks to buy under ₹200: After posting gains of over 1% each in the previous session, India’s benchmark indices — the BSE Sensex and the Nifty 50 — returned to their downward trend on Friday, March 6, amid profit booking and lingering concerns over the US-Iran conflict, a surge in crude oil prices, and sustained foreign capital outflows.
The Sensex plunged 1,097 points, or 1.4%, to close at 78,918.90, while the Nifty 50 declined 315 points, or 1.3%, to settle at 24,450.45. Despite ending in negative territory, the mid- and small-cap segments showed relative resilience. The BSE MidCap Index fell 0.67%, while the BSE SmallCap Index slipped 0.22%.
stock market outlook
Nifty 50
According to Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, the Indian stock market witnessed a volatile and was largely bearish week ending March 6–7, 2026, marking the worst weekly performance in over a year, with both the Nifty 50 and Sensex declining nearly 3%.
Speaking on the Nifty 5o index outlook, Kothari said that the broader market is currently undergoing a corrective phase after failing to sustain above the 25,800–26,000 resistance zone during the previous rally.
“Following this rejection, the NIFTY index slipped towards the 24,300 region, where it started showing early signs of stabilization. Importantly, the recent decline is still unfolding within a broader rising channel visible on the weekly chart, suggesting that the long-term bullish structure remains intact for now. The index is currently hovering near a strong confluence support zone between 24,000 and 24,300, which combines a rising weekly trendline with a horizontal demand zone, making this area technically significant,” he said.
Kothari further opined that from a medium-term perspective, any dip towards the 24,000–24,300 zone could offer an attractive opportunity for gradual portfolio accumulation. On the upside, 25,100 now acts as the immediate hurdle, as it coincides with a previous price gap region, and a decisive weekly close above this level would signal that the correction has likely ended, potentially paving the way for a fresh upward move toward new highs in the coming months. However, a weekly close below 24,000 would weaken the current bullish framework and require a reassessment of the broader market outlook.
Bank Nifty
During the past week, Bank Nifty declined sharply by nearly 4.54%, confirming the weakness highlighted in our earlier outlook. The index broke below the crucial support band of 59,800–60,000 and eventually closed near the 57,800 level, indicating sustained selling pressure in banking stocks.
Kothari highlighted that the index is now hovering near the 50% retracement of the rally witnessed between September 2025 and February 2026, making the current zone important from a support perspective. Immediate support is placed between 57,300 and 57,000, which also coincides with the previous breakout zone of October 2025.
“On the upside, 58,500 acts as the key resistance level. The daily RSI near 32 suggests the index is approaching the oversold zone, and a close above 58,500 could trigger a short-term relief rally. Traders should remain selective and wait for decisive moves above or below these critical levels,” he added.
Stocks to buy or sell
Regarding shares to buy next week, Mehul Kothari of Anand Rathi recommended these three buy-or-sell stocks: Jammu and Kashmir Bank, Ircon International, and Finolex Industries.
1] Jammu and Kashmir Bank: Buy at ₹119- ₹116, Targets ₹128, Stop Loss ₹111;
2] Ircon InternationalBuy at ₹147- ₹145,Target ₹160, Stop Loss ₹140; and
3] Finolex IndustriesBuy at ₹188- ₹185 ₹205, Stop Loss ₹175.
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.
