On March 19, Indian stocks maintained their upward momentum for the third consecutive day, driven by robust performances in the financial sector and significant purchases in previously lagging industries. The Nifty 50 index closed with a gain of 0.32%, reaching a notable three-week high of 22,907 points, while the Sensex increased by 0.22%, finishing at 75,468 points. This positive trend highlights the growing confidence among investors in the Indian equity market.
Positive Outlook for Indian Stocks
According to Sumeet Bagadia, the Executive Director at Choice Broking, the market sentiment remains optimistic, although he notes that the Nifty 50 faces resistance between 22,900 and 22,950 points. Bagadia emphasized the importance of a breakthrough, stating, “For the index to sustain an upward trend, it must close above 23,000 points. Achieving this would pave the way for a potential target of 23,700.”
Strategic Stock Picks
Investors are encouraged to adopt a stock-specific strategy, focusing on companies showing strength in their technical charts. With several stocks recently marking fresh breakouts, Bagadia has identified seven promising stocks for intraday trading that investors should consider:
- Chambal Fertilisers and Chemicals
- Eris Lifesciences
- General Insurance Corporation of India
- Aadhar Housing Finance
- Godrej Industries
Recommended Stocks to Buy
Here’s a quick look at the recommended stocks along with their buying points, targets, and stop losses:
-
Chambal Fertilisers and Chemicals
- Buy at ₹586.95
- Target: ₹625
- Stop Loss: ₹565
-
Eris Lifesciences
- Buy at ₹1340.7
- Target: ₹1420
- Stop Loss: ₹1290
-
General Insurance Corporation of India
- Buy at ₹418.45
- Target: ₹444
- Stop Loss: ₹403
-
Aadhar Housing Finance
- Buy at ₹443.2
- Target: ₹470
- Stop Loss: ₹427
- Godrej Industries
- Buy at ₹1167.5
- Target: ₹1250
- Stop Loss: ₹1130
Conclusion
As the Indian stock market continues its bullish trend, focusing on breakout stocks can be a lucrative strategy for investors. With the right picks and a careful approach, traders can capitalize on the current market dynamics. For ongoing stock market insights and updates, keep an eye on leading financial news platforms and expert analyses.
