Indian Stock Market Report

Market Overview

On Friday, March 13, the Indian stock market continued its downward trend, with the BSE Sensex and Nifty 50 declining by 2% each. The BSE Sensex fell 1,471 points to close at 74,563.92, while the Nifty 50 dropped 488 points to end the day at 23,151.10.

Weekly Performance

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The Sensex plunged 4,355 points or 5.5% during the week, while the Nifty 50 slipped 1,300 points or 5.3%. Both indices extended their losing streak for a third consecutive week.

Market Analysis

According to Sumeet Bagadia, Executive Director at Choice Broking, the market attempted to find support around the 23,300 level but failed to hold that zone, leading to further losses. The Nifty 50 touched an intraday low of 23,112 before settling at 23,151.10, registering a sharp decline of 488.05 points (-2.06%).

Derivatives Segment

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In the derivatives segment, notable put writing at the 23,000 strike and heavy call writing at the 23,400 strike suggest a probable near-term trading range between these levels.

Bank Nifty

The Nifty Bank started the trading session on a weak footing, opening sharply lower with a gap-down of nearly 413 points. The index eventually settled at 53,757.85, registering a steep decline of 1,343 points (-2.44%).

Stock Recommendations

Sumeet Bagadia has recommended three stocks to buy: Confidence Petroleum India, IFCI, and Bhansali Engineering Polymers.

• Confidence Petroleum India: Buy at ₹36.54, Target Price: ₹40, Stop Loss: ₹35
• IFCI: Buy at ₹57.21, Target Price: ₹61.6, Stop Loss: ₹55
• Bhansali Engineering Polymers: Buy at ₹85.6, Target Price: ₹92, Stop Loss: ₹82.6