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livemint.com / 1 year ago
Stocks to buy today: MarketSmith India’s top stock picks for 4 March
Subscribe to enjoy similar stories. The Nifty 50, India’s benchmark index, ended the session on a flat note at 22,119 despite strong global cues. The index opened on a positive note at 22,194 and surged to an intraday high of 22,260 before swiftly erasing its gains.
It tested the psychological support level of 22,000 but held above it, eventually closing at 22,119. This price action resulted in the formation of a bearish candlestick on the daily chart. Among sectors, BFSI stocks underperformed, while all other major indices closed in the green.
The market breadth remained weak, with the advance-decline ratio at 1:2, indicating that decliners outnumbered advancers. From a technical perspective, the index tested the 22,000 psychological level. The 14-day relative strength index (RSI) has reached the oversold region and is currently positioned around 22.
Additionally, the moving average convergence divergence (MACD) indicator is trending negatively below the zero line. According to O'Neil's methodology of market direction, on 21 February, we shifted the market status to a Downtrend, as the Nifty 50 breached its recent correction low of 22,725. Looking forward, we will shift the market to a Rally Attempt when the Nifty 50 closes in the green for the first time or closes in the upper half of the day’s range and stays above that low for three straight sessions.
From there, we would prefer to see a follow-through day before shifting the market back to a Confirmed Uptrend. The overall market sentiment remains bearish, with Nifty 50 trading under a negative bias. Looking ahead, the index has immediate support at 22,000–21,800.
Read on livemint.comThe same topic in other media
Stocks to buy today: Ankush Bajaj recommends three public-sector stocks for 20 March livemint.com / 1 year ago
Stocks to buy today: Axis Bank, NTPC among top 6 trading ideas for 18 March 2025 economictimes.indiatimes.com / 1 year ago
Top stock picks for today: MarketSmith India's stock recommendations for 18 March livemint.com / 1 year ago
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