Stocks to buy today: Ankush Bajaj recommends three stocks for 17 March

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The Nifty 50 slipped 0.33%, shedding 73.30 points to close at 22,397.20, while the Sensex declined 0.27%, losing 200.85 points to settle at 73,828.91. Persistent selling in key sectors kept pressure on the benchmarks, reflecting broader market caution.

Nifty Bank, which opened with gains, initially climbed 0.42% but erased its advance, ending flat at 48,060.40 (+0.01%). Selling in heavyweight banking stocks intensified later in the session, mirroring broader market weakness.

Among sectors, PSU Banks were the sole gainers, rising 0.43%, offering some stability amid broader declines. However, Realty led the losers, tumbling 1.83%, followed by Auto (-1.10%) and Metals (-0.87%), reflecting ongoing sectoral weakness.

While selective buying provided brief support, upside momentum remained limited. Bharat Electronics led the gainers, rising 1.17%, followed by SBI (+0.66%) and NTPC (+0.53%). On the downside, Shriram Finance slid 2.73%, Hero MotoCorp fell 2.25%, and Tata Motors lost 1.92%, underscoring continued investor caution.

Overall, weak global sentiment and profit-taking kept markets under pressure, with investors remaining wary of near-term volatility.

Indian stock market outlook

The Nifty 50 opened higher but faced selling pressure through the session, closing near the day’s low with a 73-point decline. The index has been consolidating within the 22,315–22,677 range for four sessions, with a potential upside breakout on the horizon.

Key support and resistance levels

Support: 22,320–22,240, aligning with the 50% and 61.8% Fibonacci retracement levels of the recent rally (21,964–22,677).

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Resistance: 22,677, a critical level for a potential breakout.

Technical indicators

Daily Chart: Nifty remains below the 20-day moving average (22,587) and the 40-day exponential moving average (22,935). However, the momentum indicator has turned positive.

Hourly Chart: The index trades below the 20-hour moving average (22,450) and the 40-hour exponential moving average (22,493), with the momentum indicator showing a negative crossover.

Market sentiment remained weak, with 954 stocks advancing and 1,898 declining on the NSE.

Three stocks to buy, as recommended by Ankush Bajaj:

NTPC: Buy at ₹332 | Target ₹345-348 | Stop loss – ₹323

The stock is consolidating between the ₹340- ₹305 range. If it crosses ₹338, it may soon touch ₹360.On the lower timeframe (15-minute), the stock is forming a bullish pennant, indicating a potential breakout.The ₹320- ₹323 zone serves as a strong base; as long as the stock remains above this level, the bullish outlook remains intact.

JSW Infrastructure: Buy at ₹264 | Target ₹278-282 | Stop loss – ₹257

On the hourly chart, the stock has formed a double bottom at the ₹257 level, which can act as a strong support. On the 15-minute timeframe, if the stock crosses the ₹266 level, it will break the upper channel of the falling wedge pattern, indicating a potential uptrend. The target for this breakout is ₹280. Mark these levels and trade accordingly.

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ICICI Bank: Buy at ₹1,250 | Target ₹1,280-1,295 | Stop loss – ₹ 1,232

On the hourly chart, ADX is trading above 25, and RSI is above 60, indicating strong bullish momentum. The stock has formed a solid base at the ₹1,230 level, suggesting a continuation of the uptrend. The first target is around ₹1,280, after which one can trail the stop loss to secure profits.

Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.

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Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.