Markets
The bulls of a bear market: Ankush Bajaj's top three stock recommendations for 24 March
Summary
- Stocks to buy today: Here are three stock recommendations from market expert Ankush Bajaj for 24 March
Three stocks to buy, as recommended by Ankush Bajaj:
SBI: Buy at ₹753 | Target ₹778-785 | Stop loss ₹ 744
SBI is showing strong bullish signs on the hourly chart. The MACD indicator is positive, which tells us that the stock has good upward momentum. The ADX is at 41, meaning the current trend is strong and likely to continue.
The stock has also given a reversal head and shoulder breakout, which is a powerful sign that the price can move higher from here. In addition, SBIN is trading above its key moving averages, confirming that buyers are in control.
However, some indicators are in the overbought zone, so traders should stay cautious and always use a stoploss
SAIL : Buy at ₹115.30 | Target ₹124-128 Stop loss ₹110
Steel Authority of India Ltd. (SAIL) has given a rectangle breakout on the hourly chart, signaling consolidation followed by a sharp move. Additionally, a triangle breakout at the ₹113.5 level confirms strong bullish momentum. On the 4-hour timeframe, the MACD (12,26) at +1.55 reflects increasing buying strength. The ADX (14) at 44.917 indicates a strong trending market, supporting further upside potential.
Ambuja Cements: Buy at ₹514.5 | Target ₹535-54 Stop loss ₹502.50
Ambuja Cements has formed a reverse head and shoulder pattern on the hourly chart, indicating a bullish reversal setup. The breakout from this pattern signals the potential for strong upward movement. Supporting this, the ADX is at 40, showing a strong trend is in play. Additionally, the MACD at 4 reflects sustained bullish momentum, suggesting further upside continuation.
Also Read: Here are three small-cap gems that you cannot miss
Nifty and Nifty Bank analysis
The Indian stock market continued its upward trajectory on Friday, 21 March, with strong buying across sectors and no signs of selling pressure. Both benchmark indices ended higher, maintaining their positive momentum for yet another session. The BSE Sensex soared 899.01 points (up 1.19%) to close at 76,348.06, while the NSE Nifty 50 climbed 159.75 points (up 0.69%) to settle at 23,350.40.
The session saw consistent strength, with investors showing confidence in the ongoing rally. The market opened higher and sustained gains throughout the day, with no major pullbacks, reflecting strong institutional participation and robust sentiment.
The rally was well-supported by multiple sectors, showcasing broad-based buying interest. The PSE index led the pack with an impressive 1.90% gain, closely followed by the Oil & Gas sector, which surged 1.84%, and the Energy index, which advanced 1.44%.
Notably, only the Metal sector ended slightly lower, slipping 0.55%, but this minor decline did not dampen overall market enthusiasm. The lack of major sectoral weakness indicates that bullish sentiment is firmly intact, with investors continuing to rotate capital into high-performing industries.
Also Read: Street has a spring in the step, but no bottom yet
Stock-specific action: Strong buying in key stocks
Investors showed strong interest in select stocks, driving notable gains in multiple counters. SBI Life Insurance emerged as the top performer, rallying 3.21%, while ONGC gained 2.90%, and NTPC added 2.79%. These gains reflect renewed confidence in the energy and insurance sectors, as investors positioned themselves for further upside.
On the downside, only a handful of stocks witnessed mild weakness. Hindalco declined 1.50%, Infosys slipped 1.42%, and Wipro edged lower by 1.38%. However, these declines were marginal and failed to impact overall market sentiment, which remained firmly positive.
Indian stock market outlook
The Nifty opened slightly lower on Friday but quickly turned positive and ended the day with a gain of around 160 points. On the daily chart, this is the fifth day in a row that Nifty has closed higher. It is now moving toward the 23489 level, which matches the 161.82% Fibonacci extension of the previous move. Traders are advised to stay in their positions and keep a trailing stoploss at 23,100.
As for the Bank Nifty, it has reached our earlier target of 50,600. Now, we are increasing the target to 51,100, which is the 50% Fibonacci retracement of the drop from 54,467 to 48,600.
On the daily chart, Nifty is trading above its 20-day moving average (22,586) and 40-day moving average (22,97), showing strength. The momentum indicator has given a positive signal on the daily chart.
Technical Indicators: Nifty on hourly chart
On the hourly chart, Nifty is also trading above its 20-hour moving average (23,129) and 40-hour moving average (22,863). However, the momentum indicator has given a negative signal on the hourly chart, indicating some caution in the short term.
Overall, the market sentiment was positive, with 2,118 stocks rising and 804 falling on the National Stock Exchange.
Relative Strength Index (RSI): The 14-period RSI stands at 83, indicating overbought conditions.
Stochastic oscillator (STOCH): The STOCH (14,1,3) is at 88, also signaling overbought conditions.
Moving Average Convergence Divergence (MACD): The MACD (12,26) value is 170 , suggesting a buy signal.
Average directional index (ADX): The ADX (14) is at 5, supporting strong momentum.
Ankush Bajaj is a Sebi-registered research analyst. His registration number is INH000010441.
Investments in securities are subject to market risks. Read all the related documents carefully before investing.
Registration granted by Sebi and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
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.
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