Investment Analyst Sumeet Bagadia Identifies Five Stocks for Potential Gains
Indian Stock Market Update: March 18, 2024
The BSE Sensex and Nifty 50 continued their upward trend for a third consecutive session on March 18, 2024, despite ongoing conflict in the Middle East, elevated crude oil prices, and weakness in the rupee.
Key Figures:
- BSE Sensex: advanced 633 points, or 0.83%, to close at 76,704.13
- Nifty 50: climbed 197 points, or 0.83%, to settle at 23,777.80
Market Analysis:
The Nifty 50 opened at 23,632.90 and witnessed buying pressure throughout the session, registering a low of 23,618.45 and a high of 23,862.25. The index eventually settled at 23,777.80, gaining 196.65 points compared to the previous close.
Technical Outlook:
According to Sumeet Bagadia, Executive Director at Choice Broking, the 23600-23650 zone is expected to act as a crucial support area for the index, while the 23900-23950 zone may act as immediate resistance. The momentum indicator RSI is currently recovering from oversold territory and stands at 37.04.
Read also: Expert Portfolio Manager Raja Venkatraman Names Top Investment Picks for June 4
Bank Nifty:
The Bank Nifty opened at 54,927.05 and witnessed buying throughout the session, registering a low of 54,689.10 and a high of 55,554.15. The index eventually settled at 55,326.05, gaining 450.05 points or 0.82% for the day.
Technical Outlook:
According to Sumeet Bagadia, the 55,000-55,100 zone is expected to act as immediate support, while the 55,600-55,700 zone may act as near-term resistance. The momentum indicator RSI is currently recovering from oversold territory and stands at 35.11.
Stock Recommendations:
Sumeet Bagadia recommends the following stocks to buy on March 19, 2024:
- GE Vernova T&D India: Buy at ₹3808, Target ₹4050, Stop Loss ₹3650
- Centum Electronics: Buy at ₹2835, Target ₹3044, Stop Loss ₹2683
- Adani Energy Solutions: Buy at ₹1036, Target ₹1102, Stop Loss ₹1000
- Bharat Forge: Buy at ₹1804, Target ₹1935, Stop Loss ₹1760
- Cummins India: Buy at ₹[insert price], Target ₹[insert target], Stop Loss ₹[insert stop loss]
Investor Takeaway
Investors should consider the technical outlook and potential support and resistance levels for the Nifty 50.
More in Market
Sony, 3one4 Capital Support WeRize in Latest Funding Round, Fintech Eyes 2028 Initial Public Offering
Expert Portfolio Manager Raja Venkatraman Names Top Investment Picks for June 4
Citi Executive Sees India as Key Driver Amid Layoffs, Technological Advancements, and Global Supply Chain Shifts
