The Indian stock market sentiment weakened sharply following a significant decline on Dalal Street last Friday. The Nifty 50 index crashed 420 points or 1.86%, closing at 22,124.
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The BSE Sensex nosedived over 1400 points, closing at 73,198, while the index dropped 399 points to finish at 48,344.
The BSE Small-cap index fell more than 2.30%, while the Mid-cap index saw a decline of over 2.15%.
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Sumeet Bagadia, Executive Director at Choice Broking, recommends three stocks to buy on Monday, 3 March 2025: Shriram Finance, IndiGo, and HDFC Bank. Shriram Finance’s share price is trading at 617, having rebounded from a key support zone.
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The stock has formed a bullish candlestick on the weekly timeframe and broken out of a falling trendline, indicating a reversal pattern. The Exponential Moving Averages (EMAs) suggest a strong uptrend, with the stock trading above its 20-day, 50-day, and 200-day EMAs. Momentum indicators such as the Relative Strength Index (RSI) are trending upwards, reflecting increasing buying momentum.
IndiGo shares are currently trading at 4477, having surged from the 200-day EMA support level. The 20-day EMA has crossed above the 50-day EMA, signalling a continuation of the bullish trend.
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The stock is on the verge of breaking through a resistance level at 4575, and a successful breakout could lead to a surge towards an upside target of 4760.
HDFC Bank is trading at 1732 with strong bullish momentum. The stock has rebounded from a recent decline, forming a bullish candlestick on the daily timeframe. The EMAs confirm a strong uptrend with the stock trading above the 20-day, 50-day, and 200-day EMAs.
gaur stocks to consider amid volatility
If the share price breaks above the immediate resistance level at 1740, it could extend its rally towards the target of 1800. The RSI indicates increasing buying pressure, further supporting the bullish outlook.
Sumeet Bagadia’s analysis suggests opportunities in Shriram Finance, IndiGo, and HDFC Bank, backed by strong technical indicators and market sentiment. Investors are advised to consider these recommendations while being mindful of potential market volatility and employing prudent risk management strategies. Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C.
Mehta Investment Intermediates, decodes Nifty on technical charts, saying that the heartbeat index breached the 22,500 support with a gap-down opening and has formed a bearish Marubozu candle, indicating weakness. “As long as Nifty remains below 22,500, the bearish momentum is likely to persist, with 22,000 acting as immediate support, followed by 21,850 where the 100-Weekly Simple Moving Average (100-WSMA) is placed. Thus, traders are advised to follow the sell on rise strategy,” he opines.
Yedve recommends selling Dabur India Future at Rs 496.15 with a stop loss of Rs 515 and a target of Rs 455. Dabur India has recently broken down from a rectangle pattern on the daily chart, signaling a bearish trend with a strong chance of further price decline. The breakdown is backed by a noticeable rise in trading volumes, indicating heavy selling pressure.
He also suggests selling Infosys at Rs 1,703.65 with a stop loss of Rs 1,760 and a target of Rs 1,570. The daily chart for Infosys Ltd indicates a confirmed breakdown from a rectangle channel, signaling a strong bearish setup. This breakdown has been supported by a significant increase in trading volume, demonstrating heightened selling interest.
The views and recommendations in this analysis are those of the individual analysts or broking companies, not Mint. Investors are strongly advised to consult certified experts before making any investment decisions as market conditions can change rapidly, and individual circumstances may vary.
