Infosys and ICICI Bank Cited as Potential Buys Amid Global Market Uncertainty Due to Israel-Iran Conflict

Indian Stock Markets Rebound on Thursday

On March 5, Indian stock markets rebounded from three consecutive days of decline, moving out of the oversold zone and starting the day with gains. The Nifty 50 index commenced at 24,615.95, reflecting an increase of 135.45 points or 0.55%, while the BSE Sensex started at 79,530.48, marking a rise of 414.29 points or 0.52%.

Despite the positive start, market analysts indicated that the overall sentiment remains cautious due to global uncertainties and escalating geopolitical risks. The Nifty 50 has witnessed a near-vertical decline of around 1,000 points over the past three sessions, decisively breaking below the crucial Budget lows near 24,600.

Key Levels to Watch

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• Support levels:

• 24,300: aligns with the weekly 89 EMA, the August 2025 lows, and a bullish gap formed in May 2025
• 24,150: seen as the next important support level

• Resistance levels:

• 24,600: a significant concern for the bulls, as the 24,600 level had acted as support on two occasions over the past five months
• 24,800: acts as an immediate hurdle on the upside

Volatility Remains Elevated

India VIX has surged beyond the 21 mark, indicating heightened volatility. Traders are advised to avoid aggressive positioning, as sharp and unpredictable swings may persist. Closely monitoring geopolitical developments remains essential, as they are likely to dictate near-term market direction.

Recommended Stocks

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• Infosys Ltd: recommended to buy around ₹1,300 with a stop loss of ₹1,260 and a target of ₹1,360-1,380
• ICICI Bank Ltd: recommended to buy around ₹1,360-1,350 with a stop loss of ₹1,315 and a target of ₹1,400-1,440