Indian Stock Market Update

Key Statistics:

• Benchmarks:
  • Sensex: 1% decline
  • Nifty 50: 1% decline
  • Intraday low: Nifty 50 - 23,556
  • Day's low: Sensex - 75,871
• Brent Crude: $100 per barrel

Market Analysis:

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The Indian stock market experienced a strong selloff for the second consecutive session on Thursday, March 12, with the Sensex and Nifty 50 falling more than 1% each. However, the indices pared losses and traded about half a per cent lower around 11 am.

Stock Picks for Short-Term Trading:

According to Amol Athawale, VP of technical research at Kotak Securities, the following stocks are recommended for short-term trading:

Cipla

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• Previous close: ₹1,329.50
• Target price: ₹1,420
• Stop loss: ₹1,280
• Consolidation zone: Range-bound price action on the daily timeframe
• Bullish momentum: Improving buying interest near the lower band of the range
• Range breakout: Gradual approach to the upper boundary of the consolidation zone

ABB India

• Previous close: ₹6,280
• Target price: ₹6,690
• Stop loss: ₹6,030
• Consolidation phase: Breakout from the range-bound structure
• Bullish continuation: Comfortable close above its breakout levels

Jindal Steel

• Previous close: ₹1,187
• Target price: ₹1,270
• Stop loss: ₹1,140
• Support zone: Rebound from lower levels
• Sloping channel: Breakout on the daily charts
• Bullish trend: New leg of the uptrend from current levels