Buy or sell: Ganesh Dongre of Anand Rathi recommends three stocks to buy on Monday amid US-Iran war

Buy or sell: The Indian stock market closed around 1% lower on Friday, February 27, amid ongoing geopolitical tensions and a sharp surge in crude oil prices. The Sensex tumbled 961 points, or 1.17%, to settle at 81,287.19, while the Nifty 50 dropped 318 points, or 1.25%, to close at 25,178.65.

“The benchmark indices ended the week on a weak note, pressured by negative global cues and escalating geopolitical tensions, particularly following the latest developments between Israel and Iran. The NIFTY 50 declined 1.54% to close at 25,178, with the IT index emerging as a major drag, falling nearly 5% during the week,” said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi.

Ganesh Dongre's market outlook for next week

Nifty 50

According to Dongre, the Nifty 50 index has closed near its 200-day EMA, a crucial long-term indicator.

“A decisive breakdown and sustained close below the 200-day EMA could intensify selling pressure, with the next key support seen in the 24,200–24,500 range, which coincides with the monthly channel support. On the monthly chart, the index continues to hold its long-term trendline support in the 24,000–24,300 zone. A confirmed break below this region would significantly weaken the market structure and reinforce a bearish medium-term outlook,” Dongre added.

Bank Nifty

Nifty Bank faces immediate resistance near 61,500, where the highest Call open interest is positioned, while 59,500 acts as immediate support. Holding above the 58,000 level remains crucial to maintaining overall strength, he noted.

On the overall market outlook, Dongre further said that despite short-term volatility driven by global and geopolitical developments, the broader structure remains relatively constructive unless key supports are breached.

“The market appears range-bound with a cautiously positive bias, favoring a buy-on-dips strategy, selective stock accumulation, and close monitoring of global cues and geopolitical risks,” he added.

Weekly stocks to buy or sell

ITC: Buy at ₹310-315, target price of ₹340, stop loss of ₹300.

Tata Consumer: Buy at ₹1130-1140, target price of ₹1200, stop loss of ₹1100.

SBI Life Insurance Company: Buy at ₹2030-2040, target price of ₹2140, stop loss of ₹1980.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.