Buy or sell stocks: Despite giving up a large portion of their intraday gains, the benchmark indices of the Indian stock market — the Nifty 50 and the BSE Sensex — ended higher on Friday.
The rose 112 points to close at 23,114, while the Nifty Bank gained 325 points to settle at 74,532. However, the Bank Nifty index ended slightly lower at 53,427.
Stock market today
Nifty 50
On Friday, the Nifty 50 exhibited notable volatility throughout the trading session, indicating uncertain market sentiment and active participation from both buyers and sellers.
The index opened with a strong gap-up of 114 points and extended its upward momentum to touch an intraday high of 23,345.15, reflecting initial bullish strength and buying interest. However, in the latter half of the session, the index witnessed a correction, slipping to an intraday low of 23,067.60 before settling at 23,114.5. Despite the pullback, it managed to close with a gain of 112.35 points (0.49%).
Speaking on the Nifty 50 outlook, Sumeet Bagadia, Executive Director at Choice Broking, said, “From a technical perspective, the 23,250–23,300 zone is now acting as immediate resistance, while a solid support base is forming in the 22,950–23,000 range. The daily RSI stands at 31.84, indicating near-oversold conditions, which may hint at a potential short-term bounce but still reflects underlying weakness.
In the derivatives segment, strong put writing at 23,000 and significant call writing at 23,300 suggest that the index is likely to remain range-bound between these levels in the near term. Traders are therefore advised to maintain a cautious approach.”
Bank Nifty
The banking benchmark Bank started the session on a relatively flat note, opening at 53,548. It witnessed early buying interest and moved higher to touch an intraday high of 54,382.45, indicating initial bullish momentum and strength in banking stocks. However, the index failed to sustain at elevated levels and faced selling pressure, slipping to an intraday low of 53,297.55. It eventually closed at 53,427.05, registering a marginal loss of 23.95 points.
Meanwhile, on the Bank Nifty outlook, Bagadia added, “From a technical standpoint, the 53,700–53,800 zone is now acting as immediate resistance, while the 53,000–53,100 range remains a crucial support base for the index. The daily Relative Strength Index (RSI) stands at 28.71, indicating oversold conditions, which may lead to a short-term pullback but still reflects underlying bearish sentiment. Traders are advised to remain cautious near support levels and avoid aggressive positioning until the index delivers a decisive breakout above the resistance zone.”
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Monday, March 23: Laurus Labs, Bank of India, Apl Apollo Tubes, Delhivery, and Steel Authority of India.
1] Laurus Labs: Buy at ₹987.20, Target ₹1060, Stop Loss ₹945
Laurus Labs share price closed today’s session on a positive note at ₹987.20. From a technical perspective, the stock is consolidating within a defined range in near term and is witnessing accumulation near its support zone, indicating the potential for a bounce from current levels. The price structure continues to reflect an uptrend, as the stock is forming higher highs and higher lows while aligning with an upward sloping trendline, suggesting sustained bullish momentum.
Based on the above observations, traders may consider buying the stock at the current market price (CMP) of ₹987.20, with a stop loss at ₹945 and a target price of ₹1060.
2] Bank of India: Buy at ₹150.49, Target ₹162, Stop Loss ₹144
From a technical standpoint, Bank of India share price has broken out of a wider range on the broader timeframe, indicating a potential continuation of the upward trend. The stock is trading above its 20, 50, 100, and 200-week exponential moving averages (WEMA), which reflects strong bullish alignment across multiple timeframes.
Additionally, the momentum indicator RSI on the weekly chart is trading above its midpoint level of 50, indicating underlying strength and positive momentum in the stock.
Based on the above observations, traders may consider buying the stock at the current market price (CMP) of ₹150.49, with a stop loss at ₹144 and a target price of ₹162.
3] Apl Apollo Tubes: Buy at ₹1973.10, Target ₹2130, Stop Loss ₹1885
APL Apollo Tubes share price is currently trading at ₹1973.10. From a technical perspective, the stock had previously broken out from a rounding bottom pattern on the weekly timeframe and has recently retested the breakout level. The stock has managed to sustain above this level, indicating strength and confirmation of the breakout.
Additionally, the stock is trading above its key 50 and 100-week exponential moving averages (WEMA), reflecting a strong bullish trend and positive price structure.
Based on the above observations, traders may consider buying the stock in the cash segment at the current market price (CMP) of ₹1973.10, with a stop loss at ₹1885 and a target price of ₹2130.
4] Delhivery: Buy at ₹422.85, Target ₹450, Stop Loss ₹1885
Delhivery share price is moving within a symmetrical triangle pattern and is taking support from its upward-sloping trendline, suggesting strong buying interest at key support levels. Additionally, the stock is supported by its 200-day exponential moving average (DEMA) and is trading above its 20, 50, 100, and 200 DEMA, indicating a bullish bias across multiple timeframes.
Based on the above technical setup, traders may consider buying Delhivery in the cash segment at the current market price (CMP) of ₹422.85, with a stop loss at ₹405 and a target price of ₹450.
5] Steel Authority of India: Buy at ₹155.52, Target ₹170, Stop Loss ₹148.50
The stock has broken out from a short-term range consolidation, indicating the potential for further upward movement. It is trading above its 20, 50, 100, and 200-day moving averages on the daily chart, reflecting strong technical support and a bullish trend.
Additionally, the momentum indicator RSI is trading above its midpoint of 50, signaling strength in the stock.
Based on the above observations, traders may consider buying SAIL in the cash segment at the current market price (CMP) of ₹155.52, with a stop loss at ₹148.50 and a target price of ₹170.
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.