Motilal Oswal Analyst Recommends Stocks to Buy and Sell on March 24

Indian Stock Market Update

Market Outlook

The Indian stock market is expected to see a strong opening on Tuesday, following a rally in global markets amid signs of de-escalating US-Iran war. The Gift Nifty trends signal a gap-up start for the frontline indices, Nifty 50 and Sensex, today.

Previous Session

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In the previous session, the Indian stock market ended sharply lower, with the benchmark Nifty 50 closing below 22,600 level. The Sensex tanked 1,836.57 points, or 2.46%, to close at 72,696.39, while the Nifty 50 settled 601.85 points, or 2.60%, lower at 22,512.65.

Nifty Options

The maximum Call Open Interest (OI) is at 23,000 then 22,700 strike, while maximum Put OI is at 22,000 then 22,500 strike. The option data suggests a broader trading range in between 22,000 to 23,000 zones, while an immediate range between 22,200 to 22,700 levels.

Nifty 50 Outlook

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The Nifty 50 index formed a bearish candle on the daily frame and has been making lower highs from the last three sessions. Till Nifty 50 holds below 22,650, weakness could be seen towards 22,300 then 22,000 zones, while hurdles have shifted lower to 22,850 then 23,000 zones.

Bank Nifty Outlook

The Bank Nifty index slumped 1,989.30 points, or 3.72%, to close at 51,437.75 on Monday, forming a bearish candle on the daily scale. Till Bank Nifty index holds below 51,750, weakness could be seen towards 51,000 then 50,750 levels, while on the upside, hurdle is seen at 51,750 then 52,000 levels.

Stock Recommendations

Chandan Taparia, Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services, has recommended:

• Buy: Tech Mahindra shares with a target price of ₹1,465 and a stop loss at ₹1,340.
• Sell: SRF 30th March Futures with a target price of ₹2,260 and a stop loss of ₹2,450.
• Sell: Hindustan Aeronautics Ltd (HAL) 30th March Futures with a target price of ₹3,395 and a stop loss at ₹3,720.