Buy or sell stocks: The benchmark indices, the BSE Sensex and the Nifty 50, recorded sharp declines on Wednesday, March 11, as investors booked profits following strong gains in the previous session.
The 30-share plunged 1,342 points, or 1.72%, to close at 76,863.71, while the Nifty 50 dropped 395 points, or 1.63%, to settle at 23,866.85.
Stock market today
Nifty 50
The Nifty 50 Index closed the trading session on a notably weak note. The market started with a flat opening and initially attempted to move above the 24,300 mark. However, the failed to sustain this upward attempt and registered an intraday high of 24,299.
According to Sumeet Bagadia, Executive Director at Choice Broking, selling pressure gradually intensified after the early session, leading to consistent declines throughout the day. As a result, the index slipped to an intraday low of 23,834.30 before eventually settling at 23,866.85, reflecting a significant daily loss.
“This price movement suggests that bearish sentiment dominated the session, with strong supply emerging at higher levels. From a technical standpoint, the 24,000–24,050 zone is now acting as immediate resistance for the index. On the lower side, a solid support area is developing between 23,700 and 23,750. The daily Relative Strength Index currently stands at 30.11, indicating that the market is approaching oversold conditions, which could trigger short-term consolidation or a possible technical rebound,” Bagadia said.
Bank Nifty
The banking benchmark index, Nifty Bank Index, began the session on a flat note. During the early part of the trade, the index attempted a mild recovery and touched an intraday high of 56,938.40. However, the upside momentum failed to sustain as persistent selling pressure emerged across banking stocks, dragging the index lower throughout the session. As a result, the index slipped to an intraday low of 55,631.95. It eventually settled at 55,735.75 by the closing bell, registering a sharp decline of 1,215.05 points, or 2.13%, for the day.
On the outlook, Bagadia added, “From a technical standpoint, the 56,000–56,100 zone continues to act as an immediate resistance area for the index. On the downside, the 55,400–55,500 range remains a crucial support zone that could provide short-term stability. The daily Relative Strength Index (RSI) stands at 28.74, signalling that the index has entered the oversold territory, which may lead to a potential technical bounce or consolidation in the near term. Traders are advised to remain cautious near key support levels and wait for a decisive breakout above the resistance zone before initiating any fresh directional positions.”
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Thursday: Aether Industries, Aster DM Healthcare, Blue Star, Supreme Industries, and Timken India.
1] Aether Industries: Buy at ₹1015, Target ₹1085, Stop Loss ₹977
Aether Industries share price is displaying a strong bullish continuation setup on the daily chart. The stock has recently rebounded from the 100-day EMA zone and resumed its upward momentum with a clear higher high–higher low structure. Price has decisively reclaimed the psychological 1000 level, indicating renewed buying interest and strengthening sentiment. The stock is currently trading above all key moving averages, reflecting a well-established bullish trend. Momentum indicators are also improving as the price expands with steady volumes. The stop loss is placed at 977 near the 20-day EMA support, while the upside target remains 1085 near the previous swing high zone.
2] Aster DM Healthcare: Buy at ₹685, Target ₹732, Stop Loss ₹657
Aster DM Healthcare share price is maintaining a strong bullish price structure after witnessing a sharp rally from lower levels. The stock is trading in a well-defined uptrend on the daily chart with a consistent higher high and higher low formation. Price continues to hold above the 20-day EMA, which is acting as immediate dynamic support and reinforcing the ongoing bullish momentum. The recent price action indicates sustained buying interest with strength across short-term moving averages. As long as the stock holds above the support region, the bullish trend remains intact. The stop loss is placed at 657, while the upside target is projected toward 732, near previous swing high levels.
3] Blue Star: Buy at ₹1941, Target ₹2050, Stop Loss ₹1880
Blue Star share price has delivered an impressive rally during February, gaining nearly 20% from its recent swing low and showing strong bullish momentum. After briefly facing resistance near the 2000 mark, the stock witnessed a healthy pullback and consolidation around short-term moving averages. This consolidation phase helped the stock stabilise before the next potential move. In the latest session, the stock rebounded strongly and closed above key EMAs, signalling renewed buying strength. The price structure continues to remain constructive with improving momentum. The stop loss is placed at 1880 near the 50-day EMA support, while the upside target is seen around 2050 near the previous swing high resistance.
4] Supreme Industries: Buy at ₹4038, Target ₹4300, Stop Loss ₹3880
Supreme Industries share price continues to maintain a strong bullish formation on the daily timeframe. The stock is forming a steady higher high and higher low structure, indicating sustained upward momentum after the recent recovery phase. Price has decisively closed above the psychological 4000 mark and is trading above all major key moving averages, which strengthens the bullish outlook. Increasing volume participation during the recent up move also suggests growing buying interest. The overall structure favors a buy-on-dips approach as long as key supports hold. The stop loss is placed at 3880 near the 200-day EMA support, while the upside target is projected toward the 4300 resistance zone.
5] Timken India: Buy at ₹3410, Target ₹3600, Stop Loss ₹3290
Timken India share price has recently emerged from a prolonged consolidation phase where the stock traded in a broad range between 2900 and 3200 levels for several months. The stock has now delivered a decisive breakout from this range, signaling the start of a fresh bullish phase. Price action continues to maintain a higher high and higher low formation while trading above key moving averages, reflecting strengthening trend momentum. The stock is currently approaching its previous swing high and is also moving closer to fresh 52-week high territory. As long as the breakout zone holds, the bullish bias remains intact. The stop loss is kept at 3290, with the upside target placed at 3600.
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.