Stocks to buy today: Ankush Bajaj recommends three stocks for 10 March

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On the lower time frame, the stock has given a rectangle breakout. The RSI is above 60, indicating bullish momentum. The stock is also trading with gaps, so I expect these to be filled in the next few days.

IRFC: Buy at 123.40 | Target 129-132 | Stop loss 119

On the 15-minute timeframe, the stock has given a bullish pennant breakout. The MACD has also shown a bullish crossover, suggesting bullish momentum is likely to continue

AETHER: Buy at 912.70 | Target 960-980 | Stop loss 864

On the daily chart, RSI, CCI, and MFI are in the bullish zone. On the hourly chart, the stock is forming a triangle pattern. If the stock crosses 920, we could see a rally up to 960.

Market update: Nifty and Nifty Bank analysis for 7 March

After a strong two-day rally, the Indian stock market took a breather on Friday, 7 March, as indices moved sideways within a narrow range. Despite opening on a positive note, the market lacked strong follow-through momentum, reflecting investor caution at higher levels.

The market traded sideways, with limited movement as investors remained cautious. Nifty 50 edged down 0.03%, slipping 7.80 points to close at 22,552.50, while Sensex dipped by 0.01%, losing 7.51 points to settle at 74,332.09.

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Nifty Bank fell by 0.27% or 130.20 points to close at 48,497.07. Despite the decline, banking stocks showed signs of stability, indicating a moderate recovery after recent volatility.

The markets experienced a broad-based recovery, driven by strong sectoral performances. The oil & gas sector led the gains, surging 0.55%, followed by metals, which climbed 0.43%. The infra sector also saw a solid uptrend, rising 0.27% and reinforcing bullish momentum across the board.

The realty index closed with a slight dip of 1.19%, while public sector enterprises declined by 0.76% and the Midcap Select index fell by 0.65%. All other sectors performed well, sustaining the bullish sentiment and pushing the market higher.

Reliance Industries led the charge with a 3.32% surge, followed by Nestlé, which gained 1.69%. Hindalco also contributed to the positive momentum, climbing 1.51%.

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Despite the overall market strength, the financial sector lagged, with IndusInd Bank leading the decline, falling 2.25%. NTPC also faced selling pressure, dropping 2.47%, while Shriram Finance slipped 2.10%, contributing to the sector’s underperformance.

Indian stock market outlook

Dips towards the 22,450-22,400 support zone (aligned with hourly moving averages) should be seen as a buying opportunity, as the overall trend remains positive, with an upside target of 22,800. On the downside, 22,245 serves as a crucial short-term support level.

Technical indicators

On the hourly chart, the momentum indicator has triggered a negative crossover, and the contracting Bollinger Bands suggest a potential consolidation phase before the next upward move.

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Source: TradingView

On the daily chart, Nifty is trading below the 20-day moving average (DMA) at 22,748 and the 40-day exponential moving average (DEMA) at 23,009. However, the momentum indicator has triggered a positive crossover, indicating potential strength in the broader trend.

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Source: TradingView

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On the hourly chart, Nifty is trading above the 20-hour moving average (HMA) at 22,458 and the 40-hour exponential moving average (HEMA) at 22,416. However, the momentum indicator has turned negative, signaling near-term weakness or consolidation.

Market breadth remained positive, with 1,809 stocks advancing and 1,103 stocks declining on the NSE.

FIIs & DIIs

The trading activities of institutional investors in the Indian equity market on 7 March were as follows:​

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Source: BSE, NSE

This data indicates that FIIs were net sellers, withdrawing 2,035.10 crore from the equity market, while DIIs were net buyers, injecting 2,320.36 crore.

Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.

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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.