Indian Stock Market Update: Nifty 50 Plunges for Second Consecutive Session

Key Statistics:

• Nifty 50 Index: Ended at 23,639 on Thursday, March 12, falling 228 points (0.95%) for the second consecutive session.
• Two-Day Loss: Suffered a loss of 2.6% over the past two consecutive sessions.

Market Analysis:

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The Indian stock market benchmark, Nifty 50, continues to experience pressure due to rising crude oil prices, growing concerns over inflationary pressures, currency weakness, and foreign capital outflow. Despite no signs of war in the Middle East, the market remains under pressure.

Stock Recommendations:

Lupin

• Current Price: ₹2,357.30
• Recommendation: Buy
• Target Price: ₹2,580
• Stop Loss: ₹2,230

Lupin has emerged as a relative outperformer in the pharma sector, witnessing a steady uptrend following a breakout from its consolidation base. The stock has been consistently holding above its rising 20 EMA, indicating underlying strength.

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NTPC

• Current Price: ₹390.55
• Recommendation: Buy
• Target Price: ₹421
• Stop Loss: ₹375

NTPC has been displaying notable strength in the power sector, staging a meaningful recovery after a prolonged corrective phase. The stock has broken out from a base formation and continues to move higher while forming base-on-base formations.

ITC

• Current Price: ₹304.55
• Recommendation: Sell Futures
• Target Price: ₹290
• Stop Loss: ₹312

ITC continues to underperform within the FMCG pack and remains entrenched in a broader downtrend. The stock has slipped below its established trading range and formed a bearish continuation pattern, suggesting the possibility of further downside.