Buy or sell stocks: The Indian stock market benchmarks ended sharply lower on Tuesday, February 24, as global uncertainty, geopolitical tensions, and a steep selloff in technology stocks dampened investor sentiment.
The closed 1,068.74 points, or 1.28%, lower at 82,225.92, while the broader Nifty 50 declined 276.35 points, or 1.07%, to settle at 25,436.65 in the session.
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Nifty Outlook
On Tuesday, the Nifty 50 faced sharp weakness, breaking lower under selling pressure and closing with a noticeable decline as broader market builders turned cautious amid negative cues.
According to Sumeet Bagadia, Executive Director at Choice Broking, the index moved down below key short-term levels, with traders signaling strong distribution and risk-off sentiment.
“Immediate technical structure shows support around the 25,200–25,300 zone, where put option interest and defensive buying is concentrated, acting as a critical near-term demand area. Resistance for the session is clustered around the 25,500–25,600 band, representing key supply and profit-booking hurdles on the upside. Sustained breakdown below the 25,200 support could weaken the short-term structure, while reclaiming above 25,600 would be needed to pause bearish momentum,” said Bagadia.
Bank Nifty Outlook
On the Nifty Bank outlook, Bagadia added that technical indicators suggest a cautious range-bound session with critical support near 61,000 and 60,550. Holding above this level provides structural stability, whereas any meaningful shift below could invite accelerated selling toward lower support areas.
“Immediate resistance is seen near 61,300–61,400, where supply pressure and tactical profit-booking are expected. A decisive breakout beyond 61,550 would be required to signal renewed bullish intent and extension toward higher levels.
Overall, the technical setup for 24th Feb indicates weakening market internals, with the index approaching a crucial support test near the 20-day EMA placed around the 60,550 level. This zone is likely to act as a key short-term demand area, and sustained holding above it will be important to maintain the ongoing bullish structure,” said Bagadia.
Sumeet Bagadia’s stocks to buy
Regarding stocks to buy today, Sumeet Bagadia recommended these five breakout stocks: Torrent Pharmaceuticals, CCL Products (India), Schaeffler India, Jammu and Kashmir Bank, and Chennai Petroleum Corporation.
1] Torrent Pharmaceuticals: Buy at ₹4400, Target ₹4760, Stop Loss ₹4220.
is currently trading at 4400, the stock displays a robust bullish continuation pattern, maintaining a strong structural uptrend characterized by consistent higher highs and higher lows. The stock is exhibiting significant upward momentum. The 20-day EMA at 4143.57 is serving as a reliable dynamic support level. The RSI (14) has entered overbought territory at 74.38, which confirms intense buying pressure, though it also suggests traders should be mindful of potential minor pullbacks or consolidations in the near term. Sustaining above the higher levels could trigger a rally toward a target of 870, while a stop-loss can be placed near 760 to manage downside risk.
2] CCL Products (India): Buy at ₹1061.75, Target ₹1165, Stop Loss ₹1008.
is currently trading at 1061.75, the stock showing a strong continuation of its primary uptrend following a recent phase of consolidation. The stock has formed a strong support base and is trading comfortably above its 20, 50, 100, and 200-day EMAs, confirming sustained buying interest and solid underlying strength. With the RSI steadily rising at 65.86, the momentum is firmly in favour of the bulls without yet reaching overbought territory. This technical structure suggests the stock is poised to break past its recent highs. Sustaining above 1075 could propel the price toward immediate targets of 1165, while a stop-loss can be placed near 1008 to manage downside risk.
3] Schaeffler India: Buy at ₹4084.80, Target ₹4450, Stop Loss ₹3900.
is currently trading at 4084, exhibits a compelling bullish structure, having staged a sharp recovery from a solid base near the 3550 level. The stock has decisively surged past its 20, 50, 100, and 200-day EMAs, transforming this cluster into a strong support zone. With the RSI at 66.64 indicating robust upward momentum without being overextended, the technical setup suggests a continuation of the current uptrend. This price action points toward a potential target of 4450, while a strict stop-loss at 3900 is recommended to manage risk below the key moving averages.
4] Jammu and Kashmir Bank: Buy at ₹110.05, Target ₹120, Stop Loss ₹104.80.
Jammu and Kashmir Bank share price is currently trading at 110.05, the stock exhibits a powerful bullish breakout, backed by a massive volume surge that pushed the stock out of a prolonged consolidation phase. The price has decisively cleared its tightly clustered 20, 50, 100, and 200-day EMAs, establishing a robust support base near 104. With the RSI at a healthy 64.50, upward momentum is accelerating with plenty of room before reaching overbought levels. This technically strong setup points toward a potential upside target of 120, while a stop-loss at 104.8 is advised to manage risk just below the moving averages.
5] Chennai Petroleum Corporation: Buy at ₹916.60, Target ₹1000, Stop Loss ₹873.
Chennai Petroleum Corporation share price is trading around 916.6 and continues to exhibit a positive technical setup, showing a steady recovery from its recent consolidation phase to establish a solid base. The stock is currently trading comfortably above its 20, 50, 100, and 200-day EMAs, indicating a strong bullish undertone and solid support around the 870 to 880 levels. With the RSI at 57.94 pointing upwards, there is clear evidence of strengthening momentum without being overbought. This price action suggests further upside potential toward a target of 1000, while a strict stop-loss at 873 is recommended to manage risk below the key moving averages.
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.