Stocks to buy on 17 March: Stock market indices Sensex and Nifty 50 surged by more than 1% on Monday, March 16 following significant losses over the past three trading days, fueled by value-driven purchases in major banking stocks.
The 30-share BSE Sensex increased by 938.93 points or 1.26% to close at 75,502.85. During the session, it reached a peak of 75,805.27 and a trough of 73,949.76. Nifty 50 rose by 257.70 points or 1.11% to finish at 23,408.80.
Analysts suggest that the markets began the week with volatility and gained over a percentage, breaking their recent downward trend, aided by opportunistic buying. The recovery primarily indicates that investors are seizing the opportunity to buy certain large-cap stocks following the significant drop.
What Gift Nifty live chart signals?
The Gift Nifty Live Chart is showing a positive start for the Indian stock market today. By 7:39 AM, the Gift Nifty was trading around 23,474.5 level, a premium of 45.3 points from the Nifty futures’ previous close of 23,429.20.
Decoding the impact of Gift Nifty live chart and other triggers on Dalal Street, Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth believes that Indian equities are expected to open on a positive note today, supported by firm global cues. Early indications from Gift Nifty, which opened around 23,525, signal a higher start for domestic markets after the recent corrective phase.
According to Hariprasad, global sentiment improved overnight as easing crude oil prices supported risk appetite. The Dow Jones Industrial Average closed nearly 400 points higher, snapping a three-week losing streak as crude oil retreated below the $95 per barrel mark.
“From a valuation standpoint, Indian equities appear relatively attractive after the recent correction. The Nifty 50 and BSE Sensex are currently trading at around 17.8 times one-year forward earnings, the lowest levels since April 2023 and below their long-term averages. While valuations have eased, rising crude prices and geopolitical risks continue to keep investors cautious,” added Hariprasad.
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: Jindal SAW Ltd, State Bank of India (SBI), Astral Ltd, Adani Power Ltd, and BSE Ltd.
Three stocks to trade, recommended by NeoTrader’s Raja Venkatraman
Jindal SAW Ltd: Buy above ₹199 | Stop ₹187 | Target ₹223 (multiday)
Jindal SAW (Cmp ₹196.67)
Why it’s recommended: Jindal SAW Ltd, established in 1984 as part of the O.P. Jindal Group, is a global leader in manufacturing and supplying iron and steel pipes (LSAW, HSAW, DI) and pellets. After beginning the year with some profit booking over the last few days, fresh buying has now emerged at lower levels. This sector is now witnessing fresh demand, as continued attention is being paid to all companies associated with the Pharma sector. In the current year the stock has seen a sharp upside 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.
Technical analysis: Support at ₹175, resistance at ₹225.
Risk factors: High debt levels, commodity price volatility, and declining profitability, with recent reports indicating a negative financial trend.
Target price: Rs 223. (two months)
State Bank of India: Buy above ₹1,070 | Stop ₹1,020 | Target ₹1,165 (multiday)
SBIN (Cmp ₹1,066.70)
Why it’s recommended: State Bank of India is India’s largest public-sector multinational bank, offering comprehensive financial services across retail, corporate, and international banking. After the sharp decline due to profit-taking, the stock is showing resolve to move higher after dipping into the strong support zone of the cloud region. Now, we need to plan, as the last few weeks have been a matter of survival, but the negative news flow is showing signs of easing. With PSU banking counters entering the buy mode once again, we can look for a rebound from the current lower levels. Go long now.
52-week high: ₹1,234.70
Technical analysis: Support at ₹1,150, resistance at ₹1,320.
Risk factors: High exposure to volatile sectors, regulatory changes, and economic sensitivity due to its high-beta nature.
Target price: ₹1,165 (two months)
Astral Ltd: Buy above ₹1,625 | Stop ₹1,510 | Target ₹1,785 (multiday)
Astral (Cmp ₹1,619.70)
Why it’s recommended: Astral Ltd, founded in 1996 and based in Ahmedabad, is a leading Indian manufacturer of building materials and a pioneer of CPVC piping in India. The company has diversified from pipes into adhesives, sealants, construction chemicals, paints, and bathware, operating multiple plants and a global distribution network. Despite a rally, higher levels have witnessed some steady selling pressure. At the current juncture, the prices have broken important supports once again. However, demand at lower levels is clearly inviting some buying opportunities, and further upside is very much possible. With the overall manufacturing sector showing promise across India, one should consider selling for a multiday play.
Key metrics:
P/E Ratio: 77.25
52-week high: ₹1,768.70
Technical analysis: Support at ₹1,550, resistance at ₹1,800.
Risk factors: High vulnerability to raw material (PVC/CPVC resin) price volatility, foreign exchange fluctuations, and intense competition in the plastic pipes industry.
Target price: ₹1,785. (Two months)
Two stock recommendations by MarketSmith India
Buy: Adani Power Ltd (current price: ₹154.5)
Why it’s recommended: Strong growth in power demand in India, large installed capacity and expansion plans, long-term Power Purchase Agreements (PPAs), improving debt reduction and cash flow, backward integration with coal supply, government focus on power infrastructure, and operational efficiency improvements
Key metrics: P/E: 25.02, 52-week high: ₹182.70, volume: ₹1,368.56 crore
Technical analysis: tight range breakout
Risk factors: High dependence on coal prices, regulatory and policy risks, high historical debt levels, environmental and ESG concerns, exposure to imported coal supply risks, power tariff, and PPA renegotiation risks
Target price: ₹178 in two to three months
Buy: BSE Ltd (current price: ₹2,860)
Why it’s recommended: Strong growth in derivatives segment, monopoly-like position in Sensex index products, rising options volumes on BSE, diversified revenue streams (exchange, data, licensing), asset-light, high-margin business model, increasing retail participation in markets, technology-driven platform scalability, regulatory support for market expansion, growth in India’s capital markets, strong brand and legacy exchange
Key metrics: P/E:54.25, 52-week high: ₹3,227.00, volume: ₹1,230.23 crore
Technical analysis: Reclaimed 21 DMA
Risk factors: Intense competition from NSE, dependence on derivatives volume growth, regulatory changes impacting exchanges, cyclical nature of market activity, high concentration of revenue from few segments, technology or system failure risks, pricing pressure on transaction fees, liquidity concentration shifting to competitors, market downturn reducing trading volumes, new exchange platforms increasing competition
Target price: ₹3,150 in two to three months
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.
