Investment Strategist Recommends Five Stocks to Consider for the Market on March 13, 2026

Indian Stock Market Declines for Second Consecutive Session

Market Overview

The Indian stock market continued its downward trend for a second consecutive session on Thursday, March 12, with benchmark indices declining by around 1%. The Nifty 50 dropped 1% to settle at 24,639, marking its lowest level since April 2025. The Sensex plummeted 1.08% to close at 76,013, resulting in a cumulative drop of nearly 3,000 points over the past four trading sessions.

Nifty 50 Performance

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The Nifty 50 ended the session on a weak note, marking its third straight day of losses. The index opened sharply lower with a gap-down of nearly 155 points and continued its decline in early trade, falling to an intraday low of 23,556.30. However, after reaching this level, the market showed some recovery as buying interest emerged at lower levels. Despite this rebound, the index was unable to maintain strength at higher levels, as sellers reappeared near resistance zones.

Technical Analysis

According to Sumeet Bagadia, Executive Director at Choice Broking, the index attempted to fill the opening gap and gradually moved higher, touching an intraday high of 23,833.15. The 23,750-23,800 zone is acting as an immediate resistance area for the index, while a strong support base is developing around 23,450-23,500. In the derivatives segment, significant put writing at the 23,700 strike and heavy call writing at the 24,000 strike suggest a likely trading range between these levels in the near term.

Bank Nifty Performance

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The Bank Nifty began the trading session on a weak note, opening sharply lower with a gap-down of nearly 600 points and touching an intraday low of 54,760. However, after hitting this level, the index witnessed a recovery as buyers stepped in at lower levels, leading it to an intraday high of 55,636.95. Despite this recovery, the index struggled to maintain strength at higher levels as selling pressure emerged near resistance zones.

Stock Recommendations

Sumeet Bagadia recommends five shares to buy on Friday:

1. HFCL: Buy at ₹74.47, Target ₹80, Stop Loss ₹70.7
2. Cummins India: Buy at ₹4,753, Target ₹5,000, Stop Loss ₹4,515
3. Ajanta Pharma: Buy at ₹2,443, Target ₹2,600, Stop Loss ₹2,300
4. Power Finance Corporation: Buy at ₹124.95, Target ₹140, Stop Loss ₹115
5. Kirloskar Oil Engines: Buy at ₹1,245, Target ₹1,400, Stop Loss ₹1,150