Stock market today: The Indian stock market closed in the red on Friday, March 28, after the final trading session of the 2024-25 fiscal year, as investors remained cautious of the upcoming tariffs from US President Donald Trump.
The Nifty 50 index closed 0.31 per cent lower at 23,519.35 points after Friday’s market session, compared to 23,591.95 points at the previous market close.
The BSE Sensex index closed 0.25 per cent lower at 77,414.92 points compared to 77,606.43 points at the previous stock market close. The Indian markets remained closed on Monday, March 31, on the account of Eid-ul-Fitr.
Global Markets
Wall Street opened lower on Monday, March 31, where the S&P 500 and the Nasdaq Composite index hit their six-month-low levels as the fear of the upcoming tariffs from the Donald Trump administration loomed over US market investors.
At 9:30 a.m. (EDT), the Dow Jones Industrial Average lost 0.68 per cent, dropping to 41,293.25 points at the market open, compared to 41,583.90 points at the stock market close on Friday. The S&P 500 index dropped 1.01 per cent to 5,524.77 points, compared to 5,580.94 points at the previous market close.
The Nasdaq Composite also dropped 1.58 per cent to 17,039.68 points after Monday’s US markets open. President Donald Trump is set to announce a new set of tariffs for the world on April 2.
Stocks to buy today
Sumeet Bagadia, Executive Director at Choice Broking, has recommended two stock picks for today. Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, has suggested three stocks for Tuesday.
Shiju Koothupalakkal, Senior Manager and Technical Research Analyst of PL Capital at PrabhudasLilladher, also recommended three stocks for Tuesday.
These include Nava, HealthCare Global Enterprises, Container Corporation of India, Linde India, Tata Consumer Products, Taj Gvk Hotels & Resorts, GlaxoSmithKline Pharmaceuticals, and Tourism Finance Corporation of India.
Sumeet Bagadia stocks to buy today
1. Nava Ltd. (NAVA): Buy at ₹518.75; Target at ₹555; Stop Loss at ₹500.
NAVA is currently trading at ₹518.75 and is in a recovery phase following a sharp decline. The stock is attempting to establish an uptrend after rebounding from lower levels and forming a series of higher highs and higher lows, indicating renewed bullish momentum. Strong support has been observed around ₹500, reinforcing the potential for further upside.
Furthermore, NAVA is trading comfortably above its 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), strengthening the positive outlook. The Relative Strength Index (RSI) currently stands at 71.02 and continues to trend upward, reflecting increasing buying interest.
If the stock breaks above the key resistance level of ₹538, it could potentially advance toward the short-term target of ₹555. On the downside, immediate support is at ₹510, with a recommended stop-loss at ₹500 to manage risk effectively.
Given the favorable technical setup and current market conditions, NAVA presents a compelling buying opportunity. However, traders should adopt disciplined risk management strategies and await confirmation of the breakout before taking new positions.
2. HealthCare Global Enterprises Ltd. (HCG): Buy at 542.1; Target at ₹580; Stop Loss at ₹525.
HCG is currently trading at 542.1 and remains in an uptrend, having formed an ascending triangle pattern, which signals a potential breakout. The stock has been making higher lows, indicating strong buying interest at lower levels.
Additionally, HCG is trading above its 20-day, 50-day, and 100-day Exponential Moving Averages (EMAs), reinforcing a bullish outlook. The 200-day EMA, positioned at 458.57, serves as a long-term support level, further strengthening the overall uptrend. The proximity of shorter-term EMAs to the current price suggests ongoing demand and accumulation at higher levels. If the stock surpasses its immediate resistance, it could potentially reach a short-term target of 580.
On the downside, immediate support is located at 527. The Relative Strength Index (RSI) is currently at 6762.06 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 525 is suggested to guard against any unexpected market reversals.
In conclusion, based on the technical analysis and current market conditions, HCG presents a promising buying opportunity for those aiming for a 580 target, provided that appropriate risk management strategies are in place.
Ganesh Dongre stocks to buy today
3. Container Corporation of India Ltd. (CONCOR): Buy at ₹702; Target at ₹725; Stop Loss at ₹685.
In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around ₹725. At present, the stock is maintaining a crucial support level at ₹685. Given the current market price of ₹702, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹725.
4. Linde India Ltd. (LINDEINDIA): Buy at 6,180; Target at 6,350; Stop Loss at ₹6,080.
In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around ₹6,350. At present, the stock is maintaining a crucial support level at ₹6,080. Given the current market price of ₹6,180, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified target of ₹6,350.
5. Tata Consumer Products Ltd. (TATACONSUM): Buy at ₹975; Target at ₹1,000; Stop Loss at ₹955.
In the recent short-term trend analysis of the stock, a notable bullish reversal pattern has emerged. This technical pattern suggests the possibility of a temporary retracement in the stock’s price, potentially reaching around ₹1,000. At present, the stock is maintaining a crucial support level at ₹955. Given the current market price of ₹975, a buying opportunity is emerging. This suggests that investors might consider purchasing the stock at its current price, anticipating a rise towards the identified targetofRs 1,000.
Shiju Koothupalakkal stocks to buy today
6. Taj Gvk Hotels & Resorts Ltd. (TAJGVK): Buy at ₹477; Target at ₹505; Stop Loss at ₹467.
The stock after correcting from the peak zone of 528 level has once again halted the slide near the strong support zone of 465 zone and has indicated a positive pick up to improve the bias expecting for further rise in the coming sessions. A higher bottom formation pattern is visible on the daily chart and with the RSI also well positioned, has upside potential to anticipate for an upward move in the coming sessions. With the chart technically well positioned, we suggest to buy the stock for an upside target of 505 keeping the stop loss of 467.
7. GlaxoSmithKline Pharmaceuticals Ltd. (GLAXO): Buy at ₹2,880; Target at ₹3,120; Stop Loss at ₹2,810.
The stock has witnessed a significant rise in the last two months with series of higher bottom formation pattern on the daily chart and currently once again taking support near 2,775 level, it has indicated a pullback to anticipate for further rise with bias improving and strength indicated. The RSI is maintained strong with upside potential visible, there is scope for further upward movement in the coming sessions. With the chart technically looking good, we suggest to buy the stock for an upside target of 3,120 keeping the stop loss of 2,810 level.
8. Tourism Finance Corporation of India Ltd. (TFCILTD): Buy at ₹169.80; Target at ₹182; Stop Loss at ₹165.
The stock has witnessed a strong spurt recently and after a short consolidation, has once again indicated a positive candle moving past the important 200 period MA at 165 level to improve the bias further anticipating for further rise in the coming sessions. The RSI is maintained strong and can carry on with the positive move with upside potential visible from current rate. With the chart technically looking attractive, we suggest to buy the stock for target of 182 keeping the stop loss of 165 level.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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