Stocks to buy today: Ankush Bajaj recommends three stocks for 13 March

On the daily chart, the stock’s Relative Strength Index (RSI) is trading above 60, and it is also trading above major EMAs. On the hourly chart, the stock has given a rectangle breakout around the 520 level. Expecting the price to reach 600 soon.

Crompton Greaves Consumer Electricals Ltd: Buy at ₹357.65 | Target ₹395-410 | Stop loss ₹337

On the hourly chart, the stock has given an upper breakout from a falling wedge pattern, with a swing target of around 400 levels.

Also, RSI is at 68, and moving average convergence divergence (MACD) has given a bullish crossover.

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UltraTech Cement: Buy at ₹10,520 Target ₹10,700-10,800 | Stop loss ₹ 10,395

On the lower time frame (15-minute), the stock has formed a double bottom and has also given a triangle breakout. The short-term target is around 10,700 levels.

Market update: Nifty 50 and Nifty Bank analysis for 12 March

The Indian stock market opened lower on 12 March, Wednesday, but staged a partial recovery as the session progressed. Early weakness was countered by selective buying in key sectors, helping the indices regain some lost ground.

However, overall sentiment remained cautious, with profit booking at higher levels and a lack of sustained buying momentum keeping the market in a tight range. Investors appeared to be in a wait-and-watch mode amid global and domestic uncertainties.

The Nifty 50 edged down by 0.12%, shedding 27.40 points to close at 22,470.50, while the Sensex dipped 0.10%, losing 73.02 points to settle at 74,028.41.

Selling pressure in key sectors capped gains, highlighting investor caution and hinting at potential downside risks. Nifty Bank, however, showed resilience, climbing 0.42% and adding 202.70 points to close at 48,056.65. Early strength in heavyweight banking stocks provided support, but late-session selling limited further upside.

Sectoral performance was mixed. The healthcare sector led the gains, rising 0.58%, followed by finance, up 0.54%, and auto, which advanced 0.49%. Despite these pockets of strength, overall market sentiment remained subdued amid profit booking and weak global cues.

Read this | Auto stocks are correcting, but it’s not a clearance sale yet.

The realty sector was the biggest loser, slipping 0.75% due to selling pressure in major financial stocks. The PSU Bank index declined 0.34%, while the midcap index fell 0.82%, reflecting persistent weakness and raising concerns about further downside risks.

Stock-specific action saw IndusInd Bank leading the gainers with a 4.38% rise, followed by Tata Motors, which gained 3.12%, and Kotak Bank, up 2.45%. However, renewed selling pressure in IT stocks weighed on sentiment. Infosys plunged 4.26% after disappointing quarterly results, triggering a sharp sell-off. Wipro tumbled 3.31%, while Tech Mahindra slipped 2.77%, further intensifying bearish pressure.

Weakness across key sectors kept investors cautious, signaling the possibility of continued volatility in the sessions ahead.

Stock market outlook

The Nifty 50 is currently forming a triangle pattern on the hourly chart, consolidating between the 22,660–22,360 range. After rebounding from the 22,000 level, bulls and bears remain locked in a tight battle for control.

Open interest (OI) data indicates strong resistance at 22,600 on the call side and firm support at 22,300 on the put side. A decisive breakout above 22,600 could trigger a strong upward rally, with 22,535 being the key level to watch for confirmation.

Technical indicators

Nifty Daily Chart Analysis

RSI at 40 – This indicates that the stock/index is in a weak momentum zone but not yet oversold. If RSI starts rising from 40, it could signal a potential rebound.

Also read | Momentum stocks to sell in the bear market, as recommended by Raja Venkatraman

ADX at 26.82 – ADX above 25 suggests a strong trend, but it does not indicate direction. Since -DI > +DI, the overall trend is still bearish.

MACD Line Above Signal Line – This is a bullish signal, indicating positive momentum.

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.