Stock market recommendations: Bajaj Broking Research identifies Piramal Pharma and PTC India as the leading stock picks for the upcoming week. Below is their perspective on Nifty, Bank Nifty, and the top stock recommendations for the week commencing March 17, 2025:
Index Overview: NIFTY
Nifty is undergoing considerable volatility, influenced by shifting global indicators. Issues related to trade conflicts and varying US policies have created a turbulent landscape for traders and investors. Over the past 4-5 sessions, Nifty has been consolidating within a range after a significant rise of 700 points in the previous 4 sessions. Immediate support for Nifty is found between 22,200 and 22,300; sustaining above this level is vital for a continued recovery toward 22,700 and 23,000 in the coming week.
Key support for Nifty is established at the 22,000-21,700 levels, identified as the convergence point of the:
- The long-term 100-week EMA historically serves as a crucial support level during significant corrections, located around 22,000 levels.
- A rising demand line support connecting the lows of June ’22 (15,183) and March ’23 (16,828) is situated at 21,900 levels.
- The confluence of previous major lows from March and April 2024, along with a key retracement level from the previous rally, is positioned around 21,800.
Other supportive elements for the market in the current circumstances:
- US Dollar Index: The US Dollar Index has dipped below the 105-106 levels, showing lower high-low trends on weekly charts, thus aiding emerging markets.
- Brent Crude: Sustained pricing below the $72-75 levels is favorable for India’s economic outlook.
- The US 10-year Treasury yield has lowered to its December low, currently at 4.25%. This yield decline positively affects emerging markets like India.
NIFTY BANK
Bank Nifty has crafted a high wave candle, exhibiting lower high and lower low formations for the fifth consecutive week. The index has been consolidating within a broad range of 47,800-50,500 over the past 9 weeks. A close below this range’s lower boundary may accelerate declines toward the 47,000 levels in the upcoming weeks. Conversely, holding above this range could promote a pullback towards the 49,000 levels.
Stock Recommendations:
Piramal Pharma
Acquisition range: Rs 193-203
- After a recent correction, the stock is establishing a base around the long-term 52-week EMA, offering a fresh entry opportunity with a favorable risk-reward setup.
- We anticipate the stock reaching the 229 levels in the coming months, serving as a significant retracement area and trendline resistance connecting previous major highs.
- A recent weekly stochastic buy signal reinforces a positive outlook for the stock.
PTC India
Acquisition range: Rs 150-157
- The share price of PTC India has recently broken out above the last three months’ range (154-130), indicating a resumption of upward movement and providing a fresh entry opportunity.
- We predict the stock might reach 178 in the forthcoming quarters based on the measures of the range breakout and the 50% retracement of the overall decline (231-128).
- The weekly MACD has generated a buy signal as it crossed above its nine-period average, thereby affirming a positive bias.
Disclaimer: The views, analyses, and recommendations expressed here are those of the brokerage firm and do not represent the opinions of The Times of India. Always consult a qualified investment advisor or financial planner before making any investment decisions.
