Analyst Recommendation: Axis Securities Suggests Buying ACME Solar, Shriram Finance and Hindalco

Market Update: March 20, 2026

Domestic Benchmark Indices Rise

The domestic benchmark indices, Nifty 50 and Sensex, began trading higher on Friday, March 20, following their largest decline in almost two years during the previous session. As of 9:46 IST, the Nifty 50 increased by 0.98% to reach 23,240.10, while the BSE Sensex rose 0.95% to 74,915.30. This rebound is attributed to the softening of oil prices, which eased to $107 per barrel, following a previous rise to $119.13 a barrel due to assaults on energy infrastructure in the Middle East.

Oil Prices and Global Markets

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The decline in oil prices provided some relief to global markets amid the ongoing conflict in the Middle East. Major European countries and Japan announced their willingness to collaborate on ensuring safe transit for vessels through the Strait of Hormuz, while the US laid out plans to increase oil supply.

Stock Market Analysis

• ACME Solar Holdings Ltd: The stock decisively broke out above the multiple resistance zone around 240, followed by a successful retest and strong rebound, signalling the onset of an uptrend. The expected upside is 290-310, and the downside support zone is 255-240 levels.
• Shriram Finance Ltd: The stock has formed a lower high–lower low structure since the end of February 2026, indicating a clear deterioration in trend. The expected downside is 900-870, and the resistance zone is 1000-1040 levels.
• Hindalco Industries Ltd: The stock has violated the past couple of months' up-sloping trendline support at 911 levels on a closing basis, along with huge volumes. This signals a short-term trend reversal to the downside. The expected downside is 870–850 and the upside resistance at 920–940 levels.

Investment Recommendations

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• ACME Solar Holdings Ltd: Investors should consider buying, holding, and accumulating this stock.
• Shriram Finance Ltd: Investors should consider selling this stock.
• Hindalco Industries Ltd: Traders should consider this an exit or selling opportunity.