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Stocks to buy today: MarketSmith India’s top stock picks for 5 March
Subscribe to enjoy similar stories. Nifty 50 extended its losing streak for the 10th consecutive session on Tuesday despite a strong recovery from its early losses. Tracking global market cues, the index had a gap-down opening at 21,974 but quickly rebounded from the day's low, reclaiming 22,000 within the first hour of trading.
It then remained between 22,000 and 22,100 before closing flat at 22,083. Nifty PSU banks, PSE and energy stocks posted gains, while the auto, IT, FMCG and pharma sectors declined. Market breadth favored advancers, with an advance-decline ratio of 1.50, indicating stronger buying sentiment in select stocks.
From a technical perspective, the index breached the 22,000 psychological level intraday but managed to close above it. The 14-day relative strength index (RSI) has touched oversold territory and is trending sideways, positioned around 22. The moving average convergence divergence (MACD) indicator is also trending negatively below the zero line.
Also read: BSE stock tanks on Sebi proposal to tighten F&O rules. Is it an overreaction? According to O'Neil's methodology of market direction, the market shifted from ‘rally attempt’ to ‘downtrend’ on February 21 as Nifty breached its recent correction low of 22,725. Looking forward, the market direction will be changed to ‘rally attempt’ when Nifty 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.
A follow-through day is essential before the market status can be changed back to ‘confirmed uptrend’. The overall market sentiment remains bearish, with Nifty 50 trading with a negative bias. Looking ahead, the index has good support around 22,000–21,800.
Read on livemint.comThe same topic in other media
Stock picks by market experts: Recommended stocks to buy today livemint.com / 1 year ago
Top stock picks for today: MarketSmith India's stock recommendations for 20 March livemint.com / 1 year ago
Stocks to buy today: Ankush Bajaj recommends three public-sector stocks for 20 March livemint.com / 1 year ago
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How chronic illness became a starting point for artistic alchemy for Koshy Brahmatmaj
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21.05 / 10:17
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Even at $5 trillion, Nvidia is underappreciated
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markets
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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PI Industries’ weak core business keeps investors on edge
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UPS
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