Trade Spotlight: ACME Solar Holdings, Thermax, Sun TV Network, NTPC Green Energy, and GE Shipping Among Stocks to Watch on March 20.

Market Update

March 19, 2024

Key Statistics

• Benchmark indices: Fell 3.26% following global weakness
• Market breadth: 2,584 shares declined, 379 shares advanced on the NSE
• Trading activity: Expected to see consolidation with range-bound trading after severe correction

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Short-Term Trading Ideas

ACME Solar Holdings

• Current Price: Rs 262.05
• Breakout: Above a prolonged consolidation range, accompanied by strong volume participation
• Momentum indicators: RSI and MACD in bullish territory, sloping upward
• Strategy: Buy
• Target: Rs 280, Rs 295
• Stop-Loss: Rs 238

Thermax

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• Current Price: Rs 3,237.4
• Breakout: Above a prolonged wedge consolidation, supported by strong volume participation
• Momentum indicators: RSI and MACD in bullish territory, sloping upward
• Strategy: Buy
• Target: Rs 3,500, Rs 3,600
• Stop-Loss: Rs 3,020

NHPC

• Current Price: Rs 76.24
• Breakout: Above a wedge pattern, supported by positive volume participation
• Momentum indicators: Turning positive, trend indicators support continuation on the upside
• Strategy: Buy
• Target: Rs 82, Rs 86
• Stop-Loss: Rs 74.4

Sun TV Network

• Current Price: Rs 599.35
• Recovery: After a sharp decline, formed a strong rebound candle from lower levels
• Momentum indicators: RSI near 54, moving higher, reflecting a gradual improvement in momentum
• Strategy: Buy
• Target: Rs 640
• Stop-Loss: Rs 582

NTPC Green Energy

• Current Price: Rs 98.88
• Rebound: After a prolonged downtrend, formed a series of higher lows, indicating gradual accumulation at lower levels
• Momentum indicators: RSI near 68, trending higher, reflecting strengthening momentum
• Strategy: Buy
• Target: Rs 110
• Stop-Loss: Rs 92

ONGC

• Current Price: Rs 269.1
• Positive bias: Maintaining a positive bias after a recent golden crossover
• Momentum indicators: Suggesting potential for further upside
• Strategy: Buy
• Target: Rs 290
• Stop-Loss: Rs 257

GE Shipping Company

• Current Price: Rs 1,441.3
• Strength: Showing strength, trading in a clear higher high–higher low formation, indicating a sustained uptrend
• Strategy: Buy