Stocks to Watch: Five Recommendations from Sumeet Bagadia

Indian Stock Market Report: March 20, 2024

Key Highlights

• The Nifty 50 rose 112 points to close at 23,114, while the Nifty Bank gained 325 points to settle at 74,532.
• The Bank Nifty index ended slightly lower at 53,427.

Market Sentiment

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The Indian stock market exhibited notable volatility on Friday, indicating uncertain market sentiment and active participation from both buyers and sellers. The Nifty 50 opened with a strong gap-up of 114 points and extended its upward momentum to touch an intraday high of 23,345.15, reflecting initial bullish strength and buying interest. However, in the latter half of the session, the index witnessed a correction, slipping to an intraday low of 23,067.60 before settling at 23,114.5.

Technical Analysis

According to Sumeet Bagadia, Executive Director at Choice Broking, the Nifty 50 is likely to remain range-bound between 23,250-23,300 and 22,950-23,000 in the near term. The daily Relative Strength Index (RSI) stands at 31.84, indicating near-oversold conditions, which may hint at a potential short-term bounce but still reflects underlying weakness.

Bank Nifty Outlook

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The Bank Nifty started the session on a relatively flat note, opening at 53,548. It witnessed early buying interest and moved higher to touch an intraday high of 54,382.45, indicating initial bullish momentum and strength in banking stocks. However, the index failed to sustain at elevated levels and faced selling pressure, slipping to an intraday low of 53,297.55. It eventually closed at 53,427.05, registering a marginal loss of 23.95 points.

Stock Recommendations

Sumeet Bagadia recommends the following stocks to buy on Monday, March 23:

1. Laurus Labs: Buy at ₹987.20, Target ₹1060, Stop Loss ₹945
2. Bank of India: Buy at ₹150.49, Target ₹162, Stop Loss ₹144
3. Apl Apollo Tubes: Buy at ₹1973.10, Target ₹2130, Stop Loss ₹1885
4. Delhivery: Buy at ₹ (price not specified), Target ₹ (price not specified), Stop Loss ₹ (price not specified)
5. Steel Authority of India: Buy at ₹ (price not specified), Target ₹ (price not specified), Stop Loss ₹ (price not specified)