Indian Stock Market Update

Market Performance

The Nifty 50 closed at 24,480.50, down 385 points, or 1.55%, on Wednesday, March 4. The Nifty 50 has declined 1,016 points, or 4%, in three consecutive sessions.

Short-Term Outlook

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The short-term outlook is weak but oversold, according to Amol Athawale, VP - Technical Research at Kotak Securities. Key support zones are 24,300 and 78,500, while immediate resistance levels are 24,600 and 79,500.

Stock Picks for the Short Term

ICICI Bank

• Previous Close: ₹1,365.40
• Target Price: ₹1,460
• Stop Loss: ₹1,320

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ICICI Bank shares have reversed from multiple support zones, indicating limited downside risk. The current stock rebound is expected to continue, with further upside from current levels.

Bharti Airtel

• Previous Close: ₹1,905.90
• Target Price: ₹2,040
• Stop Loss: ₹1,840

Bharti Airtel shares are oversold and available near their demand area. The texture of the chart formation and technical indicator RSI indicate a likely rebound and new up move from the demand zone.

Oil India (OIL)

• Previous Close: ₹492.10
• Target Price: ₹525
• Stop Loss: ₹474

Oil India shares have shown a robust rally from lower levels over the past few weeks. The overall formation indicates a likely breakout for a new leg of the up move from the current levels.