MarketSmith Analyst Recommends Five Stocks to Watch on March 20.
Market Update: Indian Stock Market Declines by 3.26%
On March 19, the primary benchmark indices, Nifty 50 and Sensex, experienced a significant decline, with the Nifty 50 dropping by 3.26% to close at 23,002.15 points and the BSE Sensex finishing at 74,207.24. The decline was primarily attributed to the sudden resignation of HDFC Bank's chairman and an increase in crude oil prices following attacks on energy facilities in the Middle East.
Market Capitalization Losses
Approximately ₹13 trillion ($139.47 billion) in market capitalization was lost on the National Stock Exchange of India on Wednesday, with total market value losses since the conflict began reaching around $400 billion. The Indian rupee is anticipated to drop below the 93 per dollar threshold when the domestic foreign exchange market reopens after a day off on Friday.
Gift Nifty Live Chart Signals
The Gift Nifty Live Chart is showing a flat to positive start for the Indian stock market today, trading around 23,216.5 level, a discount of 164 points from the Nifty futures' previous close of 23,054.80.
Stocks to Buy
Based on research and analysis, the following stocks are recommended to buy:
Ipca Laboratories Ltd
- Buy above ₹1,550, stop ₹1,500, target ₹1,680 (Multiday)
- Key metrics: P/E: 194.48, 52-week high: ₹1,273.80, Volume: 263.74K
- Technical analysis: Support at ₹1,475, resistance at ₹1,725
- Risk factors: Intense competition leading to margin pressure, asset quality concerns in specific portfolios, and regulatory changes
Great Eastern Shipping Company Ltd
- Buy above ₹1,445, stop ₹1,380, target ₹1,540 (Multiday)
- Key metrics: P/E: 11.02, 52-week high: ₹1,374.45, Volume: 451.06K
- Technical analysis: Support at ₹1,225, resistance at ₹1,600
- Risk factors: Cyclicality and freight rates, geopolitical disruptions and regulatory compliance
Colgate Palmolive (India) Ltd
- Sell below ₹1,880, stop ₹1,940, target ₹1,760 (Multiday)
- Key metrics: P/E: 27.45, 52-week high: ₹1,914.40, Volume: 1,245.35K
- Technical analysis: Support at ₹1,700, resistance at ₹2,000
- Risk factors: Intense competition, pricing pressure, and regulatory changes
Glenmark Pharmaceuticals Ltd
- Buy above ₹1,150, stop ₹1,080, target ₹1,300 (Multiday)
- Key metrics: P/E: 34.42, 52-week high: ₹1,234.20, Volume: 3,234.55K
- Technical analysis: Support at ₹1,100, resistance at ₹1,400
- Risk factors: Intense competition, pricing pressure, and regulatory changes
Power Finance Corporation Ltd
- Buy above ₹130, stop ₹120, target ₹150 (Multiday)
- Key metrics: P/E: 7.45, 52-week high: ₹134.80, Volume: 2,341.90K
- Technical analysis: Support at ₹125, resistance at ₹145
- Risk factors: Interest rate risk, credit risk, and regulatory changes
Investor Takeaway
Investors should be cautious and monitor the market closely due to the potential supply interruptions and crude oil price increase.
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