Market Expert Ganesh Dongre Recommends Three Stocks to Buy Amid US-Iran Diplomatic Tensions

Indian Stock Market Witnesses Strong Recovery After Six Weeks of Losses

The Indian stock market experienced a significant rebound in the current week, driven by supportive global cues and a steady domestic macroeconomic environment. Investor sentiment remained upbeat on optimism around a temporary US-Iran ceasefire, despite ongoing geopolitical concerns that limited the momentum as the week progressed. As a result, the benchmark indices, Nifty and Sensex, rose over 6% to end near the week's highs at 24,050.60 and 77,550.25, respectively.

The Nifty 50 witnessed a strong rebound in the current week, snapping its prolonged losing streak and shifting the near-term sentiment. The index staged a sharp bounce back from the crucial 22,000 mark, which also coincides with the previous year (2025) low, and rallied decisively to close above the 24,000 mark. Nifty closed at 24,050, registering a strong weekly gain of 5.50%, reflecting robust buying interest across the board.

According to Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, the market sentiment has turned cautiously positive with a buy-on-dips approach, but remains sensitive to global cues. Dongre emphasized that the upcoming week will be crucial, as markets await clarity on geopolitical developments, particularly the outcome of ongoing discussions between the US and Iran.

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Dongre's analysis suggests that the 23,500-23,800 zone is expected to act as immediate support for Nifty, while 24,200-24,500 remains a crucial resistance band. Sustaining above 24,500 will be key to confirming continuation of the uptrend and could open the path toward the 24,900-25,000 zone, which aligns with the 200-day EMA. On the downside, 23,000-23,500 will serve as a strong demand zone in case of any profit booking.

On the Bank Nifty outlook, Dongre added that the index has shown a strong recovery and is now approaching its resistance zone of 56,500-57,000, which also aligns with its 200-day EMA, while immediate support is placed near 52,000-52,500 levels. A sustained move above this resistance band will further strengthen bullish momentum.

Weekly Stocks to Buy or Sell

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• SRF: Buy at ₹2460-2470, target price of ₹2565, stop loss of ₹2400.
• Bank of India: Buy at ₹147-148, target price of ₹157, stop loss of ₹141.
• Sai Life Sciences: Buy at ₹1003-1008, target price of ₹1045, stop loss of ₹980.