Stocks to buy or sell: Osho Krishan of Angel One suggests buying Infosys, ICICI Bank shares amid Israel Iran conflict

Stock market today: Following three consecutive days of decline, Indian stock markets rebounded on Thursday, March 5, moving out of the oversold zone and starting the day with gains, although volatility persists as overall investor sentiment is affected by geopolitical tensions in West Asia.

The Nifty 50 index commenced at 24,615.95, reflecting an increase of 135.45 points or 0.55%, while the BSE Sensex started at 79,530.48, marking a rise of 414.29 points or 0.52%.

Market analysts indicated that, despite the positive start, the overall sentiment remains cautious due to global uncertainties and escalating geopolitical risks.

Nifty 50 Outlook by Osho Krishan, Sr. Analyst, Technical & Derivatives, Angel One

Post the mid-week holiday, Nifty 50 once again opened with a sharp gap-down of nearly 500 points. After the initial bout of weakness, prices attempted a cautious rebound. However, the recovery lacked conviction as the index remained hesitant at higher levels and eventually closed with a cut of 1.55%, settling just below the 24,500 mark.

Over the past three sessions, Nifty 50 has witnessed a near-vertical decline of around 1,000 points, decisively breaking below the crucial Budget lows near 24,600. This breakdown is a significant concern for the bulls, as the 24,600 level had acted as support on two occasions over the past five months. Sustained trading below this zone increases the risk of a larger structural breakdown, which could trigger further downside in the near term.

Additionally, multiple gap-down sessions in recent days have created overhead supply zones. Any attempted bounce is likely to face stiff resistance around 24,600, followed by 24,800. These levels now act as immediate hurdles on the upside. On the downside, recent low near 24,300 aligns with the weekly 89 EMA, the August 2025 lows, and a bullish gap formed in May 2025 , making this a critical support cluster. Below this, 24,150 is seen as the next important support level.

India VIX has surged beyond the 21 mark, indicating heightened volatility. Until volatility cools off, traders are advised to avoid aggressive positioning, as sharp and unpredictable swings may persist. Given the current backdrop, closely monitoring geopolitical developments remains essential, as they are likely to dictate near-term market direction.

Stocks To Buy on Thursday- Osho Krishan

On stocks to buy on Thursday, Osho Krishan of Angel One recommended two stocks - Infosys Ltd, and ICICI Bank Ltd.

Infosys Ltd

Infosys has experienced a sharp correction over the past couple of weeks, declining more than 20% and entering oversold territory. Recent technical indicators show a positive crossover from oversold levels, suggesting an early sign of potential reversal. From a risk-reward perspective, the stock appears attractively positioned, with a near-term pullback likely if buying interest sustains.

Hence, we recommend a BUY in Infosys around ₹1,300 with a Stop Loss of ₹1,260 and a Target of ₹1,360-1,380.

ICICI Bank Ltd

ICICI Bank has rebounded from the 1,325 subzone, aligning with a historical bullish gap that has repeatedly provided strong support. Technically, the stock has formed a robust bullish candlestick, signalling renewed buying interest from a well-established demand zone. The recent correction offers an attractive opportunity to accumulate the counter from a medium-term investment perspective.

Hence, we recommend a BUY in ICICI Bank around ₹1,360-1,350 with a Stop Loss of ₹1,315 and a Target of ₹1,400-1,440.

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.