The stock market is buzzing with excitement as the Nifty-50 index achieved one of its most significant weekly gains in four years, surging by 4.3% for the week ending March 21, 2025. This impressive rally marks a notable shift after a prolonged period of consolidation. Meanwhile, the Bank Nifty soared over 5%, closing at 50,593.55. Sectors such as Realty, Healthcare, Capital Goods, and Power emerged as top performers, while the IT and FMCG sectors lagged behind. Additionally, both mid-cap and small-cap stocks saw gains ranging from 7% to 8% week-on-week.
Trade Setup for Monday
Looking ahead to Monday’s trading session, the 23130-23100 range is anticipated to act as a support zone in the event of a market pullback. On the upside, traders may eye the 23600 level, with a potential rally toward 23800 in the near term, according to analysts at SBI Securities. Key support levels for Bank Nifty are projected at 50,000 and 49,700, while the 200-day simple moving average (SMA) could present resistance at 51,000 and 51,300, as highlighted by Amol Athawale, VP of Technical Research at Kotak Securities.
Global Market Influences
With no major domestic economic events on the horizon, market participants will focus on the expiration of March derivatives contracts and watch for Foreign Institutional Investor (FII) activities. On the global stage, updates from the U.S. markets will be critical, particularly regarding tariffs and GDP growth data, which are expected to shape investor sentiment. Following a brief rebound from recent lows, mixed signals in U.S. markets hint at possible volatility ahead, as noted by Ajit Mishra, SVP of Research at Religare Broking Ltd.
Stocks to Watch Today
Sumeet Bagadia, Executive Director at Choice Broking, has identified two promising stock picks for traders today. Additionally, Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi, and Shiju Koothupalakkal, Senior Manager of Technical Research at Prabhudas Lilladher, have also provided their recommendations for stocks to consider.
Here are the suggested stocks:
- NTPC Ltd.
- GAIL India Ltd.
- Indian Energy Exchange Ltd (IEX)
- Jindal Saw Ltd.
- ITC Ltd.
- Lemon Tree Hotels Ltd.
- RITES Ltd.
Sumeet Bagadia’s Stock Suggestions
-
NTPC Ltd.
- Current Price: ₹351.30
- Target Price: ₹376
- Stop Loss: ₹339
- NTPC is displaying a bullish trend, recently bouncing off a key support level and forming a positive candlestick pattern, indicating renewed upward momentum.
- GAIL India Ltd.
- Current Price: ₹175.05
- Target Price: ₹188
- Stop Loss: ₹168
- GAIL has shown signs of reversing its trend, breaking out of a falling parallel channel, supported by increased trading volumes. Sustaining above ₹177 could lead to further gains.
Ganesh Dongre’s Picks
-
Indian Energy Exchange Ltd (IEX)
- Current Price: ₹172
- Target Price: ₹180
- Stop Loss: ₹164
- IEX is currently in the oversold zone, exhibiting a bullish reversal pattern, suggesting a potential price uptick.
-
Jindal Saw Ltd.
- Current Price: ₹275
- Target Price: ₹290
- Stop Loss: ₹265
- This stock is also showing bullish reversal characteristics, indicating a buying opportunity.
- ITC Ltd.
- Current Price: ₹405
- Target Price: ₹418
- Stop Loss: ₹395
- ITC is maintaining a support level, and the technical indicators suggest a possible upward move.
Shiju Koothupalakkal’s Recommendations
-
Lemon Tree Hotels Ltd.
- Current Price: ₹139
- Target Price: ₹150
- Stop Loss: ₹135
- The stock has shown momentum, surpassing critical moving averages, which signals further upside potential.
- RITES Ltd.
- Current Price: ₹239.50
- Target Price: ₹255
- Stop Loss: ₹233
- RITES has recovered from a strong support zone and is poised for an upward trend, as indicated by its technical indicators.
With the market poised for potential opportunities, traders and investors should stay alert for these strategic picks as they navigate the evolving landscape.
