Markets
Top stock picks today: MarketSmith India's stock recommendations for 17 March
Summary
- Stocks to trade: MarketSmith India recommends these stocks to buy today- 17 March
Nifty 50: How the benchmark index performed on 13 March
India’s benchmark index, Nifty 50, ended 73 points lower, slipping below 22,400 on Thursday, 13 March, despite softer inflation and decent IIP data. The index opened on a muted note at 22,541, trading choppily until noon. However, in the afternoon session, it drifted into negative territory, closing near the day’s low. This resulted in the formation of a bearish candle on the daily chart. Market breadth remained weak, with the advance-decline ratio at approximately 1:2.
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Among sectoral indices, Nifty PSU Bank was the only gainer, while Nifty Realty, Auto, and Metal saw the steepest losses.
Technical indicators:
The 14-day Relative Strength Index (RSI) remains in the bearish zone, sloping downward around 38.
The Moving Average Convergence Divergence (MACD) maintained a positive crossover but stayed below the central line.
On the weekly chart, Nifty lost 0.69%, forming a small bearish candle after trading largely within the 22,300–22,700 consolidation range last week.
Following O'Neil's market direction methodology, MarketSmith India upgraded the market status to ‘Rally Attempt’ from ‘Downtrend’ last Thursday. For a further upgrade to ‘Confirmed Uptrend’, a follow-through day or Nifty scaling a new high would be required. Conversely, if Nifty breaches its recent low of 47,841.30, the market status will revert to a ‘Downtrend’.
Key levels to watch
The 21-EMA, currently around 22,650–22,700, remains a crucial resistance. A sustained move above this level could drive Nifty toward 22,850–23,000 in the near term.
On the downside, 22,300 serves as key support—a breach of this level could lead to further volatility.
How did Nifty Bank perform?
On Thursday, Nifty Bank opened on a positive note but remained rangebound between 48,353 and 48,006 throughout the session. Despite early gains, the index lost momentum and ended nearly flat, rising by just four points. However, it managed to hold the previous day's low, forming a small bullish candle on the daily chart with a higher-high and higher-low price structure.
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In the previous session, Nifty Bank opened at 48,219.15, traded within a tight range of 48,352.45–48,006.10, and closed at 48,060.40. On the weekly chart, however, the index formed a bearish candle with a lower-high and lower-low price structure, hovering near its 100-week moving average (100-WMA).
Technical indicators
The 14-day RSI is trending downward, currently positioned around 38–39, indicating weakening momentum.
The MACD continues to trade with a negative crossover below the central line, reinforcing the bearish sentiment.
Following O'Neil's market direction methodology, we shifted the market status to a Downtrend on Tuesday after Nifty Bank breached its recent correction low of 47,844. Looking ahead, the sectoral trend will shift to a Rally Attempt once Nifty Bank closes in the green or in the upper half of the day's range and sustains above this low for three consecutive sessions. A follow-through day would then be required to confirm a transition back to an Uptrend.
Currently, Nifty Bank is trading below all key moving averages with a negative bias, signaling fresh weakness in the trend. The 48,000–47,800 zone is a crucial support level—a sustained breakdown below this range could trigger a further decline toward 46,000. On the upside, a decisive breakout above 48,500 could pave the way for a recovery toward 49,000–49,500 in the near term.
MarketSmith India's top stock recommendations for 17 March
Blue Star Ltd: Current market price: ₹2,025.65 | Buy range: ₹1,980–2,040 | Profit goal: ₹2,450 | Stop loss: ₹1,840 | Timeframe: 1–2 months
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Bikaji Foods International Ltd: Current market price: ₹ 672.80 | Buy range: ₹655–675 | Profit goal: 825| Stop loss: ₹ 610 | Timeframe: 2–3 months
About MarketSmith India: Trade name: William O'Neil India Pvt. Ltd. Sebi-registered research analyst registration number is INH000015543.
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.
