Buy or sell stocks: The Indian stock market benchmarks, the BSE Sensex and the Nifty 50, extended their gains for a third straight session on Wednesday, March 18, despite ongoing conflict in the Middle East, elevated crude oil prices, and weakness in the rupee.
The Sensex advanced 633 points, or 0.83%, to close at 76,704.13, while the Nifty 50 climbed 197 points, or 0.83%, to settle at 23,777.80.
Stock market today
Nifty 50
On Wednesday, the Nifty 50 opened on a positive note at 23,632.90. The index witnessed buying pressure throughout the session. The index registered a low of 23,618.45 and a high of 23,862.25. It eventually settled at 23,777.80, gaining 196.65 points (+0.83%) compared to the previous close.
Speaking on the outlook of Nifty 50, Sumeet Bagadia, Executive Director at Choice Broking, said, “From a technical perspective, the 23600-23650z one is expected to act as a crucial support area for the index. On the upside, immediate resistance is placed around the 23900-23950 zone. The momentum indicator RSI is currently recovering from oversold territory and stands at 37.04. While early signs of recovery are visible, it remains below the midpoint (50); a sustained move higher is required to confirm strengthening momentum.”
Bank Nifty
Bank Nifty opened on a positive note at 54,927.05 and witnessed buying throughout the session. The index registered a low of 54,689.10 and a high of 55,554.15. The index eventually settled at 55,326.05, gaining 450.05 points or 0.82% for the day.
Speaking on the Bank Nifty outlook, Bagadia added, “From a technical perspective, the 55,000–55,100 zone is expected to act as immediate support, while 55,600–55,700 may act as a near-term resistance zone. The momentum indicator, RSI, is currently recovering from oversold territory and stands at 35.11; however, it remains below the midpoint of 50, indicating that momentum is yet to fully strengthen.”
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five shares to buy on Thursday, March 19: GE Vernova T&D India, Centum Electronics, Adani Energy Solutions, Bharat Forge, and Cummins India.
1] GE Vernova T&D India: Buy at ₹3808, Target ₹4050, Stop Loss ₹3650
GE Vernova T&D India share price is showing a strong continuation setup within an established uptrend. After a healthy pullback toward the 50 EMA, the stock has formed a bullish reversal candle, indicating demand emerging at lower levels. Price has reclaimed the 20 EMA and is sustaining above it, reflecting improving short-term momentum.
The alignment of 20,50,100,200 EMA highlights a structurally strong trend. Recent price action suggests a higher low formation near the 3,650 zone, which now acts as a key demand area. Volume pickup on the bounce further supports accumulation.
As long as price holds above the 20 EMA, the trend remains intact and favours a move toward the recent swing highs near 4,000+ levels and for the upside target of 4050 target zone.
2] Centum Electronics: Buy at ₹2835, Target ₹3044, Stop Loss ₹2683
Centum Electronics share price is showing a strong breakout setup after a prolonged consolidation phase. The stock has decisively moved above recent resistance zones with strong bullish candles, indicating a shift in momentum.
Price is trading above all key EMAs with the shorter-term averages turning upward, confirming strength. The breakout is supported by a noticeable surge in volume, suggesting institutional participation.
The zone around 2,683 now acts as immediate support, which also coincides with 20-day EMA levels, and as long as price sustains above this level, the breakout structure remains valid. The trend favours continuation toward the 3044 target levels.
3] Adani Energy Solutions: Buy at ₹1036, Target ₹1102, Stop Loss ₹1000
Adani Energy Solutions is forming a base after a sharp correction and is now attempting a breakout from a consolidation range. Price has reclaimed the 20 and 50 EMA, indicating improving short-term momentum.
The stock is also holding above the 100 EMA, which strengthens the bullish bias. The recent price action shows higher lows, suggesting accumulation. Resistance near the 1,040 zone is being tested, and a sustained move above it can trigger further upside.
Volume behaviour supports recovery, with spikes seen during upward moves. The structure favours a gradual trend continuation as long as the ₹1,000 level, which acts as a key psychological support and coincides with the 20-day EMA, continues to hold. Sustained strength above this zone reinforces the bullish bias and supports a move toward ₹1,102, which aligns with the 0.618 Fibonacci extension target zone.
4] Bharat Forge: Buy at ₹1804, Target ₹1935, Stop Loss ₹1760
Bharat Forge share price is showing a pullback-to-support buying opportunity within a strong uptrend. After a recent correction from highs, the stock has taken support near the 50 EMA and is attempting a bounce.
The broader structure remains bullish with higher highs and higher lows intact. Price has gradually reclaimed the 20 EMA, indicating signs of momentum recovery.
The zone around 1,760 acts as a strong demand area, and holding above this level keeps the bullish structure valid. A continuation move can retest previous highs for the target zone of 1935 levels.
5] Cummins India: Buy at ₹4717, Target ₹5000, Stop Loss ₹4565
Cummins India share price is witnessing a pullback within a broader uptrend and is now showing signs of resumption. Price has taken support near the 50 EMA and bounced back with bullish intent, reclaiming the 20 EMA.
The EMA structure remains positive, indicating trend strength. The recent correction appears controlled, with no major breakdown in structure. Higher lows are still intact, suggesting continuation bias.
RSI has cooled off from overbought levels and is stabilising, supporting a potential upward move. The 4565 zone acts as a strong support base, and as long as the price holds above this level, it can push the stock toward previous highs toward the 5000 target zone.
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.
