Stocks to buy or sell: Stock market benchmark Nifty 50 ended 0.16% lower for the week ended March 20, extending losses for the fourth consecutive week due to concerns over the ongoing US-Iran war, rising crude oil prices, rupee’s weakness, and heavy foreign capital outflows.
The index ended at 23,114 on Friday after touching the level of 22,930 during the week.
Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, pointed out that the approached and successfully closed the bullish gap near 22,900, which was formed in April 2025 during the earlier leg of the rally.
Nifty 50 technical outlook
According to Patel, the index has now retraced nearly 70.7% of the entire upmove from 21,743 to 26,373, placing it near a crucial support zone that could act as a potential base.
Momentum indicator RSI has shown signs of recovery, rising from a recent swing low of 24.15 to 29.74, indicating the formation of a possible bullish divergence.
“A decisive and sustained close above the 23,400 mark would confirm this setup and may open the path for further upside towards 23,600 and 23,800 levels. On the flip side, a daily close below 22,900 could weaken the structure and drag the index towards the 22,800–21,800 zone, which is likely to remain challenging for traders due to the absence of strong intermediate supports,” said Patel.
Considering the prevailing uncertainty and geopolitical risks, Patel advises traders to remain cautious, avoid aggressive fresh positions, and focus more on disciplined risk management and hedging strategies.
For Bank Nifty, Patel said the 53,300-53,500 zone remains a key support.
“A decisive breakdown below this level could accelerate downside momentum and open room towards the 52,000 mark, especially since there are limited immediate supports in between. On the upside, a recovery and sustained move above 54,700 would be crucial to regain short-term strength and stabilise after the recent sharp correction,” said Patel.
Stock picks for the short term
Jigar Patel recommends buying the following three stocks for the next one to two weeks:
Hindustan Copper | Previous close: ₹489.45 | Buying zone: ₹490– ₹480 | Target price: ₹560 | Stop loss: ₹450
According to Patel, has undergone a sharp correction of nearly 39% after a strong rally witnessed between September 2025 and January 2026, indicating profit booking after an extended uptrend.
However, the nature of the decline appears corrective rather than a trend reversal, as volumes during the fall have remained relatively muted, suggesting a lack of aggressive selling pressure.
Patel highlighted that on the lower timeframe, particularly the hourly chart, a bullish divergence is visible, where price is making lower lows while momentum indicators are forming higher lows—hinting at a potential reversal.
“This positive divergence supports a short-term bounce or trend resumption. Hence, the zone of ₹490–480 can be considered for fresh buying, with a strict stop loss at ₹450 and an upside target placed near ₹560,” said Patel.
Gujarat Ambuja Exports | Previous close: ₹134.51 | Buying zone: ₹135– ₹130 | Target price: ₹151 | Stop loss: ₹122
Patel pointed out that in December 2025, (GAEL) witnessed a strong breakout above its 50-week EMA after a prolonged phase of consolidation, indicating a shift towards bullish sentiment.
Post-breakout, the stock underwent a healthy retracement and is currently testing the 50-week EMA support on the weekly timeframe.
This pullback appears constructive rather than weak, as RSI has mirrored the price action by retracing and stabilising near neutral levels, suggesting strength is intact.
The alignment between price and momentum supports a potential continuation of the uptrend.
“The zone of ₹135– ₹130 can be considered a favourable buying opportunity, with a stop loss placed at ₹122 to manage risk. On the upside, the stock has the potential to move towards the ₹151 level,” said Patel.
Britannia Industries | Previous close: ₹5,618.50 | Selling zone: ₹5,800– ₹5,700 | Target price: ₹5,350 | Stop loss: ₹6,000
Patel highlighted that has shown a clear bearish breakdown after slipping below its key distribution zone of ₹6,300– ₹5,800, indicating supply dominance at higher levels.
The price closing below the 50-week EMA further confirms a shift in the long-term trend towards weakness.
Momentum indicators support this view, as RSI formed a negative divergence during the distribution phase, signalling fading buying strength.
DMI reflects bearishness with the negative DI above the positive DI, while ADX above 20 suggests strengthening trend momentum. MACD also aligns with this negative bias, reinforcing downside expectations.
“Any pullback towards ₹5,800– ₹5,700 can be used as a selling opportunity, with a stop loss placed at ₹6,000 and a downside target near ₹5,350,” said Patel.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of the expert, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.