Intraday Stocks To Buy Today, March 12: Top Picks By Anand James of Geojit Investments On Thursday

The Nifty dropped below 23,700 during the pre-opening session on Thursday, March 12, while the Sensex dropped 500 points. The Nifty resumed its downward trajectory after dropping 395 points, or 1.63%, to settle at 23866 yesterday, its lowest closing since April 17, 2025. This volatility highlighted increasing concern in the Indian market as the Iran conflict's risk to cause a protracted oil shock in the global markets.

Nifty Outlook Today

"Technically, the index is hovering near its final make-or-break support around 23,800, and a decisive breach below this level could accelerate downside momentum toward 23,500. The index remains below its 10-DEMA, reinforcing the short-term bearish trend, while the RSI continues to trade below 40, highlighting weak momentum despite the index approaching oversold territory. Meanwhile, India VIX stabilizing near 20 reflects cautious sentiment among market participants," commented Dhupesh Dhameja, Derivatives Research Analyst, SAMCO Securities.

"In the derivatives segment, the Put-Call Ratio (PCR) stands near 0.61, signalling a bearish undertone, with significant call open interest seen at the 24,300 strike, establishing a strong resistance zone, while put writers have added positions at the 23,500 strike, marking it as the next important support base. Overall, unless the index reclaims 24,300, any pullback is likely to be viewed as a sell-on-rise opportunity, particularly amid ongoing geopolitical uncertainty," he added.

Bank Nifty Outlook Today

"Technically, the index is hovering near a crucial make-or-break support zone around 55,800, and a decisive breach below this level could accelerate downside momentum toward 55,200. The index is also trading below its 200-DEMA, reinforcing the bearish undertone, while RSI remains below 40, signaling weak momentum despite the index approaching oversold territory," Dhupesh Dhameja added.

"In the derivatives segment, the Put-Call Ratio (PCR) stands near 0.76, reflecting cautious sentiment, with significant call open interest at the 56,000 strike establishing a strong resistance zone, while put writers have added positions at the 55,000 strike, marking it as the next key support base. Overall, unless the index reclaims 56,500, any pullback is likely to be viewed as a sell-on-rise opportunity, particularly amid ongoing geopolitical uncertainty," the analyst further claimed.

Stocks To Buy Today

Anand James, Chief Market Strategist, Geojit Investments Limited, has recommended 2 stocks to buy today with a holding period of 5 trading days.

Jammu and Kashmir Bank

• Entry range: 125-122
• Target: 128 - 133
• Stoploss: 119
• Range breakout

Karnataka Bank

• Entry range: 228 - 225
• Target: 234 - 240
• Stoploss: 219
• Range breakout

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