Aniket Pujari
On the daily chart, the stock is showing bullish momentum. The RSI is above 60, indicating strong buying pressure. The MACD line is above the signal line, confirming a positive trend. Additionally, the ADX is above 25, signaling strong trend strength.
SOLARINDS
Buy at ₹9,765 | Target ₹10,200-10,300 | Stop loss ₹9,560
Stock has created a good base at 8500 and is now back to the previous swing high of 9750 levels. We draw a trendline on the daily chart, and the stock is ready to give a falling wedge breakout (on the upper side).
Also, RSI is at 63, and MACD has given a bullish crossover.
SANDUMA
Buy at ₹485 | Target ₹525-540 | Stop loss ₹458
On the daily chart, RSI, CCI, and MFI are in the bullish zone. On the 15-minute time frame, the stock is forming a flag pattern and is ready for a breakout above 494. If the stock sustains above this level, we can expect the bullish momentum to continue.
Market update: Nifty and Nifty Bank analysis for 11 March 2025
The Indian stock market had a gap-down opening on Tuesday, 11 March but managed to recover some of its early losses as the session progressed. Despite the initial weakness, selective buying in key sectors helped limit the downside. However, the lack of a strong follow-through and profit-booking at higher levels kept the market under pressure, reflecting investor caution.
After a range-bound phase, the market managed to recover some early losses and ended on a positive note despite cautious sentiment and profit-booking. The Nifty 50 edged up 0.17% or 37.60 points to close at 22,497, while the Sensex slipped by 0.02%, losing 12.85 points to settle at 74,102.32. Selling in key sectors kept the indices under pressure, signaling bearish undertones and raising concerns about further downside risks.
Also read: IndusInd Bank’s investors scream trust is not meant to be broken
Nifty Bank declined by 0.75% or 362.85 points to close at 47,853.95 as selling pressure persisted in the sector owing to Indusind Bank’s troubles.
However, stability emerged in some banking stocks, hinting at a potential moderate recovery after recent volatility. The lack of strong buying interest, however, kept the index under pressure.
Stock market winners and losers
The realty sector emerged as the top gainer, rising by a solid 3.63% and providing some relief amid broader market weakness. The oil & gas sector also showed strength, advancing 1.21%, while the PSE sector edged up 0.90%.
Nifty Bank led the decline, slipping 0.75% owing to selling pressure in major financial stocks. The auto index fell 0.34%, while the FMCG index edged down 0.11%.
Also read: Trump’s tariff threat takes the sheen off Lupin’s product launches
The market saw selective buying, but upside momentum remained weak as bearish pressure persisted. Trent led the gains with a gain of 4.08%, followed by BPCL, which edged up 2.98%. Sun Pharma also managed a modest gain of 2.72%.
The market faced renewed selling pressure, with IndusInd Bank plunging 27.16% and triggering a sharp sell-off. Infosys tumbled 2.34%, while M&M slipped 2.11%, further intensifying bearish sentiment.
Indian stock market outlook
As discussed in an earlier report, 22,680 is an important level, and until the market crosses this, the bears will try to reclaim their territory.
In the short term, 22,300 may act as a support, but if the market breaks below this level it could touch 22,000.
From options data, the maximum OI for the weekly chart is at 22,200 on the put side and 23,000 on the call side, suggesting a big range. In the monthly data, 22,500 has the highest OI on the put side, suggesting possible support at this level.
Here are the key data points:
- For bulls, 22,700 is the key level—if the market crosses this, we may see it touch 23,000 soon.
- On the downside, immediate support is at 22,500 and 22,350.
Technical indicators
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Nifty daily chart analysis
RSI at 40: This indicates the index is in a weak momentum zone but not yet oversold. If RSI starts rising from 40, it could signal a potential rebound.
ADX at 28: ADX above 25 suggests a strong trend but does not indicate the direction. Since -DI > +DI, the overall trend is still bearish.
MACD line above signal line: This is a bullish signal, indicating positive momentum.
Nifty pulling back from 22,000: If the market remains above 22,700 in the coming days, the bulls will be charge.
Also read: Chhaava’s success fails to awaken animal spirits in PVR Inox stock
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
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