Intraday Stock Recommendations for March 12, 2026
The Indian stock market is witnessing renewed selling pressure, particularly on March 11, 2026, due to high crude oil and gas prices. These price hikes are a result of the ongoing US-Iran conflict, which has caused a heightened risk-off sentiment among investors. Concerns about rising inflation linked to increasing energy costs are making investors cautious, resulting in a struggle for domestic equities to find stability.
After a brief rally of 1% in the previous session, the Nifty 50 index saw a significant decline, falling by 1.63% to close at 23,866. Similarly, the BSE Sensex dropped sharply by 1.72% to 76,863. Broader market indices also faced heavy losses, with the Nifty Midcap 100 and Nifty Smallcap 100 falling by 1.25% and 0.36%, respectively.
All major sectors were affected, with the auto sector being hit the hardest; the Nifty Auto index crashed by 3.15%, while the Nifty Private Bank dropped by 2.41%. Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, noted that the Nifty 50 has experienced significant fluctuations in recent sessions, with heavy profit booking leading to a bearish candle formation on the daily chart.
Parekh indicated that the recent low near the 23,700 level is a crucial support level to watch. If this level fails to hold, the market sentiment could turn very bearish. Regarding the banking index, she mentioned that the Bank Nifty also faced heavy profit booking, ending near the 55,700 zone, with a nervous sentiment prevailing due to ongoing geopolitical tensions in the Middle East.
Parekh further advised that the Bank Nifty needs to sustain its previous major low near the 53,600 zone to maintain its overall trend. A decisive move above the 200-period moving average at 57,500 could improve market bias. For March 12, she suggests that support for the Nifty 50 is seen at the 23,700 level, with resistance at 24,100. The Nifty Bank is expected to trade within a range of 55,000 to 56,500 levels.
For intraday trading, Vaishali Parekh recommends three stocks: sell PNB Housing Finance at ₹784 with a target of ₹750 and a stop loss at ₹800; sell Adani Green Energy at ₹855 with a target of ₹830 and a stop loss at ₹870; and buy Oil India at ₹480 with a target of ₹500 and a stop loss at ₹470. Always consult certified experts before making investment decisions.
