Infosys, Aurobindo Pharma, Power Grid Corporation, Prime Focus, Larsen & Toubro Among Key Stocks to Watch on March 24

Market Update - March 23

Indian Equities

The Nifty 50 benchmark index fell 2.6% on March 23, driven by global market weakness. Market breadth was weak, with 2,827 shares declining against 213 advancing shares on the NSE.

Short-Term Trading Ideas

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Infosys

• CMP: Rs 1,256.8
• Strategy: Buy
• Target: Rs 1,320, Rs 1,350
• Stop-Loss: Rs 1,210
• Rationale: Despite the negative trend in the Nifty, Infosys has been resilient, indicating a potential short-covering rally.

Bharat Petroleum Corporation

• CMP: Rs 271.3
• Strategy: Buy
• Target: Rs 285, Rs 295
• Stop-Loss: Rs 264
• Rationale: Significant short positions and a decline in international crude oil prices indicate a high probability of short covering.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Aurobindo Pharma

• CMP: Rs 1,278.7
• Strategy: Buy
• Target: Rs 1,390
• Stop-Loss: Rs 1,235
• Rationale: A decisive breakout on the weekly scale and positive technical indicators suggest a potential resumption of upward momentum.

Larsen and Toubro

• CMP: Rs 3,342.4
• Strategy: Buy
• Target: Rs 3,600
• Stop-Loss: Rs 3,250
• Rationale: Positive divergence in the RSI and an oversold MACD suggest a possible bounce-back or short-term recovery.

Power Grid Corporation of India

• CMP: Rs 302.1
• Strategy: Buy
• Target: Rs 332
• Stop-Loss: Rs 290
• Rationale: A breakout from a pennant triangular pattern and strong relative strength compared to broader market volatility indicate a potential uptrend.

CCL Products India

• CMP: Rs 1,067.9
• Strategy: Buy
• Target: Rs 1,196
• Stop-Loss: Rs 1,024
• Rationale: A strong underlying trend and a rounding bottom pattern on the daily scale suggest a potential continuation of the upward move.

Prime Focus

• CMP: Rs 283.2
• Strategy: Buy
• Target: (Not specified)
• Stop-Loss: (Not specified)
• Rationale: A consistent higher high–higher low structure and strong relative strength on the weekly scale suggest a potential continuation of the upward move.