Intraday Stocks To Buy Today, March 20: Top Picks By Anand James of Geojit Investments On Friday

After three sessions of declines, the Nifty resumed its downward trajectory, falling 775 points (3.26%) to close at 23002 yesterday. During the opening session on Friday, March 20, the Sensex surged over 800 points and the Nifty topped 23,250. As investors weighed a hawkish Federal Reserve against persistent tensions in the Gulf, markets continued to be under pressure.

Nifty Outlook Today

"On the daily chart, Nifty has formed a large bearish candle with an unfilled gap, reflecting a sharp rejection from higher levels. The index faced resistance near the falling trendline placed around the 23,300 zone and reversed from there. The index has once again slipped back toward the recent swing low area, highlighting continued weakness in the broader setup. The index continues to trade below its key moving averages and remains positioned in the lower half of the Bollinger Band," commented Om Mehra, Technical Research Analyst, SAMCO Securities.

"The RSI has turned lower and is now placed near 29, indicating that momentum remains weak. This suggests that while intermittent bounces may occur, sustained recovery may remain limited unless strength builds meaningfully. Unless Nifty reclaims 23,800 on a closing basis, weakness may persist and could lead to a retest of the 22,800-22,700 zone. Overall, the index remains in a corrective phase, with short-term rallies likely to face resistance at higher levels," he added.

Bank Nifty Outlook Today

"Both Nifty Private Bank and Nifty PSU Bank indices ended lower, indicating widespread pressure across the sector. The index has formed a gravestone doji, reflecting a sharp rejection from higher levels. The broader setup remains weak, with Nifty Bank trading below its key moving averages. The RSI has turned lower and is now placed near 29, reflecting weakening momentum and a move toward oversold territory," said Om Mehra.

"On the hourly chart, the index failed to hold the higher low formation and broke below the previous support placed near 53,258. The 54,000-54,200 zone is expected to act as a near-term hurdle, and failure to reclaim this range on a closing basis could keep the index under pressure. Downside levels are seen around 53,000-52,600. The ongoing phase continues to reflect a corrective trend, where recoveries may be short-lived," the analyst further added.

Stocks To Buy Today

Anand James, Chief Market Strategist at Geojit Investments Limited, recommended buying two stocks today with a five-day holding period after India VIX has surged above 22, signaling heightened volatility and risk aversion.

Apollo Tyres

• Target: 429 - 440
• Stoploss: 407
• Weekly reversal candle

India Cements

• Target: 364 - 372
• Stoploss: 348
• Weekly inverted hammer

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