Buy or sell stocks: The Indian stock market witnessed robust buying interest on Tuesday, March 24, with benchmark indices — the BSE Sensex and Nifty 50 — advancing around 2% each.
The surged 1,372 points, or 1.89%, to close at 74,068, while the Nifty 50 climbed 440 points, or 1.78%, to settle at 22,912. Broader markets also participated in the rally, with the BSE 150 Midcap index and the BSE 250 Smallcap index gaining 2.5% and 2.2%, respectively.
Stock market today
Nifty 50
On Tuesday, the Nifty 50 opened on a positive note with a gap up of 365.80 points at 22,878.45. The index remained volatile throughout the session. The index registered a low of 22,624.20 and a high of 23,057.30. It eventually settled at 22,912.40, gaining 399.75 points (+1.78%) compared to the previous close.
On the Nifty 50 outlook, Sumeet Bagadia, Executive Director at Choice Broking, said, “From a technical perspective, the 22,750-22,800 zone is expected to act as a crucial support area for the index. On the upside, immediate resistance is placed around the 23,050-23,100 zone. The momentum indicator RSI is currently recovering from oversold territory and stands at 34.08. While early signs of recovery are visible, it remains below the midpoint (50); a sustained move higher is required to confirm strengthening momentum.”
Bagadia further suggested that traders stay cautious and trade within established support and resistance levels, given the current geopolitical uncertainties. For directional trades, it is prudent to wait for a clear breakout in either direction before taking positions, he added.
Bank Nifty
Bank Nifty opened on a positive note with a gap up of 947.05 at 52,384.80 and witnessed volatility from both buying and selling sides in today’s session. The index registered a low of 51,827.50 and a high of 52,949.15. The index eventually settled at 52,605.65, gaining 1167.90 points or 2.27% for the day.
On the Bank outlook, he added, “ From a technical perspective, the 53,700-53,800 zone is expected to act as immediate support, while 54,300-54,400 may act as a near-term resistance zone. The momentum indicator, RSI, is currently recovering from oversold territory and stands at 31.37; however, it remains below the midpoint of 50, indicating that momentum is yet to fully strengthen. Traders are advised to stay cautious near these key levels and wait for a decisive breakout on either side before initiating fresh directional positions.”
Sumeet Bagadia’s stocks to buy
Sumeet Bagadia recommends five to buy on Wednesday, March 25: Schneider Electric Infrastructure, CCL Products (India), Sterlite Technologies, Granules India, and Alivus Life Sciences.
1] Schneider Electric Infrastructure: Buy at ₹895, Target ₹955, Stop Loss ₹861
Schneider Electric Infrastructure share price has shown a strong recovery from lower levels, delivering an impressive rally of nearly 60% from late January to late February, indicating robust buying interest.
Post this sharp upmove, the stock has entered a healthy consolidation phase, suggesting profit booking at higher levels while maintaining a bullish structure.
Recently, price action has again turned positive, gaining around 3% and reclaiming the crucial 20-day EMA, signalling renewed momentum. The overall structure remains strong with higher base formation. As long as it sustains above short-term averages, the stock looks poised for an upside move toward 955, with 861 acting as a key support.
2] CCL Products (India): Buy at ₹1080, Target ₹1178, Stop Loss ₹1029
CCL Products (India) share price is trading near its all-time high zone, reflecting sustained strength and bullish sentiment. The stock has confirmed a rounding bottom breakout on the daily chart, indicating a long-term trend reversal and continuation of upward momentum.
It is consistently forming a higher high–higher low structure, supported by strong price action above all key moving averages. This alignment signals trend strength and institutional accumulation.
The current setup favours further upside, with potential to move toward 1178, aligning with Fibonacci extension levels. Immediate support is placed near 1029, just below the 20-day EMA, making it a well-defined risk-reward setup.
3] Sterlite Technologies: Buy at ₹180, Target ₹195, Stop Loss ₹170
Sterlite Technologies’ share price has witnessed a sharp one-sided rally from its lows to a recent 52-week high near 205 levels, delivering over 140% returns within a short span, highlighting strong bullish momentum.
After this steep upmove, the stock has undergone a healthy pullback toward its 20-day EMA, indicating profit booking and consolidation. Price is now showing signs of stabilising near this key support zone, suggesting demand at lower levels.
The broader trend remains positive, and this pullback offers a favourable entry opportunity. A bounce from current levels could push the stock toward 195, while 170 acts as a crucial support.
4] Granules India: Buy at ₹606, Target ₹650, Stop Loss ₹574
Granules India is displaying a sharp bullish breakout on the daily chart as it surges toward its previous multi-month resistance. The price action reflects a strong reclaim of all major exponential moving averages, with a significant volume spike today confirming high buyer conviction. Currently, the stock is trading well above its key EMA lines, signalling a potential shift from a sideways consolidation to a fresh trending phase.
The RSI is trending upward at 59.04, indicating strengthening momentum with substantial room to run before reaching the overbought threshold. This breakout suggests a clear path toward the next psychological level as the trend matures. Maintain a strict stop loss at 574 to protect capital, aiming for a primary target of 650.
5] Alivus Life Sciences: Buy at ₹967, Target ₹1038, Stop Loss ₹929
Alivus Life Sciences share price is exhibiting a significant trend reversal on the daily chart as it breaks out from a long-term accumulation base. The price action has successfully surged above its 20, 50, 100, and 200-day EMA cluster, signalling a strong transition from a bearish to a bullish phase.
This breakout is supported by a noticeable uptick in buying interest, with the stock maintaining a higher high and higher low structure over recent weeks. The RSI is currently trending at 61.60, indicating robust bullish momentum that is moving comfortably into the positive zone, suggesting the stock is gearing up for a sustained recovery toward previous resistance zones. Maintain a strict stop loss at 929 to protect capital, aiming for a primary target of 1038.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.