Outlook of Nifty and Stock Picks for Mint Live: March 05

Technical Observation: Nifty

Nifty seems to have shifted into a relief rally on Thursday after a violent decline in the last few sessions. Nifty held above the crucial support of around 24300 levels (previous swing lows and the opening upside gap area of 12th May 2025). However, the rising geo-political tension and rising International crude prices could dampen the sentiments of Indian markets.

The underlying trend of Nifty remains weak, but a sustainable move above the immediate resistance of 24600 could confirm bottom reversal in the market and that could probably open more upside in the short term. If Nifty not able to sustain the bounce, then one may expect it to come down to retest 24300-24200 levels in the near term.

Stock Picks

Buy COALINDIA @ 451.80, Target 475, Stoploss 435, Timeframe 1 Week.

The stock price has witnessed a sharp breakout in the last few sessions amidst weak broader markets. Bullish chart pattern like higher tops and bottoms is intact on the daily chart. Volume rose during upside breakout in the stock price and daily RSI shows positive indication.

Buy NATIONALUM @ 396.95, Target 420, Stoploss 383, Timeframe 1 Week.

The last one month’s downward correction in this metal stock seems to have reversed up sharply in the last few sessions. We observe sharp breakout and faster upside retracement as per weekly timeframe chart. The bullish volume and RSI pattern signals more upside for the stock price ahead.