Best stock recommendations for today: MarketSmith India's top picks for 25 March

2. Brigade Enterprises Ltd: Current market price: ₹993.6 | Buy range: ₹980–100 | Profit goal: ₹1,135| Stop loss: ₹929 | Time frame: 2–3 months

Nifty 50: How the benchmark index performed on 24 March

India’s benchmark index, Nifty 50, extended its winning streak for the sixth consecutive session and reclaimed the 100-DMA. The index gapped up at 23,515, maintained a bullish trend throughout the session, and closed at 23,658. This price action resulted in the formation of another bullish candle on the daily chart, characterized by a higher-high and higher-low price structure, reflecting continued strength. On the sectoral front, all major indices ended in positive territory, while market breadth remained robust. The advance-decline ratio was at approximately 2:1, indicating broad-based participation.

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Technical indicators

From a technical standpoint, the index managed to close above its 100-DMA and pared its 38.2% retracement level of the entire fall, which happened from the highs of September 2024 high to the recent March 2025 low. The 14-day Relative Strength Index (RSI) is trending upward and currently positioned at 71. The Moving Average Convergence Divergence (MACD) has exhibited a positive crossover but continues to trend below the central line.

Following O’Neil methodology for market direction, MarketSmith India had upgraded the market status to a ‘Confirmed Uptrend’ from a ‘Rally Attempt’ after witnessing a follow-through day. On 18 March, the Nifty advanced approximately 1.5% on higher volume compared with the 17 March session, signaling renewed market strength. Similarly, the Sensex rose around 1.53% on volume higher than in the 17 March session. However, if the distribution day count increases or the Nifty breaches its key support levels, we may shift the market status to an ‘Uptrend Under Pressure’ to reflect heightened risk.

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Key levels

The index has reclaimed the 100-DMA and closed above it, indicating a bullish sentiment. Considering the previous price structure, immediate resistance is around the 23,750–23,800 range. Hence, from now onward, a sustained breakout and consolidation above 23,800 may drive the index toward 24,200 in the coming days. However, a failure to surpass and hold above 23,800 may result in choppy movement within the 23,800–23,400 range.

Nifty Bank performance on 24 March

The Nifty Bank gapped up and sustained its positive momentum throughout the session, closing in the green. The index formed a bullish candle on the daily chart, characterized by a higher-high and higher-low price structure and reclaimed its 200-DMA, indicating a positive bias. It opened at 49,982.70, traded within a range of 50,795.90–51,801.15, and eventually settled at 51,704.95. Today, the index marked the eighth consecutive day of gains, reflecting strong investor participation and sustained buying interest.

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The RSI has surged sharply from lower levels and currently stands at 75, indicating strong bullish momentum, although nearing overbought territory. The MACD also confirms this positive momentum with a bullish crossover and widening histogram, suggesting that the uptrend may continue in the near term, provided market conditions remain supportive.

According to O’Neil methodology for assessing market direction, the market status was shifted from a Downtrend to a Rally Attempt on 17 March. From here, we would prefer to see a follow-through day before shifting the market to a Confirmed Uptrend.

From a moving averages perspective, the Nifty Bank reclaimed its 200-DMA on Monday, and is now trending above its all key moving averages, indicating a structurally bullish trend. The ongoing trend in this major sectoral index may lead it towards 52,300-53,500 levels in the coming few days. However, on the slip side immediate support is placed around its 200-DMA, i.e. around 50,900 level.

About MarketSmith India:

Trade name: William O'Neil India Pvt. Ltd.

Sebi Registered Research Analyst Registration No.: INH000015543

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.