Markets
Stocks to buy today: Ankush Bajaj recommends three stocks for 26 March
Summary
- Stocks to buy today: Here are three stock recommendations from market expert Ankush Bajaj for 26 March.
Market update: Nifty and Nifty Bank on 25 March
The Indian stock market has a gap-up opening on Tuesday, 25 March, setting the stage for an early uptrend. However, the market was unable to sustain higher levels, leading to a mild correction as traders reassessed their positions. The coming days are expected to provide further clarity on the market’s next directional move.
Benchmark indices: Sensex edged up by 32.81 points (0.04%) to close at 78,017.19, showing resilience in the face of resistance. Nifty 50 recorded a modest gain of 10.30 points (0.04%), closing at 23,668.65. Meanwhile, Nifty Bank fell by 97 points (0.19%) to settle at 51,607.95, reflecting some weakness in financial stocks.
Sectoral trends: The market saw mixed trends, with some sectors gaining and others facing selling pressure. The service sector led with a modest 0.24% increase, followed by the finance sector, which edged up 0.11%. On the other hand, the PSU Bank Index fell by 1.73%, the realty sector declined 1.46%, and the metal sector dipped 1.40%. Investors navigated these shifts cautiously, awaiting clearer signals for future market direction.
Also read: BHEL rides thermal power revival—can it keep up with demand?
Stock-specific highlights: Several heavyweight stocks saw strong buying interest, contributing to market stability. Ultratech Cement gained 3.35%, emerging as the top performer. Bajaj Finserv advanced 2.69%, reinforcing strength in financial services, while Trent rose 2.58%, highlighting optimism in the retail sector.
A few stocks experienced declines, though their impact on overall sentiment was limited. IndusInd Bank slipped 4.84%, Dr. Reddy’s Laboratories declined 2.68%, and Adani Enterprises fell 2.04%.
Market outlook: While the market faced resistance at higher levels, overall sentiment remains neutral to cautiously optimistic. The absence of a significant breakdown suggests traders are looking closely for directional cues. The next few sessions will be crucial in determining whether the market continues its upward trajectory or consolidates further before making its next move.
Indian stock market outlook
Nifty’s maximum open interest (OI) is at 24,000 (call side), with the market currently at 23,668. The maximum OI on the put side is at 23,500, indicating strong support around that level.
Also read: DLF sees room for growth, but is it too early to be optimistic?
On the daily chart, we have reached the 23,800 level — our discussed target for the past week — and this could lead to some consolidation or a pause around current levels. However, we may see a second rally if the 20DMA (22,926) crosses the 40DMA (22,985).
Technical indicators: Nifty on the hourly chart
On the hourly chart, the relative strength index (RSI) is downward-sloping, suggesting the possibility of a correction. The moving average convergence divergence (MACD) has also generated a sell signal, as the MACD line has fallen below the MACD signal line.
Relative strength index (RSI): The 14-period RSI stands at 62, indicating overbought conditions.
Stochastic oscillator (STOCH): The STOCH (14,1,3) is at 59, also signaling overbought conditions.
Moving average convergence divergence (MACD): MACD negative crossover showing short signal.
Average directional index (ADX): The ADX (14) is at 68, supporting strong momentum.
Three stocks to buy today, recommended by market expert Ankush Bajaj
Asian Paints
Buy at ₹2,330 | Target ₹2,385-2,410 | Stop loss ₹2,290
The stock has created a good base at 2,100 and is now back to 2,330 levels. On the hourly chart, one can clearly see the accumulation from 2,200-2,360 levels.
Also RSI is at 62, the MACD signal line is positive and ADX is 38, clearly indicating bullish momentum will continue.
UltraTech Cement
Buy at ₹11,420 | Target ₹11,850 | Stop loss ₹11,200
The stock has rallied after breaking the 11,000 level. On the hourly chart we can see 11,480 is the point-of-control (POC) area, so if the stock remains at this level we could see a good rally. RSI is in the overbought zone, but other momentum indicators suggest this rally could continue.
Adani Green Energy
Buy at ₹923.40 | Target ₹960-980 | Stop loss ₹900
After the falling-wedge breakout, the stock rallied to 980 levels and has now dropped back to its demand zone between 920 and 900. A low-risk trade here with a stop loss below 900 could deliver a potential upside towards 950–960 levels.
Also read: FMCG stocks are usually a good defensive bet. Why are they underperforming now?
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.
