Raja Venkatraman, MarketSmith India recommends five stocks for 16 March
On March 16, Indian markets faced selling pressure due to rising crude oil prices and geopolitical tensions. Sensex and Nifty 50 declined significantly, while analysts recommend stocks like ONGC, Reliance, and ATGL for potential gains amid cautious investor sentiment.
Stocks to buy on 16 March: The domestic benchmark indices, Sensex and Nifty 50, faced selling pressure for the third consecutive day on Friday as rising crude oil prices heightened concerns over inflation and global economic stability amid the escalating conflict in West Asia.
Significant selling in global markets, ongoing foreign fund exits, and a persistent weakness in the rupee also negatively impacted investor sentiment.
On Friday, March 13, Sensex closed at 74,563.92, down 1,470.50 points, or 1.93%. The Nifty 50 fell by 488.05 points, or 2.06%, finishing at 23,151.10.
Throughout the week, the BSE benchmark Sensex declined by 4,354.98 points, or 5.51%, while the Nifty 50 decreased by 1,299.35 points, or 5.31%.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart is showing a positive start for the Indian stock market today. By 7:26 AM, the Gift Nifty was trading around 23,338.5 level, a premium of nearly 140 points from the Nifty futures’ previous close of 23,199.30.
Decoding the impact of Gift Nifty live chart and other triggers on Dalal Street, Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth, said, “Indian markets are likely to begin the week on a mildly positive note, with GIFT Nifty trading around 23,351, indicating a steady opening for domestic equities.”
Further, Ponmudi R, CEO of Enrich Money, added that investor sentiment remains cautious with a near-term bearish bias, with market direction closely linked to crude oil price trends, geopolitical developments, currency movements, and institutional investor flows.
Stocks to buy today
Regarding stocks to buy today — Raja Venkatraman is Co-founder of NeoTrader and stock research platform MarketSmith India, recommended buying these five shares: Oil and Natural Gas Corporation Ltd (ONGC), Reliance Industries Ltd (RIL), Adani Total Gas Ltd (ATGL), Thermax Ltd, and JSW Energy Ltd.
Five stocks to trade, recommended by NeoTrader’s Raja Venkatraman
ONGC (Cmp 264.10)
ONGC: Buy above ₹266, stop ₹250 target ₹299 (Multiday)
Why it’s recommended: Oil and Natural Gas Corporation Limited (ONGC) is India's largest government-owned oil and gas explorer, contributing over 70% of the country's domestic production. As a Maharatna PSU, it produces crude oil and natural gas, with significant offshore and onshore operations. Looking ahead, the structural story for quality oil and gas counters is shaped by both risk and opportunity. On the risk side, recurring West Asia tensions, potential supply disruptions, and the energy transition all create uncertainty around volumes, margins, and capital‑allocation decisions.
On the opportunity side, India’s growing energy demand, ongoing investments in refining and gas infrastructure, and policy support for cleaner fuels give well‑run energy companies a long runway. With the rise in crude oil prices, we can expect some upside in the coming days. The last 12 months was spent in consolidation and the recent charge above value resistance zone around 250 has triggered some upside recently. With the positive tailwind from the recent development, we can note that the strong closing above the trendline could generate a bullish momentum. With majority of top brokerages too giving it an upgrade we could see some action after 2025 was marked by a year of stability in 2025 a significant production rampup is possible.
Key metrics:
P/E Ratio: 232.39
52-week high: ₹1965
Volume: 5.09M
Technical analysis: Support at ₹220, resistance at ₹310.
Risk factors: High capital intensity with long gestation periods for exploration, geopolitical instability affecting overseas ventures.
Buy : above ₹266.
Stop loss: ₹250.
Target price: ₹299. (3 Months)
Reliance (Cmp 1380.70)
RIL: Buy above ₹1,385, stop ₹1,290 target ₹1,550 (Multiday)
Why it’s recommended: Reliance Industries Limited (RIL) is a diversified energy‑to‑consumer conglomerate that, unlike a pure E&P player, tends to experience a mix of risk and opportunity during Gulf‑driven oil shocks because higher crude hurts feedstock costs but often boosts refining and petrochemical margins, while its telecom and retail engines cushion volatility. Reliance operates one of the world’s most complex refining and petrochemical hubs at Jamnagar, an integrated Oil‑to‑Chemicals (O2C) business, an upstream oil & gas segment, and large consumer franchises in Jio (digital) and Reliance Retail. Recent quarters show an 11% YoY rise in consolidated revenues in Q3 FY26, with flat profit, as strong O2C and consumer businesses offset pressure in the upstream oil & gas segment.
The revival has been slow and will look to unfold as the RBI infuses liquidity into the system through facilitating increased funding through banks. At the moment prices are demonstrating some slow and steady rise where recent dips are witnessing a sharp revival. The price candle seen in February 2026 is seen holding the lows for the last two months hinting at some revival in store. While volatility remains limited (label 2) there are signs that a recovery is due that we can consider for a push to higher levels. Go long now.
Key metrics:
P/E: 39.47,
52-week high: ₹1,611.20,
Volume: 204.49M.
Technical analysis: Support at ₹1,225, resistance at ₹1,800.
Risk factors: High debt from capital-intensive projects, volatility in oil-to-chemicals (O2C) margins, intense competition in telecom/retail, and geopolitical threats affecting energy prices.
Buy : above ₹1,385
Stop loss: ₹1,290
Target price: ₹1,550 (3 Months)
ATGL (Cmp 565.90)
ATGL: Buy above ₹570, stop ₹530 target ₹650 (Multiday)
Why it’s recommended: The Adani Total Gas Ltd (ATGL) share price experienced a severe crash starting in late January 2023, losing roughly 80% to 85% of its value from its peak following a damning report from US-based short-seller Hindenburg Research. The revival has been slow and will look to unfold as shares of city gas distribution and LNG companies rallied, with several gas-linked stocks gaining sharply after the government moved to stabilise supplies amid disruptions linked to the West Asia conflict. This newsflow is inducing some bullish bias and this could generate some positive vibes in the counter in the coming days.
As concerns remains on how to address the situation, authorities have also directed refiners to maximise LPG production and divert additional output toward household consumption. Looking at the newsflow the trends could firm up under the current scenario thus looking to push the prices upward. At the moment prices are demonstrating some slow and steady rise where recent dips are witnessing a sharp revival. The price candle seen in March 2026 is seen holding the lows for the last two months hinting at some revival in store. While volatility remains, once a recovery situation begins, we can consider for a push to higher levels . Go long now.
Key metrics:
P/E: 84.34,
52-week high: ₹798,
Volume: 102.77M.
Technical analysis: Support at ₹470, resistance at ₹900.
Risk factors: Dependent on imported liquefied natural gas (LNG), regulatory changes in India's City Gas Distribution (CGD) sector, and volatility in global energy prices.
Buy : above ₹570
Stop loss: ₹1,450
Target price: ₹1,637 (3 Months)
Two stock recommendations for today by MarketSmith India
Buy: Thermax Limited (current price: ₹3,221)
- Why it’s recommended: Strong order book visibility, leadership in energy & environment solutions, diversified industrial customer base, growing export presence, focus on clean energy & sustainability, and expansion in green hydrogen & renewables
- Key metrics: P/E: 58.95, 52-week high: ₹4,091.80, volume: ₹75.52 crore
- Technical analysis: tight range breakout
- Risk factors: Cyclical industrial capex dependency, order inflow volatility, margin pressure from raw material costs, execution delays in large projects, high working capital requirements, intense competition in the EPC space, and regulatory & environmental compliance risks
- Buy: ₹3,200–3,250
- Target price: ₹3,500 in two to three months
- Stop loss: ₹3,080
Buy: JSW Energy Limited (current price: ₹512)
- Why it’s recommended: Strong generation capacity mix, increasing renewable portfolio, long-term PPAs visibility, healthy balance sheet metrics, strong cash flow from operations, strategic expansion plans, and cost-competitive power tariffs.
- Key metrics: P/E:34.11, 52-week high: ₹579.00, volume: ₹254.19 crore
- Technical analysis: Tight range breakout
- Risk factors: Regulatory/policy uncertainties, fuel supply & linkage risks, power sector tariff pressures, seasonal demand fluctuations, high capex for new projects, merchant power price volatility.
- Buy at: ₹505-516
- Target price: ₹580 in two to three months
- Stop loss: ₹480
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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