Indian stock market: The Indian stock market remained under heavy selling pressure for the third straight session on Friday, March 13, with benchmark indices the BSE Sensex and Nifty 50 declining about 2% each.
The Sensex fell 1,471 points, or 1.93%, to close at 74,563.92, while the Nifty 50 dropped 488 points, or 2.06%, ending the day at 23,151.10. Broader markets also faced sharp losses, with the BSE Midcap 150 Index tumbling 2.61% and the BSE Smallcap 250 Index declining 2.67%.
Both the Sensex and the Nifty extended their losing streak for a third consecutive week. During the week, the Sensex plunged 4,355 points, or 5.5%, while the Nifty 50 slipped 1,300 points, or 5.3%.
Stock market next week
Nifty 50
The benchmark index Nifty 50 continued its bearish momentum for the fourth straight session. The index opened at 23,462.5 with a gap-down of nearly 170 points and selling pressure intensified soon after the opening.
According to Sumeet Bagadia, Executive Director at Choice Broking, although the market initially attempted to find support around the 23,300 level, it failed to hold that zone and extended losses further. The index eventually touched an intraday low of 23,112 before settling at 23,151.10, registering a sharp decline of 488.05 points (-2.06%). This price movement indicates sustained bearish sentiment and strong selling pressure dominating the market.
“The index eventually touched an intraday low of 23,112 before settling at 23,151.10, registering a sharp decline of 488.05 points (-2.06%). This price movement indicates sustained bearish sentiment and strong selling pressure dominating the market. In the derivatives segment, notable put writing at the 23,000 strike and heavy call writing at the 23,400 strike suggest a Traders should remain cautious near support zones and avoid aggressive directional trades until the index decisively breaks above resistance,” Bagadia said.
Bank Nifty
The banking benchmark Nifty Bank started the trading session on a weak footing. The index opened sharply lower with a gap-down of nearly 413 points and faced continued selling pressure in the early hours of trade. This weakness pushed the index to an intraday low of 53,675.70, indicating persistent bearish sentiment and aggressive selling by market participants.
Bagadia further noted that the index eventually settled at 53,757.85, registering a steep decline of 1,343 points (-2.44%), suggesting strong downside momentum and continued risk-off sentiment in the banking sector.
“Overall, this price action reflects sustained selling pressure and a lack of buying interest at higher levels. From a technical standpoint, the 54,000–54,100 zone is acting as an immediate resistance area, while the 53,400–53,500 range continues to serve as a crucial support zone for the index.
The daily Relative Strength Index (RSI) stands at 23, signaling deeply oversold conditions, which may lead to a short-term pullback or consolidation. Traders are advised to remain cautious near support levels and wait for a decisive breakout above resistance before initiating fresh directional positions,” he added.
Stocks to buy
Sumeet Bagadia has recommended three stocks to buy on Monday, March 2. The three stock picks by Bagadia are – Confidence Petroleum India, IFCI, and Bhansali Engineering Polymers.
1] Confidence Petroleum IndiaBuy at ₹36.54 | Target Price: ₹40 | Stop Loss: ₹35
2] IFCIBuy at ₹57.21 | Target Price: ₹61.6 | Stop Loss: ₹55
3] Bhansali Engineering PolymersBuy at ₹85.6 | Target Price: ₹92 | Stop Loss: ₹82.6
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.
