Geopolitical tensions keep the bullish bias away and the regular gap down scenario continues to add to the selling pressure. A proposed interim relief will look to revive the market sentiment ; however, the damage is quite significant at the moment.
Three stocks to trade as recommended by Raja Venkatraman of NeoTrader today:
Best stocks to buy today (All Buy trades are rates of Equity & Sell rates are based on F&O)
POWERGRID: Buy above ₹304, stop ₹293 target ₹331 (Multiday)
ACI: Buy above ₹615, stop ₹590 target ₹670 (Multiday)
COLPAL: Sell below 1018, stop ₹1080 target ₹990(Multiday)
Stock market today
On 23 March, 2026, Indian equity markets faced a sharp downturn as weak global cues, foreign fund outflows, and a sliding rupee weighed heavily on investor sentiment. The Nifty slipped below the 22,500-mark intraday for the first time since April 2025, hitting a low of 22,471.25 before closing at 22,512.65, down 601.85 points or 2.60 percent. The Sensex mirrored this weakness, plunging 1,836.57 points or 2.46 percent to settle at 72,696.39.
Selling pressure was broad-based, with all major sectors ending in the red, while elevated bond yields further dampened risk appetite. Broader indices bore the brunt of the decline, as the Nifty Midcap and Smallcap indices tumbled nearly 4 percent each, reflecting deeper pain in non-large-cap stocks. The steep fall underscored renewed volatility in the market, highlighting investor caution amid global uncertainties and domestic macroeconomic concerns.
Outlook for trading
While Nifty did now show some strong rebound in GIFT Nifty the failure of the trends to disappoint looms large . With resistances at 23500 again under the spotlight ahead of the we need to tread the water carefully. The ongoing rise will face challenge at immediate value area resistances on Daily chart around 23500. A move above this area would force the bearish camp to rethink. While the fight between both the groups to claim leadership levels the possibility of the markets turning lower garnered momentum. The rally is being currently being sold into as people are looking for fresh levels to initiate shorts.
While the trends are now witnessing some buying, we could be now entering a critical phase as the series is moving towards a close. Now we can revise the supports to around 22600 where the next set of supports lie should be targeted for some buy on dips to emerge. The Put Call Ratio (PCR) has moved above 1.23 in Nifty and 1.98 in Bank Nifty highlighting some strong Put writing as a bottoming approach is being attempted by the bullish camp. As the lack of clarity on trends continue, we need to tread the road ahead carefully.
At the moment the bearishness has dragged the index much lower. Until we see Nifty move below 23500 decisively the Open Interest data highlights 22500 as the next set of supports emerging. As volatile market is in play, we need to be quick in profit taking as we the trend does not have sufficient steam to move strongly in either direction.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman:
POWERGRID (Cmp 302.10)
POWERGRID: Buy above ₹304, stop ₹293 target ₹331 (Multiday)
- Why it’s recommended: Power Grid Corporation of India Limited (POWERGRID is one of the world's largest electric power transmission utilities. They operate maintain, and develops the country's national power grid, controlling over 85% of India's Inter-State Transmission System (ISTS). Pharma sector is now witnessing fresh demand as there is continued attention to all companies that have corrected sharply. In the current year the stock has seen a steady upside despite the market sentiment and the steady support offered by the KS line has ensured that the momentum is retained, we can consider that the trends are poised to move higher. Go long.
- Key metrics:
- P/E: 19.14,
- 52-week high: ₹321.75,
- Volume: 23.77M
- Technical analysis: Support at ₹288, resistance at ₹345.
- Risk factors: Substantial financial leverage and dependency on government.
- Buy : above ₹304.
- Stop loss: ₹293.
- Target price: ₹331. (2 Months)
ACI (Cmp 612.15)
ACI: Buy above ₹615, stop ₹590 target ₹670 (Multiday)
- Why it’s recommended: Archean Chemical Industries Ltd, a leading specialty marine chemical manufacturer and exporter of bromine and industrial salt. Post some strong decline seen in second half of 2025, the stock has shown some resolve to move higher. The stock has gradually moved out of the cloud region to affirm some bullish scenario. With support from volumes seen emerging helping it discover some strong trends from support levels. As momentum is holding up once again consider going long.
- Key metrics:
- P/E: 40.95,
- 52-week high: ₹727.80,
- Volume: 432.46K.
- Technical analysis: Support at ₹560, resistance at ₹680.
- Risk factors: Cyclicality and freight rates, geopolitical disruptions and regulatory compliance.
- Buy : above ₹615
- Stop loss: ₹590
- Target price: ₹670 (2 Months)
TATACONSUM (Cmp 1024.90)
TATACONSUM: Sell below 1018, stop ₹1080 target ₹990(Multiday)
- Why it’s recommended: Tata Consumer Products Limited (TCPL) is a prominent Indian fast-moving consumer goods (FMCG) company following the merger of the consumer products business of Tata Chemicals with Tata Global Beverages. With FMCG sector witnessing a wave of selling pressure , the supply mounted on multiple counters this suppressing any buying interest to steadily push prices lower. With recent range breakdown , we can look for further downside as a strong thrust below consolidation is seen yesterday. With the ADX charging higher and the negative DI also inching higher we can look at a potential decline in store.
- Key metrics:
- P/E Ratio: 63.42
- 52-week low: ₹953.60
- Volume:1.38M
- Technical analysis: Support at ₹950, resistance at ₹1100.
- Risk factors: Raw material costs and supply chain disruption.
- Sell : below ₹1018.
- Stop loss: ₹1080.
- Target price: ₹990. (2 Months)
Raja Venkatraman is co-founder, NeoTrader. His Sebi-registered research analyst registration no. is INH000016223.
Investments in securities are subject to market risks. Read all the related documents carefully before investing. Registration granted by Sebi and certification from NISM in no way guarantees performance of the intermediary or provide any assurance of returns to investors.
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.