Intraday Stocks To Buy Today, March 23: Top Picks By Anand James of Geojit Investments On Monday

As the GIFT Nifty futures for March delivery were trading at 22,850 at 7:30 AM, predicting a gap-down beginning for the Nifty today, the Indian benchmark indices began gap-down on March 23 due to negative global cues. While the Sensex was down 1,520.65 points, or 2.04 per cent, at 73,012.31, the Nifty started below 23,000. As gains from the first three sessions were wiped out in the second half of the week, the Nifty fell 0.16% on a weekly basis. Tensions in West Asia are still high due to continued war, putting markets on edge after the week began with a poor start for the stock market.

Nifty Outlook Today

"The widening of the lower bollinger band, following wild moves last week, forces us to bring 22000 back into the picture. The first leg of this down move would aim for 22560, before any consolidation emerges. Alternatively, reversal attempts will require a direct rise above 23179, to attract upside momentum," commented Anand James, Chief Market Strategist, Geojit Investments Limited.

Bank Nifty Outlook Today

"On the daily chart, the index is holding close to the lower band of its recent range, reflecting sustained pressure following the sharp fall seen earlier. The recovery lacks strength and remains positioned below key moving averages, keeping the broader direction tilted on the downside. The RSI is placed near 29, staying close to oversold levels," commented Om Mehra, Technical Research Analyst, SAMCO Securities.

"On the weekly timeframe, Nifty Bank declined 0.62% and formed a gravestone doji, indicating rejection from higher levels. This also marks the fourth consecutive weekly decline, highlighting the prevailing weakness in the broader trend. Going ahead, the 54,200-54,400 zone is likely to act as an immediate hurdle. A sustained move above this range will be required to stabilise the near-term outlook; otherwise, the index recovery may be short-lived," he further stated.

Stocks To Buy Today

As the conflict in West Asia entered its fourth week, Anand James, Chief Market Strategist at Geojit Investments Limited, advised purchasing two stocks today with a five-day holding period amid cautious global cues and ongoing selling pressure at higher levels.

Coal India

• Entry range: 468 - 461
• Target: 470 - 484
• Stoploss: 454
• Trendline break

Hindustan Zinc

• Entry range: 515 - 505
• Target: 522 - 535
• Stoploss: 496
• Inverted hammer

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