Stock market recommendations: According to Bajaj Broking Research, Piramal Pharma and PTC India are the top stock picks for next week. Here’s its view on Nifty, Bank Nifty and the top stock picks for the week starting March 17, 2025:
Index View: NIFTY
Nifty continues to experience high volatility, driven by fluctuating global cues. Concerns over trade tensions and fluctuating US policies are creating a challenging environment for traders and investors. Nifty has been consolidating in a range in the last 4-5 sessions after a sharp up move of 700 points in the preceding 4 sessions. Immediate support for the Nifty is positioned at 22,200-22,300 sustaining above this level is crucial for continuation of the pullback towards 22,700 & 23,000 levels in the upcoming week.
Key support for Nifty is placed at 22,000-21,700 levels being the confluence of the
- The long term 100 weeks EMA which has historically acted as key support during major correction is placed around 22,000 levels
- A rising demand line support joining the lows of Jun’22 (15,183) and Mar’23 (16,828) placed at 21,900 levels
- The confluence of previous major low of Mar & Apr 2024 and key retracement level of previous rally is placed around 21,800.
Other factors that support the market at current scenario:
- US Dollar Index: The US Dollar Index has slipped below 105-106 levels and is forming lower high-low in weekly charts thus supporting emerging markets.
- Brent Crude: The sustained price below the $72-75 mark is positive for India’s economic outlook.
- The US 10-year Treasury yield has dropped to its December low, currently standing at 4.25%. This decrease in yield will have a positive impact on emerging markets like India.
NIFTY BANK
Bank Nifty has formed a high wave candle which maintained lower high and lower low for the fifth week in a row.
The index in the last 9 weeks has been consolidating in the broad range of 47,800-50,500. A close below the lower band of the range will lead to an acceleration of decline towards 47,000 levels in coming weeks. While holding above the same can lead to a pullback towards 49,000 levels
Stock Recommendations:
Piramal Pharma
Buy in the range of Rs 193-203
- The stock post the recent correction is forming base around the long term 52 weeks EMA thus provides fresh entry opportunity with a favorable risk-reward set up.
- We expect the stock to head towards 229 levels in the coming months being the key retracement area and trendline resistance joining previous major highs.
- Weekly stochastic has recently generated a buy signal thus validates positive bias in the stock.
PTC India
Buy in the range of Rs 150-157
- The share price of PTC India has generated a breakout above last 3 months range breakout (154-130) signaling resumption of up move and offers fresh entry opportunity.
- We expect the stock to head towards 178 in the coming quarters being the confluence of the measuring implication of the range breakout and 50% retracement of the entire decline (231-128).
- The weekly MACD has generated a buy signal as it moved above its nine periods average thus validates positive bias
Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerage and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.