Market recap for 13 February: Nifty and Bank Nifty analysis
The Indian stock market witnessed a flat closing on Thursday, as initial bullish attempts failed to sustain, giving way to bearish dominance in the latter half of the session. Both the Nifty 50 and the Bank Nifty faced considerable losses, reflecting weak market sentiment.
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The Nifty 50 closed at 23,031, down by 13.85 points (-0.06%), while the Bank Nifty slipped 119.60 points (-0.25%) to settle at 49,359.85.
IT (-1.0%), PSU Bank (-0.90%), and FMCG (-0.79%) sectors closed in the red, while Pharma (+1.35%), Metal (+0.82%), and Realty (+0.81%) ended in the green.
TOP performers in the Nifty 50 were Bajaj Finserv (3.39%), Sun Pharma (3.10%), and Tata Steel (3.00%). On the other hand, Adani Enterprises (-4.62%), Adani Ports (-1.54%), and Hero MotoCorp (-1.47%) were the top losers.
Indian stock market outlook
On daily, 4-hour, and hourly charts, the Nifty 50 is trading below key EMAs, signalling continued weakness. This suggests that short-term trend pressure remains bearish. As discussed earlier, until the Nifty 50 sustains below 23,300, every pullback is likely to face selling pressure. A decisive breakout above this level is needed to regain strength, or further downside may continue. Traders should watch for volume confirmation on any moves.
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Three stocks to buy, recommended by Ankush Bajaj:
Bharti Airtel Ltd:Buy at ₹1,714.60 | Target ₹1,750-1,780 | Stop loss ₹1,686
The stock closing above ₹1,686 (recent swing high) confirms a breakout, turning resistance into support. RSI indicates strong momentum, suggesting continued buying pressure. With volume confirmation, a healthy pullback or further uptrend is likely in the coming days.
JK Cement Ltd:Buy at ₹4,795 | Target ₹4,910-4,930 | Stop loss ₹4,760
Yesterday, after an initial sell-off, the stock rebounded with strong volume. Taking a trade with a small stop loss as RSI divergence is visible on the hourly chart. The setup indicates potential upside if momentum sustains. Watching key resistance levels for confirmation.
Cholamandalam Investment and Fin Co. Ltd:Buy at ₹1,390 | Target ₹1,430-1,450 | Stop loss ₹1,360
On the 30-minute timeframe, the stock has shown strong momentum, indicating bullish strength. RSI is confirming buying pressure, while ADX suggests a trending market with sustained strength. If the stock holds key support levels, the uptrend may continue, but traders should watch for volume confirmation.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
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