Kamal Ghorui
Stock market recommendations: Coal India, and JB Chemicals and Pharmaceuticals stocks that Sudeep Shah, Head – Technical Research and Derivatives, SBI Securities recommends buying for the week starting March 23, 2026. There is also a detailed analysis on Nifty and Bank Nifty:Nifty ViewMarkets tend to have very little tolerance for uncertainty, and the sharp escalation in tensions in West Asia since 28 February has kept risk appetite firmly subdued. Since the onset of the conflict, the Nifty has witnessed a steep correction of over 2000 points, reflecting sustained pressure from adverse global cues and a pronounced risk-off sentiment among investors.The price action during this phase has been particularly revealing. The index has seen three distinct dead-cat bounces, each of which was met with aggressive selling at higher levels—clearly highlighting the strong grip of bears on market direction. Every recovery attempt has been sold into, pointing to a clear lack of conviction among buyers. Although the Nifty managed to close the current week on a flat note, the underlying weakness remains intact, suggesting that the broader trend has not materially improved.Volatility remained elevated throughout the week. The index staged a sharp rebound of nearly 900 points during the first three trading sessions, driven largely by short covering. However, these gains proved unsustainable, as the market gave up all its advances on Thursday, recording the sharpest single-day decline since 4 June 2024. Eventually, Nifty ended the week on a muted note, extending its losing streak to four consecutive weeks, reinforcing the prevailing cautious undertone.On the sectoral front, the pain has been most pronounced in Automobile and Banking stocks, which were among the key outperformers prior to the escalation in geopolitical tensions. These sectors have borne the brunt of selling pressure, primarily due to persistent FII outflows. Foreign investors have offloaded a massive ₹81262 crore in the ongoing March series, and given their significant exposure to these sectors, FII selling has further amplified the downside momentum.Adding to the market’s woes has been the sharp surge in crude oil prices. Brent crude once again spiked to $114.3 per barrel during the week before witnessing some marginal cooling. At the same time, concerns around gas shortages and supply disruptions have intensified, with key energy commodities seeing steep price increases since the beginning of the conflict. Elevated energy prices continue to pose risks to inflation dynamics and corporate profitability, thereby acting as a structural headwind for equity markets.From a technical perspective, the trend remains decisively bearish. The index is currently trading below all its crucial moving averages, underscoring the weakness in both short- and medium-term structures. The formation of a bearish candlestick with a long upper shadow on the weekly chart further indicates consistent selling pressure at higher levels. Adding to the caution, the weekly RSI has slipped to 30.22, its lowest reading since the COVID-led market correction—signaling deeply oversold conditions, albeit without any clear reversal trigger at present.Looking ahead, the 22850–22800 zone is expected to act as an immediate support area. A sustained breakdown below this band could accelerate the decline towards the 22500 level in the near term. On the upside, the 23420–23460 zone is likely to act as a stiff resistance, and any pullback towards this region is expected to face renewed selling pressure.Bank Nifty ViewFor the fourth consecutive week, the banking benchmark index Bank Nifty ended on a negative note, underscoring sustained weakness and persistent selling pressure in the banking space. Most notably, on the weekly chart, the index has formed a small-bodied candle with a long upper shadow, which clearly reflects selling pressure emerging at higher levels and a failure to sustain intraday and weekly recoveries.Furthermore, for the second straight week, Bank Nifty has closed below its 100-week EMA, which is a crucial long-term trend indicator and reinforces the bearish undertone. On the daily timeframe, the index continues to remain under pressure, as it has been trading consistently below its 200-day EMA for the past ten trading sessions. This prolonged stay below the long-term moving average highlights a loss of medium-term trend strength and indicates that rallies are being sold into.Momentum indicators also remain firmly biased towards the downside. Both the daily and weekly RSI are placed in bearish territory and are sloping downward, suggesting weakening momentum and limited scope for any meaningful upside in the near term.Going forward, the zone of 54300–54400 is expected to act as a key resistance area for the index. As long as Bank Nifty trades below the 54400 mark, the broader outlook is likely to remain negative. In such a scenario, the index may continue its downward trajectory and test the immediate support near 52200, followed by the next important support around 51500 in the short term.
Stock recommendations:
Coal IndiaCoal India has staged a strong and steady rebound from the 455–460 zone, a level that previously acted as a key resistance in late January 2026 and is now turning into a solid support base. The up move is backed by a healthy surge in volumes, reflecting strong buying participation. Trend strength remains robust, with ADX continuing to rise, while RSI has reclaimed the 60 mark, signalling sustained bullish momentum. Additionally, the upward sloping MACD further reinforces the positive bias, indicating the stock is well-positioned for continued upside. Hence, we recommend to accumulate the stock in the zone of 465-470 with a stoploss of 453. On the upside, it is likely to test the level of 500 in the short term.JB Chemicals and PharmaceuticalsJB Chemicals and Pharmaceuticals has been consistently holding above its 20-day EMA since forming a bullish flag-and-pole pattern on 2nd March, with this level acting as a strong dynamic support. The price structure remains constructive, highlighting sustained buying interest on dips. With Friday’s close above the Bollinger Bands midline, the bullish bias has further strengthened.Notably, the rising ratio line in JBCHEPHARM/NIFTY ratio chart signals clear relative outperformance versus the benchmark Index. Overall, price action and indicators suggest the stock is well-positioned to extend its outperformance in the sessions ahead. Hence, we recommend to accumulate the stock in the zone of 2134-2144 with a stoploss of 2075. On the upside, it is likely to test the level of 2290 in the short term.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
