Indian Stock Market Extends Decline for Second Consecutive Session
The Indian stock market extended its decline for a second consecutive session on Thursday, March 12, with benchmark indices falling around 1% as the ongoing tensions in the Middle East unsettled investors and raised concerns that prolonged conflict could hurt corporate earnings.
Following a 1.63% slump in the previous session, the Nifty 50 dropped another 1% to settle at 24,639, marking its lowest level since April 2025.
Nifty 50 and Sensex Performance
Meanwhile, the Sensex plunged 1.08% to close at 76,013. This came after the index had already fallen 1.72% on Wednesday, resulting in a cumulative drop of nearly 3,000 points over the past four trading sessions.
The Nifty 50 ended the session on a weak note, marking its third straight day of losses. The index opened sharply lower with a gap-down of nearly 155 points and continued its decline in early trade, falling to an intraday low of 23,556.30, which indicated strong initial selling pressure.
Technical Analysis by Sumeet Bagadia
According to Sumeet Bagadia, Executive Director at Choice Broking, the index attempted to fill the opening gap and gradually moved higher, touching an intraday high of 23,833.15. Despite this rebound, the index was unable to maintain strength at higher levels, as sellers reappeared near resistance zones.
Bagadia added, “This price action suggests that while buyers are trying to defend lower levels, the overall sentiment remains cautious. Technically, the 23,750–23,800 zone is acting as an immediate resistance area for the index, while a strong support base is developing around 23,450–23,500.
In the derivatives segment, significant put writing at the 23,700 strike and heavy call writing at the 24,000 strike suggest a likely trading range between these levels in the near term. Traders are advised to remain cautious near support levels and avoid aggressive directional positions until the index clearly breaks above resistance.
Bank Nifty Outlook
The Nifty Bank began the trading session on a weak note. The index opened sharply lower with a gap-down of nearly 600 points and continued to decline in early trade, touching an intraday low of 54,760, indicating strong initial selling pressure.
On the Bank Nifty outlook, Bagadia further added, “Despite this recovery, the index struggled to maintain strength at higher levels as selling pressure emerged near resistance zones. Consequently, the index moved lower again and eventually closed at 55,100.95, reflecting caution among market participants.
This price action indicates a volatile session where buying attempts were limited by persistent selling pressure. From a technical perspective, the 55,400–55,600 zone remains an immediate resistance area, while the 54,800–54,900 range continues to act as a crucial support zone.
Breakout Stocks to Buy Today
Sumeet Bagadia recommends five shares to buy on Friday: HFCL, Cummins India, Ajanta Pharma, Power Finance Corporation, and Kirloskar Oil Engines.
1. HFCL
Buy at ₹74.47, Target ₹80, Stop Loss ₹70.7
HFCL share price is currently trading at 74.47, the stock shows a promising trend reversal on the daily chart after a prolonged period of consolidation. The price action displays a rounding bottom pattern with a sharp bullish breakout today, supported by a significant increase in trading volume.
The stock has successfully crossed above its 20, 50, and 100-day EMAs, signalling a transition from a bearish to a bullish phase. The RSI has surged to 62.70, indicating strong upward momentum and a shift in sentiment toward the buyers.
2. Cummins India
Buy at ₹4,753, Target ₹5,000, Stop Loss ₹4,515
Cummins India share price is currently trading at 4753, demonstrates a strong bullish recovery on the daily chart, following a healthy correction from its recent peak. The price action indicates the formation of a higher base near the short-term support zone, with a fresh bullish candle reclaiming the 20-day EMA.
3. Ajanta Pharma
Buy at ₹3,119, Target ₹3,340, Stop Loss ₹3,010
Ajanta Pharma share price is currently trading at 3119, displays a powerful bullish breakout on the daily chart as it hits a fresh 52 weeks high. The price action follows a steady staircase-like uptrend, characterized by brief consolidations followed by strong upward moves.
4. Power Finance Corporation
Buy at ₹416, Target ₹444, Stop Loss ₹398
PFC share price is currently trading at 416, the stock is showing a definitive shift in character on the daily chart, moving from a sideways consolidation into a potential breakout phase. The price action has formed an ascending base and is currently challenging a key multi-month resistance zone.
5. Kirloskar Oil Engines
Buy at ₹1,469, Target ₹1,570, Stop Loss ₹1,400
Kirloskar Oil Engines share price is trading around 1469 and exhibits a strong bullish continuation pattern on the daily chart, characterized by a series of higher highs and higher lows. The price action recently bounced off its short-term support, confirming the strength of the existing uptrend.
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