Buy or sell stocks: The Indian stock market extended its losses on Monday, March 23, with benchmark indices — the BSE Sensex and the Nifty 50 — tumbling over 2% each.
The plunged 1,837 points, or 2.46%, to close at 72,696, while the Nifty 50 dropped 602 points, or 2.6%, to settle at 22,512. Broader markets witnessed sharper declines, with the BSE Midcap Index and the BSE Smallcap Index sliding 4% each.
Stock market today
Nifty 50
On Monday, the benchmark index Nifty 50 continued its downward trend, underscoring sustained bearish sentiment in the market. It opened at 22,824.25, nearly 280 points lower. Right from the start, strong selling pressure dominated, leaving little room for any meaningful recovery.
According to Sumeet Bagadia, Executive Director at Choice Broking, although the index made a brief attempt to stabilize near the 22,700 level, it was unable to hold that ground and resumed its decline. The persistent selling dragged the index down to an intraday low of 22,471, before it eventually settled at 22,512—registering a sharp decline of 601.85 points, or 2.60%. This price action highlights continued weakness and strong downside momentum in the market.
“From a technical perspective, the 22,650–22,700 zone has now turned into immediate resistance, while a solid support base seems to be forming in the 22,350–22,400 range. The daily RSI stands at 27.17, indicating that the index is in oversold territory. Meanwhile, India VIX surged by 17.17% to 26.73, reflecting heightened market volatility and increased investor fear. In the derivatives segment, notable put writing at 22,500 along with aggressive call writing at 22,600 suggests that the index may trade within this narrow range in the near term. Traders are therefore advised to remain cautious,” said Bagadia.
Bank Nifty
The banking benchmark index Bank started the trading session on a distinctly weak footing. It opened with a sharp gap-down of nearly 850 points and remained under consistent selling pressure during the early part of the session. This continued weakness pushed the index down to an intraday low of 51,323, indicating strong bearish control and lack of buying interest at lower levels. The index eventually settled at 51,437.75, posting a steep decline of 1,989.30 points (-3.72%), which reflects intensified selling pressure and negative market sentiment.
“Overall, the price action underscores aggressive selling activity and a clear shift toward a cautious market outlook. From a technical standpoint, the 51,700–51,800 zone is now acting as immediate resistance, while the 51,100–51,200 range remains a key support area for the index. Traders are advised to stay cautious around support levels and avoid taking aggressive positions unless the index breaks decisively above the resistance zone,” said Bagadia.
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five to buy on Tuesday, March 24: Gujarat Mineral Development Corporation Limited, Sun Tv Network Ltd, Gujarat Fluorochemicals, Premier Energies, and Tech Mahindra.
1] Gujarat Mineral Development Corporation Limited: Buy at ₹562.30, Target ₹615, Stop Loss ₹538
Gujarat Mineral Development Corporation Limited share price has registered a short-term range breakout on the daily timeframe and has successfully sustained above the breakout level around 566, closing the session on a strong note. The breakout was accompanied by a noticeable increase in volume, indicating rising buying interest and participation in the stock.
Additionally, the stock is trading above its key daily exponential moving averages, including the 20, 50, 100, and 200 DEMA levels, which reflects a strong bullish trend and supports the positive price structure.
Based on this setup, traders may consider buying the stock at the current market price (CMP), with a stop loss placed at 538 and an upside target of 615.
2] Sun Tv Network: Buy at ₹599.10, Target ₹640, Stop Loss ₹575
Sun Tv share price is currently trading around 599.10 and is taking support near its 200-day exponential moving average (200-DEMA), a key level that often attracts buying interest. The stock is also trading above all its important DEMA levels, reflecting a strong overall bullish trend.
Recently, the stock consolidated in a sideways range, established a strong support level, and has now bounced back with a breakout above the range, signaling renewed buying interest and the potential for continued upward momentum. The rising volume near the DEMA support further reinforces this bullish setup.
Traders may consider buying the stock at the current market price (CMP), with a stop loss placed at 575 and an upside target of 640, while maintaining proper risk management.
3] Gujarat Fluorochemicals: Buy at ₹3248.20, Target ₹3440, Stop Loss ₹3130
Gujarat Fluorochemicals Limited share price has recently given a breakout from a fresh short-term rounding bottom pattern on the daily timeframe and has managed to sustain and close above the breakout level, indicating strength in the ongoing move.
The breakout phase has been supported by increased volumes, suggesting higher buying participation and reinforcing the bullish setup. This price action reflects improving momentum and a positive trend structure in the near term.
Traders may consider buying the stock at the current market price (CMP), with a stop loss placed at 3130 and an upside target of 3440, while maintaining proper risk management.
4] Premier Energies: Buy at ₹868.55, Target ₹950, Stop Loss ₹827
Premier Energies Limited share price had earlier given a fresh breakout from a rounding bottom pattern on the daily timeframe and has continued to sustain and close above the breakout level over the past few sessions, indicating strength and stability in the move.
The momentum indicator RSI is currently at 68.10, which is above its midpoint of 50, suggesting strong positive momentum and continued buying interest in the stock.
Based on this setup, the stock may be considered for buying at the current market price (CMP), with a stop loss placed at 827 and an upside target of 950, while maintaining proper risk management.
5] Tech Mahindra: Buy at ₹1384, Target ₹1500, Stop Loss ₹1330
Tech Mahindra share price had earlier broken out of a short-term consolidation range and has managed to sustain around the breakout level around 1366, indicating ongoing accumulation around breakout levels. This behaviour suggests that buyers are actively supporting the price near the breakout zone.
In addition, on the shorter timeframe, the stock has started moving upwards while forming a higher high–higher low structure, which is a classic indication of a continuing bullish trend and strengthening momentum.
Based on this technical setup, traders may consider buying the stock at the current market price (CMP), with a stop loss placed at 1330 and an upside target of 1500, while maintaining proper risk management.
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.