Buy or sell stocks: Indian indices – Sensex and the Nifty 50 – posted strong gains for the second straight session on Tuesday, March 17, driven by positive global cues.
The Sensex climbed 568 points, or 0.75%, to settle at 76,070.84, while the Nifty 50 advanced 172 points, or 0.74%, to close at 23,581.15. Over the past two sessions, the Sensex has surged more than 1,500 points, or 2%, and the Nifty 50 has risen by 430 points, or nearly 2%.
Stock market today
Nifty 50
On Tuesday, the Nifty 50 opened on a positive note at 23,493.20. The index remained volatile throughout the session, recording a low of 23,346.60 and a high of 23,656.80. It eventually settled at 23,581.15, gaining 172.35 points (+0.74%) compared to the previous close.
Speaking on the Nifty 50 outlook, Sumeet Bagadia, Executive Director at Choice Broking, said, “From a technical perspective, the 23,400–23,450 zone is expected to act as a crucial support area for the index. On the upside, immediate resistance is placed around the 23,700–23,750 zone. The momentum indicator RSI is currently recovering from oversold territory and stands at 33.18. While early signs of recovery are visible, it remains near the oversold zone; a sustained move higher is required to confirm strengthening momentum.”
Bagadia further recommended that traders remain cautious near key levels, considering ongoing geopolitical uncertainties. Fresh directional positions should be avoided until a decisive breakout is witnessed on either side, he said.
Bank Nifty
Bank Nifty opened on a positive note at 54,649.10 and remained volatile throughout the session, registering a low of 54,113.15 and a high of 54,996.00. The index eventually settled at 54,876.00, gaining 462.60 points or 0.85% for the day.
On the Bank Nifty outlook, Bagadia added, “From a technical perspective, the 54,500–54,600 zone is expected to act as immediate support, while 55,100–55,200 may act as a near-term resistance zone. The RSI is recovering from oversold territory and currently stands at 31.76; however, it remains below the midpoint of 50, indicating that momentum is yet to fully strengthen. Traders are advised to stay cautious near these key levels and wait for a decisive breakout on either side before initiating fresh directional positions.”
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Wednesday, March 18: Godawari Power and Ispat Limited, Great Eastern Shipping Company, Aster DM Healthcare, Power Finance Corporation, and Tata Power Company.
1] Godawari Power and Ispat Limited: Buy at ₹260, Target ₹278, Stop Loss ₹249
Godawari Power and Ispat Limited share price is showing a steady bullish continuation setup after a strong base formation. The price action on the daily chart indicates a gradual shift from consolidation to an uptrend, supported by higher highs and higher lows. The stock has recently reclaimed the 20 EMA and 50 EMA, both of which are turning upward, reflecting improving short-term momentum.
Additionally, price is trading above the 100 EMA and 200 EMA, confirming a strong underlying trend. Recent pullbacks have been shallow and supported by lower volumes, indicating accumulation at lower levels.
Structurally, the 249 zone acts as a strong demand base, and as long as price holds above this level, the bullish structure remains intact, favouring a move toward the 278 target zone.
2] Great Eastern Shipping Company: Buy at ₹1426, Target ₹1515, Stop Loss ₹1368
Great Eastern Shipping Company share price is witnessing a strong breakout-driven uptrend supported by momentum expansion. The stock has delivered a sharp rally after a prolonged consolidation phase, forming a clear higher high–higher low structure on the daily chart. The recent move is backed by strong bullish candles, indicating aggressive buying interest.
Price is comfortably trading above the 20 EMA and 50 EMA, with both averages sloping upward, while also maintaining strength above the 100 EMA and 200 EMA, confirming trend continuation.
Volumes have picked up during the breakout phase, highlighting participation. The 1368 zone now acts as a key support, and holding above this level keeps the momentum intact, with upside potential toward the 1515 target zone.
3] Aster DM Healthcare: Buy at ₹669.55, Target ₹715, Stop Loss ₹649
Aster DM Healthcare share price is showing a recovery setup after a corrective phase, indicating a trend reversal in progress. The stock has bounced sharply from lower levels and is now forming a series of higher highs and higher lows on the daily timeframe.
Price has reclaimed the 20 EMA and 50 EMA, with both averages turning upward, signalling strengthening short-term momentum. It is also trading above the 100 EMA and 200 EMA, reinforcing the broader bullish structure.
The recent upmove is supported by improving volumes, suggesting fresh buying interest. Structurally, the 649 zone acts as a crucial demand area, and as long as price sustains above this level, the recovery remains intact, with potential upside toward the 715 target zone.
4] Power Finance Corporation: Buy at ₹418, Target ₹444, Stop Loss ₹404
Power Finance Corporation share price is displaying a base formation breakout with improving price structure after a prolonged consolidation phase. The stock has reversed from lower levels and is now forming higher lows, indicating accumulation.
Price has moved above the 20 EMA and 50 EMA, and both averages are gradually turning upward, reflecting improving momentum. Additionally, it is reclaiming the 100 EMA, while the 200 EMA remains a key trend support, suggesting a medium-term recovery structure.
The recent move is supported by stable volumes, indicating steady buying interest. The 404 zone acts as a strong support base, and as long as price holds above this level, the structure favours continuation toward the 444 target zone.
5] Tata Power Company: Buy at ₹400, Target ₹425, Stop Loss ₹391
Tata Power Company share price is currently trading around 400.85 and has recently broken out from a rounding bottom pattern. The stock continues to sustain near its breakout levels, supported by a noticeable increase in trading volumes, indicating strong buying interest and validating the breakout. It is also trading above its key moving averages, including the 20, 50, 100, and 200 DEMA, reflecting strength in the overall trend.
The Relative Strength Index (RSI) is positioned above the midpoint level of 50, further indicating positive momentum. Based on the current technical setup, traders may consider accumulating the stock at current market price (CMP), with a stop loss placed at 391 to manage downside risk, for price target of 425.
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.
