The market retreated some of the gains from the previous week and closed 0.7 percent lower amid rangebound trading for the week ended March 13, as weak global cues weighed on sentiment. The Nifty 50 faced resistance at the 22,650-22,700 zone, which coincides with the 20-day EMA and the bearish gap on the weekly chart. This seems to be a formidable obstacle for the index to move into a new leg of upward momentum toward the 23,000 mark. However, it consistently defended the 22,300-22,250 area last week, which is expected to be a key support zone, as selling pressure may be aggravated below it, according to experts.
As we move ahead, "the pervasive sense of global uncertainty remains a crucial element that is expected to play a significant role in shaping intermediate market trends. This situation calls for vigilant observation and analysis," said Osho Krishan, Senior Analyst - Technical & Derivative Research at Angel One.
The daily RSI has been oscillating in the 42-39 range for the last six sessions, and the trend strength indicator, ADX (Average Directional Index), has been in a falling mode for seven sessions, signaling a lack of strong directional momentum.
Hence, according to Sudeep Shah of SBI Securities, the index is likely to consolidate in the 22,700-22,200 zone in the near term.
Meanwhile, Osho Krishan advised that it is wise to exercise caution and refrain from making high-risk bets. Instead, he recommended adopting a more measured approach by systematically accumulating shares of fundamentally strong companies.
Despite likely consolidation in the market, experts advised buying 8 stocks for the next week:
Rajesh Palviya, Senior Vice President Research (Head Technical Derivatives) at Axis Securities
United Spirits | CMP: Rs 1,353.7
Since January 2025, United Spirits has been trending lower, forming a series of lower tops and bottoms. However, the past couple of weeks' price action has confirmed a trend reversal. It is also well-placed above its 20-day SMA (Simple Moving Average), which suggests a positive bias. The daily strength indicator, RSI (Relative Strength Index), has turned bullish, indicating rising strength. Investors should buy, hold, and accumulate this stock, with an expected upside of Rs 1,400-1,450 and a downside support zone of Rs 1,300-1,285.
Strategy: Buy
Target: Rs 1,400, Rs 1,450
Stop-Loss: Rs 1,300
Schaeffler India | CMP: Rs 3,347.55
With the current weekly close (week ended March 13), Schaeffler India has decisively surpassed the past 7-8 months' down-sloping trendline resistance on a closing basis, representing a trend reversal. On the daily chart, the stock also has higher tops and bottoms, indicating a positive bias. Rising volumes indicate increasing participation at lower levels. The daily and weekly strength indicator RSI is in favourable terrain, showing increasing strength. Investors should buy, hold, and accumulate this stock. Its expected upside is Rs 3,600-3,695, and its downside support zone is Rs 3,235-3,160.
Strategy: Buy
Target: Rs 3,600, Rs 3,695
Stop-Loss: Rs 3,235
Osho Krishan, Senior Analyst - Technical & Derivative Research at Angel One
Avenue Supermarts (DMart) | CMP: Rs 3,797.1
Avenue Supermarts has been experiencing a significant downturn, having lost nearly 40 percent from its recent peak of Rs 5,485. However, the stock has reversed its trend after testing its historical support level around Rs 3,400 and has shown bullish momentum in recent periods. It has surged above the 20-DEMA and 50-DEMA and has also tested the 100-day DEMA, indicating a potential resurgence. Additionally, weekly indicators suggest a counter-trend, making this a suitable investment opportunity in the near future. Hence, we recommend buying DMart around Rs 3,780-3,750.
Target: Rs 4,400, Rs 4,650
Stop-Loss: Rs 3,400
JSW Energy | CMP: Rs 514.1
JSW Energy has seen a decent recovery after a phase of consolidation and is now placed above the short-term EMAs on the daily chart. The recent buying traction has been backed by a rise in trading volumes, attributing to positive developments in the counter. Additionally, the counter is comfortably placed above the SuperTrend indicator, adding to the bullish outlook. Simultaneously, the MACD (Moving Average Convergence Divergence) indicator is about to surpass the zero line from lower levels, suggesting potential momentum in the near future. Hence, we recommend buying JSW Energy around Rs 510-500.
Strategy: Buy
Target: Rs 580, Rs 590
Stop-Loss: Rs 460
Krishna Institute of Medical Sciences (KIMS) | CMP: Rs 570.55
KIMS has experienced a significant resurgence from the 200 DSMA in the last couple of trading sessions, leading to a strong weekly close. The counter is placed above all its significant EMAs on the daily timeframe structure, suggesting inherent strength and is anticipated to continue the same in the near term. Additionally, the counter has retraced 50 percent on the Fibonacci retracement of the recent correction, and a positive crossover on the technical indicators adds to the bullish quotient. Hence, we recommend buying KIMS around Rs 560-550.
Strategy: Buy
Target: Rs 645, Rs 662
Stop-Loss: Rs 498
Ameya Ranadive Chartered Market Technician, CFTe, Senior Technical Analyst at StoxBox
Kotak Mahindra Bank | CMP: Rs 1,985.1
Kotak Mahindra Bank is exhibiting strong bullish momentum. The stock has recently broken key resistance levels, supported by rising volumes and positive technical indicators. Trading above crucial moving averages, it reflects sustained buying interest. The RSI above 60 signals strength, while ADX (Average Directional Index) confirms a strengthening trend, reinforcing the bullish outlook. If this momentum continues, the stock is well-positioned to rally toward the next target of Rs 2,120.
However, a decisive break below Rs 1,880 would negate this positive view, potentially triggering further downside. Investors should closely monitor price action and key support levels to manage risk effectively. As long as Kotak Bank sustains above Rs 1,880, the broader trend remains constructive, favouring a continuation of the ongoing uptrend.
Strategy: Buy
Target: Rs 2,120
Stop-Loss: Rs 1,880
Sun Pharmaceutical Industries | CMP: Rs 1,683.45
Sun Pharmaceutical Industries is displaying early signs of recovery from recent lows. The stock has regained momentum after a period of consolidation, with price action now moving above key short-term moving averages. Strength in RSI above 50 and a bullish crossover in momentum indicators suggest a continuation of the upward move. If this trend sustains, the short-term target stands at Rs 1,750, with the mid-term potential extending toward Rs 1,860. A decisive move below Rs 1,600 would invalidate the bullish outlook, potentially leading to renewed selling pressure.
Traders should monitor volume activity and trend strength to assess follow-through buying. As long as the stock holds above key support, the structure remains favourable for an upward move.
Strategy: Buy
Target: Rs 1,750, Rs 1,860
Stop-Loss: Rs 1,600
Blue Jet Healthcare | CMP: Rs 842.75
Blue Jet Healthcare: Blue Jet Healthcare is demonstrating resilience amid market volatility. The stock is holding near all-time highs, suggesting strong bullish momentum. Price action remains above key exponential moving averages, reinforcing the strength of the uptrend. RSI at 64 indicates sustained buying interest, while increasing volumes signal healthy participation. If the current momentum persists, the short-term target is Rs 980.
The stock's ability to hold above key support levels indicates strong underlying demand, keeping the broader uptrend intact. Confirmation of sustained momentum can be assessed through increasing volume and favourable readings on key technical indicators such as RSI and ADX. A breach below support would signal potential weakness, warranting a reassessment of the trend structure.
Strategy: Buy
Target: Rs 980
Stop-Loss: Rs 790
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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