MarketSmith Analyst Raja Venkatraman Identifies Four Stocks to Watch on 24 March

Market Update: Indian Equities Poised for Strong Gap-Up Opening

On March 24, the Indian stock market is expected to experience a strong gap-up opening, driven by a sudden shift in global sentiment following signs of potential de-escalation in the ongoing Middle East conflict. The Sensex and Nifty 50 indices declined sharply on March 23, with the Sensex falling by 1,836.57 points (2.46%) to close at 72,696.39, and the Nifty 50 dropping by 601.85 points (2.60%) to finish at 22,512.65.

The Gift Nifty Live Chart is showing a flat to positive start for the Indian stock market today, with a premium of 345 points from the Nifty futures previous close of 22,514.90.

Stocks to Buy Today

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Based on market analysis, the following stocks are recommended for purchase:

Power Grid Corporation of India Ltd

• Current price: ₹302.10
• Buy above: ₹304
• Stop loss: ₹293
• Target price: ₹331 (multiday)
• Key metrics:

• P/E: 19.14
• 52-week high: ₹321.75
• Volume: 23.77M

• Technical analysis: Support at ₹288, resistance at ₹345
• Risk factors: Substantial financial leverage and dependency on government

Archean Chemical Industries Ltd

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• Current price: ₹612.15
• Buy above: ₹615
• Stop loss: ₹590
• Target price: ₹670 (multiday)
• Key metrics:

• P/E: 40.95
• 52-week high: ₹727.80
• Volume: 432.46K

• Technical analysis: Support at ₹560, resistance at ₹680
• Risk factors: Cyclicality and freight rates, geopolitical disruptions and regulatory compliance

Tata Consumer Products Ltd

• Current price: ₹1,024.90
• Sell below: ₹1,018
• Stop loss: ₹1,080
• Target price: ₹990 (multiday)
• Key metrics:

• P/E: Not available
• 52-week high: Not available
• Volume: Not available

• Technical analysis: Range breakdown, strong thrust below consolidation seen.