Raja Venkatraman, MarketSmith recommend four stocks for 24 March
On March 23, Sensex and Nifty 50 fell sharply due to global market trends and rising crude oil prices from the Middle East conflict. Analysts suggest a rebound today, with Gift Nifty indicating a gap-up opening. Recommended stocks include Power Grid and Tata Consumer Products.
Stocks to buy on 24 March: The equity benchmark indices Sensex and Nifty 50 experienced a steep decline on Monday, March 23, following a profoundly weak trend in global markets as the ongoing conflict in the Middle East showed no signs of abating.
Increasing crude oil prices linked to the war, which has now reached its fourth week, persistent foreign fund withdrawals, and a weakening rupee have contributed to investors' risk aversion.
The 30-share BSE Sensex fell by 1,836.57 points, or 2.46%, closing at 72,696.39. At one point during the day, it plunged by 1,974.52 points, or 2.64%, reaching a low of 72,558.44.
The Nifty 50 dropped 601.85 points, or 2.60%, to finish at 22,512.65.
Since the onset of the conflict on February 28, the BSE benchmark has decreased by 8,590.8 points, or 10.56%, while the Nifty 50 has fallen by 2,666 points, or 10.58%.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart is showing a flat to positive start for the Indian stock market today. By 7:37 AM, the Gift Nifty was trading around 22859.5 level, a premium of 345 points from the Nifty futures’ previous close of 22,514.90.
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 that Indian equities are poised for a strong gap-up opening, with early signals from Gift Nifty indicating a sharp rebound of over 500 points from the previous close. The positive momentum appears largely driven by a sudden shift in global sentiment following signs of potential de-escalation in the ongoing Middle East conflict.
Global markets reacted positively after Donald Trump indicated that the United States had engaged in discussions with Iran and announced a temporary halt on strikes targeting Iranian energy infrastructure. This development has raised expectations that the conflict—which had significantly elevated crude oil prices and triggered recessionary fears—may be approaching a phase of de-escalation.
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: Power Grid Corporation of India Ltd, Archean Chemical Industries Ltd, Tata Consumer Products Ltd, and HCL Technologies Ltd.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman
Best stocks to buy today (All Buy trades are rates of Equity & Sell rates are based on F&O)
Power Grid Corporation of India Ltd (Cmp 302.10)
Power Grid Corporation of India Ltd: Buy above ₹304, stop ₹293 target ₹331 (Multiday)
Why it’s recommended: Power Grid Corporation of India Limited (POWERGRID is one of the world's largest electric power transmission utilities. They operate maintain, and develops the country's national power grid, controlling over 85% of India's Inter-State Transmission System (ISTS). Pharma sector is now witnessing fresh demand as there is continued attention to all companies that have corrected sharply. In the current year the stock has seen a steady upside despite the market sentiment and the steady support offered by the KS line has ensured that the momentum is retained, we can consider that the trends are poised to move higher. Go long.
Key metrics:
P/E: 19.14,
52-week high: ₹321.75,
Volume: 23.77M
Technical analysis: Support at ₹288, resistance at ₹345.
Risk factors: Substantial financial leverage and dependency on government.
Buy : above ₹304.
Stop loss: ₹293.
Archean Chemical Industries Ltd (Cmp 612.15)
Archean Chemical Industries Ltd: Buy above ₹615, stop ₹590 target ₹670 (Multiday)
Why it’s recommended: Archean Chemical Industries Ltd, a leading specialty marine chemical manufacturer and exporter of bromine and industrial salt. Post some strong decline seen in second half of 2025, the stock has shown some resolve to move higher. The stock has gradually moved out of the cloud region to affirm some bullish scenario. With support from volumes seen emerging helping it discover some strong trends from support levels. As momentum is holding up once again consider going long.
Key metrics:
P/E: 40.95,
52-week high: ₹727.80,
Volume: 432.46K.
Technical analysis: Support at ₹560, resistance at ₹680.
Risk factors: Cyclicality and freight rates, geopolitical disruptions and regulatory compliance.
Buy : above ₹615
Stop loss: ₹590
Target price: ₹670 (2 Months)
Tata Consumer Products Ltd: Sell below 1,018, stop ₹1,080 target ₹990(Multiday)
Tata Consumer Products Ltd (Cmp 1,024.90)
Why it’s recommended: Tata Consumer Products Limited (TCPL) is a prominent Indian fast-moving consumer goods (FMCG) company following the merger of the consumer products business of Tata Chemicals with Tata Global Beverages. With FMCG sector witnessing a wave of selling pressure , the supply mounted on multiple counters this suppressing any buying interest to steadily push prices lower. With recent range breakdown , we can look for further downside as a strong thrust below consolidation is seen yesterday. With the ADX charging higher and the negative DI also inching higher we can look at a potential decline in store.
Key metrics:
P/E Ratio: 63.42
52-week low: ₹953.60
Volume:1.38M
Technical analysis: Support at ₹950, resistance at ₹1,100.
Risk factors: Raw material costs and supply chain disruption.
Sell : below ₹1,018.
Stop loss: ₹1,080.
Target price: ₹990.
Two stock recommendations by MarketSmith India
Buy: Power Grid Corporation of India Ltd(current price: ₹302)
Why it’s recommended: Strong government backing, monopoly in power transmission, stable regulated returns, consistent dividend payouts, low business risk model, strong balance sheet, growing power demand in India, expansion in transmission network, and high asset utilization, predictable cash flows
Key metrics: P/E: 17.63, 52-week high: ₹322.00 volume: ₹711.88 crore
Technical analysis: tight range breakout
Risk factors: Heavy regulatory dependence, limited growth upside, delayed project execution, interest rate sensitivity, policy changes impact returns, rising competition in bidding, high capex requirements, return caps by regulator, slow renewable integration pace, and PSU-related inefficiencies
Buy: ₹300–305
Target price: ₹335 in two to three months
Stop loss: ₹289
Buy: HCL Technologies Ltd (current price: ₹1,358)
Why it’s recommended: Strong global IT presence, diversified client base, robust deal pipeline, strong cash generation, consistent margins, growth in digital services, healthy order book, strong client retention, exposure to large enterprises, and regular dividend payouts
Key metrics: P/E:21.06, 52-week high: ₹1,780.10, volume: ₹698.68 crore
Technical analysis: Trendline breakout
Risk factors: High dependence on the U.S. market, currency fluctuation impact, pricing pressure in deals, attrition and wage inflation, slowdowns in IT spending, client concentration risks, margin pressure from hiring, technological disruption risk, competition from peers, and execution risks in large deals
Buy at: ₹1,345–1,370
Target price: ₹1,520 in two to three months
Stop loss: ₹1,290
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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