Indian Stock Market Plunges for Third Consecutive Session

On Friday, March 13, the Indian stock market experienced intense selling pressure, with benchmark indices the BSE Sensex and Nifty 50 declining by around 2% each.

Key Market Indicators:

• BSE Sensex: Down 1,471 points (1.93%) to settle at 74,563.92
• Nifty 50: Down 488 points (2.06%) to close at 23,151.10
• BSE Midcap 150 Index: Down 2.61%
• BSE Smallcap 250 Index: Down 2.67%

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This decline marks the third straight week of losses for both the Sensex and Nifty 50. Over the week, the Sensex plummeted 4,355 points (5.5%), while the Nifty 50 declined 1,300 points (5.3%).

Nifty 50: Continuing Bearish Momentum

The Nifty 50 index extended its bearish momentum for the fourth consecutive session, opening at 23,462.5 with a gap-down of nearly 170 points. Selling pressure intensified soon after the opening, with the index eventually touching an intraday low of 23,112 before settling at 23,151.10, registering a sharp decline of 488.05 points (-2.06%).

Bank Nifty: Sustained Selling Pressure

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The Bank Nifty index started the trading session on a weak footing, opening sharply lower with a gap-down of nearly 413 points. This weakness pushed the index to an intraday low of 53,675.70, indicating persistent bearish sentiment and aggressive selling by market participants.

Technical Outlook:

According to Sumeet Bagadia, Executive Director at Choice Broking, the current price action reflects sustained selling pressure and a lack of buying interest at higher levels. The daily Relative Strength Index (RSI) stands at 23, signaling deeply oversold conditions, which may lead to a short-term pullback or consolidation.

Stock Recommendations:

Sumeet Bagadia recommends the following stocks to buy:

1. Lumax AutoTechnologies: Buy at ₹1434, Target ₹1537, Stop Loss ₹1379
2. Thermax Limited: Buy at ₹3221, Target ₹3447, Stop Loss ₹3087
3. Star Health and Allied Insurance Company: Buy at ₹463, Target ₹500, Stop Loss ₹443
4. MedPlus Health Services: Buy at ₹[insert price], Target ₹[insert target], Stop Loss ₹[insert stop loss]
5. Alivus Life Sciences: Buy at ₹[insert price], Target ₹[insert target], Stop Loss ₹[insert stop loss]