Buy or sell stocks: The Indian stock market gained as much as 1.7% on Wednesday, March 25, on growing optimism around potential US-Iran war peace talks.
Theended the session with a 1.72% surge at 23,306, taking its two-day rally to 3.55%. The S&P BSE Sensex closed at 75,273, up 1.63% from the previous close. The broader markets also delivered a similar performance, with both the Nifty Midcap 100 and Nifty Smallcap 100 rising 2.3% and 2.6%, respectively.
Stock market today
Nifty 50
On Wednesday, the Nifty 50 opened higher with a gap-up of 150.80 points at 23,064.40, and the day’s low stayed close to this level at 23,063.20. The index showed strong upward movement during the session, rising 402.15 points from its low to reach an intraday high of 23,465.35. Towards the end, some profit booking was seen, and the index finally closed at 23,306.45, gaining 394.05 points or 1.72% compared to the previous close.
On the outlook, Sumeet Bagadia, Executive Director at Choice Broking, said, “ From a technical perspective, the 23150-23200 zone is expected to act as a crucial support area for the index. On the upside, immediate resistance is placed around the 23450-23500 zone. The momentum indicator RSI is currently standing at 40.12. While early signs of recovery are visible in the RSI momentum indicator, it remains below the midpoint (50) and a sustained higher move above the midpoint is required to confirm strengthening momentum.”
Bagadia further recommended investors to stay cautious and trade within established support and resistance levels. For directional trades, it is prudent to wait for a clear breakout in either direction before taking positions, he said.
Bank Nifty
Similarly, the Bank Nifty index opened with a gap-up of 419.10 points at 53,024.75, and the day’s low remained at the opening level. Following the opening, sustained buying pressure propelled the index higher, leading to a rally of 1,121.40 points from the day’s open and low to an intraday high of 54,146.15. However, in the latter part of the session, some profit booking was observed, causing the index to settle at 53,708.10. This marked a gain of 1,102.45 points, or 2.10%, for the day.
On the Bank Nifty outlook, Bagadia further added, “From a technical view, the index has support in the 23,150–23,200 range and resistance in the 23,450–23,500 zone. The RSI is at 40.12, showing early signs of recovery, but it is still below the 50 level. A move above 50 is needed to confirm stronger momentum. 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 shares to buy on Friday, March 27: Karnataka Bank, Lumax AutoTechnologies, Syrma SGS Technology, Glenmark Pharmaceuticals, and Aditya Birla Sun Life AMC.
1] Karnataka Bank: Buy at ₹226.48, Target ₹240, Stop Loss ₹218
Karnataka Bank share price is showing strong bullish momentum after a sustained upmove from early March, where the stock rallied sharply from lower levels and recently marked a fresh 52-week high near the 238 zone. After this rally, the stock witnessed a healthy pullback, finding support near the 20 EMA, indicating strong short-term demand. The latest session shows a solid bullish bounce from this support level, supported by positive price action and improving momentum.
The stock continues to trade above key moving averages, reflecting strength in the ongoing trend. Structurally, the formation remains bullish as long as it holds above the 218 zone, which aligns with the 20 EMA support. A continuation of momentum could push the stock towards the 240 level, which is slightly above the previous swing high and 52-week high zone.
2] Lumax AutoTechnologies: Buy at ₹1623, Target ₹1736, Stop Loss ₹1557
Lumax AutoTechnologies share price is maintaining a strong uptrend, characterized by a consistent higher high–higher low formation on the daily chart. The stock recently took support near the 100 EMA and witnessed a sharp bounce, indicating strong buying interest at lower levels. Following this, the price has reclaimed all key moving averages, including the 20 and 50 EMA, signalling strengthening momentum.
The current structure suggests continuation of the prevailing uptrend, supported by steady price action and trend alignment. The zone around 1557 acts as a crucial support level, coinciding with the 20 EMA, and holding above this keeps the bullish bias intact. On the upside, the stock has potential to move towards the 1736 level, which aligns with the next resistance zone based on recent price structure.
3] Syrma SGS Technology: Buy at ₹817, Target ₹880, Stop Loss ₹777
Symra SGS Technology share price has given a decisive breakout from a consolidation range of 730–790, closing above the 800 level. The stock is now trading above all key EMAs, with the 200 EMA (732) acting as a strong base and the 20 EMA (778) providing dynamic support.
Volume has expanded on the breakout, confirming the bullish shift. The price structure indicates a clear end of the consolidation phase, and with momentum picking up, the stock is well-positioned to test the 880 target. The 20 EMA at 777 serves as the ideal stop-loss level for this breakout trade.
4] Glenmark Pharmaceuticals: Buy at ₹2168, Target ₹2300, Stop Loss ₹2078
Glenmark Pharmaceuticals share price is showing strong bullish continuation after a healthy consolidation phase on the daily chart. The price recently bounced from the 100 EMA and has moved back above the 20 EMA and 50 EMA, indicating renewed short-term strength within an ongoing uptrend.
The EMA structure remains well-aligned, reflecting a sustained bullish trend. The recent pullback was shallow and controlled, suggesting profit booking rather than trend reversal. Price is now attempting to resume its upward move toward previous swing highs.
Volume behaviour supports the move, with relatively higher participation during bullish candles and reduced activity during pullbacks, indicating accumulation at lower levels.
Structurally, the zone around 2078 (at 50 EMA) acts as a strong demand area. As long as the price sustains above this zone, the bullish trend remains intact and favours continuation toward the 2300 resistance zone.
5] Aditya Birla Sun Life AMC: Buy at ₹2168, Target ₹2300, Stop Loss ₹2078
Aditya Birla Sun Life AMC is displaying a strong trend reversal followed by bullish continuation on the daily chart. After forming a low in the 882 zone finding support near 50 day Ema, the stock has delivered a sharp upward move, breaking multiple resistance levels with strong momentum.
Price is currently trading above the key Ema, both of which have turned upward, confirming strengthening short-term momentum.Recent price action shows a breakout followed by a mild pullback and consolidation near the 20 EMA, suggesting a healthy continuation pattern rather than weakness. The higher high–higher low structure remains intact.
Volume expansion during the breakout phase and relatively lower volume during pullbacks indicate accumulation and sustained buying interest.
Structurally, the 897 zone now acts as a key demand area. As long as price holds above this level, the bullish setup remains valid and supports a move toward the 1010 resistance zone.
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.